Document:

Exhibit I - Form of Note

Exhibit 10.98

 

SECURED PROMISSORY NOTE

 

 

	
US
$2,500,000
	
March 5, 2010

 

 

           
FOR VALUE RECEIVED, DT SIENNA BAY, LLC, a Delaware limited liability
company (together with such party’s or parties’ successors and assigns,
“Borrower”) promises to pay to the order of CCIP/3 SANDPIPER, LLC,
a Delaware limited liability company (together with its successors and assigns,
“Lender”), the principal sum of TWO MILLION FIVE HUNDRED THOUSAND AND
00/100 Dollars (US $2,500,000), with interest on the unpaid principal
balance, as hereinafter provided.

 

           
1.         Defined Terms.

 

           
(a)        As used in herein the following
terms shall have the meanings ascribed to them below:

 

“Borrower”
is defined in the preamble hereto.

 

“Business
Day” means any day other than a Saturday, a Sunday or any other day on which
the national banking associations are not open for business.  

 

“Default
Rate” means an annual interest rate equal to eighteen (18%) percent. 
However, at no time will the Default Rate exceed the Maximum Interest Rate.

 

“Effective
Date” means the date of this Note, first above written.

 

“First
Installment Due Date” means May 1, 2010.

 

“Installment
Due Date” means, for any Monthly Installment the date on which such Monthly
Installment is due and payable pursuant to Section 3 of this Note. 

 

“Lender”
is defined in the preamble hereto.

 

“Loan”
means the loan evidenced by this Note.

 

“Maturity
Date” means the earlier of (i) October 10, 2012, and (ii) the
date on which the unpaid principal balance of this Note becomes due and payable
by acceleration or otherwise pursuant to the Loan Documents or the exercise by
Lender of any right or remedy under any Loan Document.

 

“Maximum Interest Rate” means the highest rate of
interest permitted to be charged at any time by applicable law. 

 

“Note”
means this Secured Promissory Note as the same may be amended, restated or
otherwise modified from time to time.

 

“Monthly
Installment” means a payment of interest only accrued on the unpaid
principal balance at the Stated Rate in an amount equal to $10,416.67 per month,
subject to adjustment from time to time in accordance with the terms hereof.

 

“Security
Instrument” means that certain Second Lien Mortgage, Security
Agreement, Assignment of Leases and Rents and Fixture Filing, effective as of
the date of this Note, from Borrower to and for the benefit of Lender and
securing this Note.

 

“Senior
Instrument” means that certain Amended and Restated Mortgage,
Assignment of Leases and Rents and Security Agreement dated as of August 31,
2005 by and between AIMCO Sandpiper, LLC and New York Life Insurance
Company.

 

“Senior
Lender” means New York Life Insurance Company.

 

“Senior
Loan Documents” means the Senior Instrument, the Senior Note and all other
documents executed in connection with that certain loan in the original
principal amount of $11,000,000.

 

“Senior
Note” means that certain Modification, Restatement and Consolidation of
Notes dated August 31, 2005 by and between AIMCO Sandpiper, LLC and New York
Life Insurance Company in the original principal amount of $11,000,000.

 

“Stated
Rate” means a per annum interest rate of five percent (5%).

 

           
(b)        Other capitalized terms used but
not defined in this Note shall have the meanings given to such terms in the
Security Instrument.

 

           
2.         Representation and
Warranties of Borrower. 

 

           
(a)        This Note, the Security Instrument
and the other Loan Documents have each been duly executed and delivered to
Lender by Borrower and/or each guarantor of the Indebtedness (as applicable) and
each such document constitutes the legal, valid and binding obligation of each
party thereto enforceable in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency or other laws affecting
creditors’ rights generally and the exercise of judicial discretion in
accordance with general equitable principles.

 

           
(b)        The execution, delivery and
performance of this Note, the Security Instrument and the other Loan Documents
by Borrower and/or each guarantor of the Indebtedness (as applicable) and the
compliance with the terms and conditions hereof and thereof by each such party
does not, with or without the giving of notice or the lapse of time or both,
conflict with, constitute a default under, or violate (i) any material agreement
to which Borrower and/or any guarantor of the Indebtedness is a party, or (ii)
any judgment, decree, order, law, rule or regulation applicable to Borrower
and/or any guarantor of the Indebtedness.

 

           
(c)        There is no unsatisfied judgment,
award, order, writ, injunction, arbitration, decision or decree outstanding or
any litigation, proceeding, claim or investigation pending or, to the best
knowledge of Borrower, threatened against Borrower and/or any guarantor of the
Indebtedness which may adversely affect the ability of Borrower and/or any
guarantor of the Indebtedness to enter into and perform its obligations under
this Note, the Security Instrument and the other Loan Documents (as
applicable).

 

           
3.         Payments; Address for
Payment.

 

           
(a)        Interest will accrue on the
outstanding principal balance of this Note at the Stated Rate, as provided in
Section 3(d) and subject to the provisions of Section 8 of this Note.  

 

           
(b)        Interest under this Note shall be
computed, payable and allocated on the basis of a 360-day year consisting of
twelve 30-day months. 

 

           
(c)        Unless the Effective Date is the
first (1st) day of a calendar month, interest for the period
beginning on the Effective Date and ending on and including the last day of the
calendar month in which the Effective Date occurs shall be payable by Borrower
simultaneously with the execution of this Note.  If the Effective Date is
the first day of a calendar month, then no payment will be due from Borrower on
the Effective Date.  Except as provided in this Section 3(c) and in Section
10, accrued interest will be payable in arrears.

 

           
(d)        Beginning on First Installment Due
Date and thereafter continuing until and including the Maturity Date,
consecutive Monthly Installments shall be due and payable by Borrower on the
first day of each calendar month.  Notwithstanding anything to the contrary
contained herein, if Borrower makes any partial prepayment of the principal of
the Loan pursuant to Section 10 hereof, after Borrower’s written request,
Lender shall recalculate the amount of the Monthly Installment and shall notify
Borrower of the same.

 

           
(e)        All remaining Indebtedness,
including all accrued and unpaid principal, interest and other charges, shall be
due and payable by Borrower on the Maturity Date.

 

           
(f)         All payments under this Note
shall be made in immediately available U.S. funds.

 

           
(g)        Any regularly scheduled Monthly
Installment payable pursuant to this Section 3 that is received by Lender
before the date it is due shall be deemed to have been received on the due date
for the purpose of calculating interest due.

 

           
(h)        All payments made by Borrower
hereunder shall be made irrespective of, and without any deduction for, any
set-offs or counterclaims.

           

           
(i)         All payments due under this
Note shall be payable in accordance with the wiring instructions contained on
Exhibit A, or at 4582 South Ulster Street Parkway, Suite 1100, Denver,
Colorado 80237, or such other place as may be designated by notice to Borrower
from or on behalf of Lender.

 

           
4.         Application of
Payments.  If at any time Lender receives, from Borrower or otherwise,
any amount applicable to the Indebtedness which is less than all amounts due and
payable at such time, Lender may apply the amount received to amounts then due
and payable in any manner and in any order determined by Lender, in Lender’s
sole discretion.  Borrower agrees that neither Lender’s acceptance of a
payment from Borrower in an amount that is less than all amounts then due and
payable nor Lender’s application of such payment shall constitute or be deemed
to constitute either a waiver of the unpaid amounts or an accord and
satisfaction.

 

           
5.         Security.  The
Indebtedness is secured by, among other things, the Security Instrument, and
reference is made to the Security Instrument for other rights of Lender as to
collateral for the Indebtedness.

 

           
6.         Acceleration.  If an
Event of Default has occurred and is continuing, the entire unpaid principal
balance, any accrued interest, and all other amounts payable under this Note and
any other Loan Document, shall at once become due and payable, at the option of
Lender, without any prior notice to Borrower (except if notice is required by
applicable law, then after such notice).  Lender may exercise this option
to accelerate regardless of any prior forbearance.  Notwithstanding the foregoing, the entire
unpaid principal balance, any accrued interest, and all other amounts payable
under this Note and the other Loan Document, shall without notice or demand and
without the need for any action or election by Lender automatically become due
and payable upon the occurrence of any Bankruptcy or Insolvency Event.

 

           
7.         Late Charge.

 

           
(a)        If any Monthly Installment or
any other amount payable under this Note or under the Security Instrument or any
other Loan Document is not received in full by Lender within ten (10) Business
Days after the Monthly Installment or other amount is due, counting from and
including the date such Monthly Installment or other amount is due (unless
applicable law requires a longer period of time before a late charge may be
imposed, in which event such longer period shall be substituted), Borrower shall
pay to Lender, immediately and without demand by Lender, a late charge equal to
three percent (3%) of such Monthly Installment or other amount due (unless
applicable law requires a lesser amount be charged, in which event such lesser
amount shall be substituted).

 

           
(b)        Borrower acknowledges that its
failure to make timely payments will cause Lender to incur additional expenses
in servicing and processing the Loan and that it is extremely difficult and impractical to determine those additional
expenses.  Borrower agrees that the late charge payable pursuant to this
Section 7 represents a fair and reasonable estimate, taking into account
all circumstances existing on the date of this Note, of the additional expenses
Lender will incur by reason of such late payment and that such charge does not
constitute a penalty.  The late charge is payable in addition to, and not
in lieu of, any interest payable at the Default Rate pursuant to
Section 8.

 

           
8.         Default Rate.
 For so long as any Event of Default (including, without
limitation, the failure to pay the Indebtedness in full on the Maturity Date)
has occurred and is continuing, then notwithstanding anything in Section 3 of
this Note to the contrary, interest under this Note shall accrue on the unpaid
principal balance and (to the extent permitted by applicable law) all unpaid
interest and other Indebtedness then due, from the date on which any such Event
of Default occurs at the Default Rate until (i) such Event of Default is cured
in accordance with the Loan Documents or (ii) the entire Indebtedness is paid in
full.

 

           
9.         Full Recourse Loan. 
Borrower accepts and agrees that the Loan evidenced by this Note is a full
recourse Loan and that upon an Event of Default, Lender may exercise any and all
remedies available to it at law or in equity against Borrower in order to
collect the entire amount of the Indebtedness in accordance with the Loan
Documents as and when due.

 

           
10.       Voluntary and Involuntary
Prepayments.

 

           
(a)        Any receipt by Lender of principal
due under this Note prior to the Maturity Date constitutes a prepayment of
principal under this Note.  Without limiting the foregoing, any application
by Lender, prior to the Maturity Date, of any proceeds of collateral or other
security to the repayment of any portion of the unpaid principal balance of this
Note constitutes a prepayment under this Note.

 

           
(b)        Borrower may voluntarily prepay
all or any part of the unpaid principal balance of this Note at any time.

 

           
(c)        Borrower shall prepay the entire
unpaid principal balance of this Note upon the prepayment of the Senior
Note.

 

           
(d)        Any prepayment of principal under
this Note that is not received on an Installment Due Date shall be deemed to
have been received on the next Installment Due Date for the purpose of
calculating interest due under this Note.

 

           
(e)        Unless Lender agrees otherwise in
writing, a permitted or required prepayment of less than the unpaid principal
balance of this Note shall not extend or postpone the due date of any subsequent
Monthly Installments.

 

           
11.       Costs and Expenses.  To the
fullest extent allowed by applicable law, Borrower shall pay all reasonable
expenses and costs, including Attorneys’ Fees and Costs incurred by Lender as a
result of any default under this Note or in connection with efforts to collect
any amount due under this Note, or to enforce the
provisions of any of the other Loan Documents, including those incurred in
post-judgment collection efforts and in any bankruptcy proceeding (including any
action for relief from the automatic stay of any bankruptcy proceeding) or
judicial or non-judicial foreclosure proceeding.

 

           
12.       Forbearance; Not Waiver.  Any
forbearance by Lender in exercising any right or remedy under this Note, the
Security Instrument, or any other Loan Document or otherwise afforded by
applicable law, shall not be a waiver of or preclude the exercise of that or any
other right or remedy.  The acceptance by Lender of any payment after the
due date of such payment, or in an amount which is less than the required
payment, shall not be a waiver of Lender’s right to require prompt payment when
due of all other payments or to exercise any right or remedy with respect to any
failure to make prompt payment.  Enforcement by Lender of any security for
Borrower’s obligations under this Note shall not constitute an election by
Lender of remedies so as to preclude the exercise of any other right or remedy
available to Lender.

 

           
13.       Waivers.  Borrower and all
endorsers and guarantors of this Note and all other third party obligors waive
presentment, demand, notice of dishonor, protest, notice of acceleration, notice
of intent to demand or accelerate payment or maturity, presentment for payment,
notice of nonpayment, grace, and diligence in collecting the Indebtedness.

 

           
14.       Loan Charges.  Neither this
Note nor any of the other Loan Documents shall be construed to create a contract
for the use, forbearance or detention of money requiring payment of interest at
a rate greater than the Maximum Interest Rate.  If any applicable law
limiting the amount of interest or other charges permitted to be collected from
Borrower in connection with the Loan is interpreted so that any interest or
other charge provided for in any Loan Document, whether considered separately or
together with other charges provided for in any other Loan Document, violates
that law, and Borrower is entitled to the benefit of that law, that interest or
charge is hereby reduced to the extent necessary to eliminate that
violation.  The amounts, if any, previously paid to Lender in excess of the
permitted amounts shall be applied by Lender to reduce the unpaid principal
balance of this Note.

 

           
15.       Commercial Purpose. 
Borrower represents that Borrower is incurring the Indebtedness solely for
the purpose of carrying on a business or commercial enterprise, and not for
personal, family, household, or agricultural purposes.

 

           
16.       Counting of Days.  Except where
otherwise specifically provided, any reference in this Note to a period of
“days” means calendar days, not Business Days.

 

           
17.       Governing
Law.  

 

           
(A)  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE OTHER
THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

           
(B)  ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER
ARISING OUT OF OR RELATING TO THIS NOTE MAY AT LENDER’S OPTION BE INSTITUTED IN
ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT
TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES
ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM
NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR
PROCEEDING.  However,
nothing in this Note is intended to limit any right that Lender may have to
bring any suit, action or proceeding relating to matters arising under this Note
in any court of any other jurisdiction.

 

           
18.       WAIVER OF
TRIAL BY JURY.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER
AND LENDER EACH (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY
ISSUE ARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER
AND BORROWER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO
TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT
EXISTS NOW OR IN THE FUTURE.  THIS WAIVER OF RIGHT TO TRIAL BY JURY IS
SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF
COMPETENT LEGAL COUNSEL.

 

           
19.       Captions.  The captions of the
Sections of this Note are for convenience only and shall be disregarded in
construing this Note.

 

           
20.       Notices; Written Modifications.

 

           
(a)        All notices required or permitted
to be given pursuant to this Note shall be given in accordance with Section 31
of the Security Instrument.

 

           
(b)        Any modification or amendment to
this Note shall be ineffective unless in writing signed by the party sought to
be charged with such modification or amendment. 

 

21.      
Subordination of Note.  Notwithstanding any provisions of this Note or
the Loan Documents to the contrary, it is understood and agreed that the terms,
covenants and conditions of this Note are and shall be subordinate in all
respects, including right of payment, to the indebtedness evidenced by the
Senior Note secured by the Senior Instrument for the benefit of the Senior
Lender, and the rights of Lender under this Note and the Loan Documents,
including, without limitation, the right to exercise any remedy hereunder, are
subject to the Senior Lender’s rights under the Senior Loan Documents.

 

22.       Payment of
Taxes.  All Florida documentary stamp taxes due on this Note have been
paid upon and affixed to the Security Instrument securing this Note.

 

 

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, Borrower has caused this Note to be
duly executed and delivered as of the date first above written.

 

 

                                                                       
BORROWER:

 

DT
Sienna Bay, LLC, a Delaware limited liability company

 

By:
DT Florida Income, LP, a Delaware limited partnership, its sole Member

 

By:
DT Florida Income Management, LLC, a Delaware limited liability company, its
General Partner

 

By:
DT Group Development, Inc., a California corporation, its sole Member

 

/s/Daniel
R. Markel

By:
Daniel R. Markel

Its:
CEO and Presidentindenture.htm

    Exhibit
4.1

     

     

    

    AVIS
BUDGET CAR RENTAL, LLC

     

    and

     

    AVIS
BUDGET FINANCE, INC.,

     

    as
Issuers,

     

    The
GUARANTORS from time to time parties hereto

     

     

    and

     

     

    THE BANK
OF NOVA SCOTIA TRUST COMPANY OF NEW YORK

     

     

    as
Trustee

     

     

    ______

     

    INDENTURE

    DATED as
of MARCH 10, 2010

     

    ______

     

    9 5/8%
SENIOR NOTES DUE 2018

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    TABLE OF
CONTENTS

     

    Page

     

    
      	
              ARTICLE
      I

               

              DEFINITIONS
      AND OTHER PROVISIONS

              OF
      GENERAL APPLICATION

            	 
      
	
              Section
      101.                      Definitions

            	
              1

            
	
              Section
      102.                      Other
      Definitions

            	
              35

            
	
              Section
      103.                      Rules
      of Construction

            	
              36

            
	
              Section
      104.                      Incorporation
      by Reference of TIA

            	
              37

            
	
              Section
      105.                      Conflict
      with TIA

            	
              37

            
	
              Section
      106.                      Compliance
      Certificates and Opinions

            	
              37

            
	
              Section
      107.                      Form
      of Documents Delivered to Trustee

            	
              38

            
	
              Section
      108.                      Acts
      of Noteholders; Record Dates

            	
              38

            
	
              Section
      109.                      Notices,
      etc., to Trustee and Company

            	
              41

            
	
              Section
      110.                      Notices
      to Holders; Waiver

            	
              41

            
	
              Section
      111.                      Effect
      of Headings and Table of Contents

            	
              42

            
	
              Section
      112.                      Successors
      and Assigns

            	
              42

            
	
              Section
      113.                      Separability
      Clause

            	
              42

            
	
              Section
      114.                      Benefits
      of Indenture

            	
              42

            
	
              Section
      115.                      GOVERNING
      LAW

            	
              42

            
	
              Section
      116.                      Legal
      Holidays

            	
              42

            
	
              Section
      117.                      No
      Personal Liability of Directors, Officers, Employees, Incorporators,
      Equity Holders, Members and Stockholders

            	
              42

            
	
              Section
      118.                      Exhibits
      and Schedules

            	
              43

            
	
              Section
      119.                      Counterparts

            	
              43

            
	
              ARTICLE
      II

              NOTE
      FORMS

            	 
      
	
              Section
      201.                      Forms
      Generally

            	
              43

            
	
              Section
      202.                      Form
      of Trustee’s Certificate of Authentication

            	
              44

            
	
              Section
      203.                      Restrictive
      and Global Note Legends

            	
              46

            
	
              ARTICLE
      III

              THE
      NOTES

            	 
      
	
              Section
      301.                      Title
      and Terms

            	
              48

            
	
              Section
      302.                      Denominations

            	
              49

            
	
              Section
      303.                      Execution,
      Authentication and Delivery and Dating

            	
              49

            
	
              Section
      304.                      Temporary
      Notes

            	
              50

            
	
              Section
      305.                      Note
      Registrar and Paying Agent

            	
              50

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Section
      306.                      Mutilated,
      Destroyed, Lost and Stolen Notes

            	
              51

            
	
              Section
      307.                      Payment
      of Interest Rights Preserved

            	
              52

            
	
              Section
      308.                      Persons
      Deemed Owners

            	
              53

            
	
              Section
      309.                      Cancellation

            	
              53

            
	
              Section
      310.                      Computation
      of Interest

            	
              53

            
	
              Section
      311.                      CUSIP
      Numbers, Etc.

            	
              53

            
	
              Section
      312.                      Book-Entry
      Provisions for Global Notes

            	
              54

            
	
              Section
      313.                      Special
      Transfer Provisions

            	
              55

            
	
              Section
      314.                      Payment
      of Additional Interest

            	
              58

            
	
              ARTICLE
      IV

              COVENANTS

            	 
      
	
              Section
      401.                      Payment
      of Principal, Premium and Interest

            	
              59

            
	
              Section
      402.                      Maintenance
      of Office or Agency

            	
              59

            
	
              Section
      403.                      Money
      for Payments to Be Held in Trust

            	
              59

            
	
              Section
      404.                      [Reserved]

            	
              60

            
	
              Section
      405.                      Reports

            	
              60

            
	
              Section
      406.                      Statement
      as to Default

            	
              61

            
	
              Section
      407.                      Limitation
      on Indebtedness

            	
              61

            
	
              Section
      408.                      [Reserved]

            	
              65

            
	
              Section
      409.                      Limitation
      on Restricted Payments

            	
              65

            
	
              Section
      410.                      Limitation
      on Restrictions on Distributions from Restricted
    Subsidiaries

            	
              68

            
	
              Section
      411.                      Limitation
      on Sales of Assets and Subsidiary Stock

            	
              70

            
	
              Section
      412.                      Limitation
      on Transactions with Affiliates

            	
              73

            
	
              Section
      413.                      Limitation
      on Liens

            	
              74

            
	
              Section
      414.                      Future
      Subsidiary Guarantors

            	
              75

            
	
              Section
      415.                      Purchase
      of Notes Upon a Change in Control

            	
              75

            
	
              ARTICLE
      V

              SUCCESSORS

            	 
      
	
              Section
      501.                      When
      the Company May Merge, Etc.

            	
              76

            
	
              Section
      502.                      Successor
      Company Substituted

            	
              78

            
	
              ARTICLE
      VI

              REMEDIES

            	 
      
	
              Section
      601.                      Events
      of Default

            	
              78

            
	
              Section
      602.                      Acceleration
      of Maturity; Rescission and Annulment

            	
              80

            
	
              Section
      603.                      Other
      Remedies; Collection Suit by Trustee

            	
              81

            
	
              Section
      604.                      Trustee
      May File Proofs of Claim

            	
              81

            
	
              Section
      605.                      Trustee
      May Enforce Claims Without Possession of Notes

            	
              81

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Section
      606.                      Application
      of Money Collected

            	
              81

            
	
              Section
      607.                      Limitation
      on Suits

            	
              82

            
	
              Section
      608.                      Unconditional
      Right of Holders to Receive Principal and Interest

            	
              82

            
	
              Section
      609.                      Restoration
      of Rights and Remedies

            	
              82

            
	
              Section
      610.                      Rights
      and Remedies Cumulative

            	
              82

            
	
              Section
      611.                      Delay
      or Omission Not Waiver

            	
              83

            
	
              Section
      612.                      Control
      by Holders

            	
              83

            
	
              Section
      613.                      Waiver
      of Past Defaults

            	
              83

            
	
              Section
      614.                      Undertaking
      for Costs

            	
              84

            
	
              Section
      615.                      Waiver
      of Stay, Extension or Usury Laws

            	
              84

            
	
              ARTICLE
      VII

              THE
      TRUSTEE

            	 
      
	
              Section
      701.                      Certain
      Duties and Responsibilities

            	
              84

            
	
              Section
      702.                      Notice
      of Defaults

            	
              85

            
	
              Section
      703.                      Certain
      Rights of Trustee

            	
              85

            
	
              Section
      704.                      Not
      Responsible for Recitals or Issuance of Notes

            	
              86

            
	
              Section
      705.                      May
      Hold Notes

            	
              86

            
	
              Section
      706.                      Money
      Held in Trust

            	
              87

            
	
              Section
      707.                      Compensation
      and Reimbursement

            	
              87

            
	
              Section
      708.                      Conflicting
      Interests

            	
              87

            
	
              Section
      709.                      Corporate
      Trustee Required; Eligibility

            	
              87

            
	
              Section
      710.                      Resignation
      and Removal; Appointment of Successor

            	
              88

            
	
              Section
      711.                      Acceptance
      of Appointment by Successor

            	
              89

            
	
              Section
      712.                      Merger,
      Conversion, Consolidation or Succession to Business

            	
              89

            
	
              Section
      713.                      Preferential
      Collection of Claims Against the Company

            	
              89

            
	
              Section
      714.                      Appointment
      of Authenticating Agent

            	
              89

            
	
              ARTICLE
      VIII

              HOLDERS’
      LISTS AND REPORTS BY

              TRUSTEE
      AND THE COMPANY

            	 
      
	
              Section
      801.                      The
      Company to Furnish Trustee Names and Addresses of Holders

            	
              90

            
	
              Section
      802.                      Preservation
      of Information; Communications to Holders

            	
              90

            
	
              Section
      803.                      Reports
      by Trustee

            	
              90

            
	
              ARTICLE
      IX

              AMENDMENT,
      SUPPLEMENT OR WAIVER

            	 
      
	
              Section
      901.                      Without
      Consent of Holders

            	
              91

            
	
              Section
      902.                      With
      Consent of Holders

            	
              92

            
	
              Section
      903.                      Execution
      of Amendments, Supplements or Waivers

            	
              93

            

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Section
      904.                      Revocation
      and Effect of Consents

            	
              93

            
	
              Section
      905.                      Conformity
      with TIA

            	
              93

            
	
              Section
      906.                      Notation
      on or Exchange of Notes

            	
              93

            
	
              ARTICLE
      X

              REDEMPTION
      OF NOTES

            	 
      
	
              Section
      1001.                                Right
      of Redemption

            	
              94

            
	
              Section
      1002.                                Applicability
      of Article

            	
              95

            
	
              Section
      1003.                                Election
      to Redeem; Notice to Trustee

            	
              95

            
	
              Section
      1004.                                Selection
      by Trustee of Notes to Be Redeemed

            	
              95

            
	
              Section
      1005.                                Notice
      of Redemption

            	
              96

            
	
              Section
      1006.                                Deposit
      of Redemption Price

            	
              97

            
	
              Section
      1007.                                Notes
      Payable on Redemption Date

            	
              97

            
	
              Section
      1008.                                Notes
      Redeemed in Part

            	
              97

            
	
              ARTICLE
      XI

              SATISFACTION
      AND DISCHARGE

            	 
      
	
              Section
      1101.                                Satisfaction
      and Discharge of Indenture

            	
              98

            
	
              Section
      1102.                                Application
      of Trust Money

            	
              99

            
	
              ARTICLE
      XII

              DEFEASANCE
      OR COVENANT DEFEASANCE

            	 
      
	
              Section
      1201.                                The
      Company’s Option to Effect Defeasance or Covenant
    Defeasance

            	
              99

            
	
              Section
      1202.                                Defeasance
      and Discharge

            	
              99

            
	
              Section
      1203.                                Covenant
      Defeasance

            	
              100

            
	
              Section
      1204.                                Conditions
      to Defeasance or Covenant Defeasance

            	
              100

            
	
              Section
      1205.                                Deposited
      Money and U.S. Government Obligations to Be Held in Trust; Other
      Miscellaneous Provisions

            	
              102

            
	
              Section
      1206.                                Reinstatement

            	
              102

            
	
              Section
      1207.                                Repayment
      to the Company

            	
              102

            
	
              ARTICLE
      XIII

              GUARANTEES

            	 
      
	
              Section
      1301.                                Guarantees
      Generally

            	
              103

            
	
              Section
      1302.                                Continuing
      Guarantees

            	
              104

            
	
              Section
      1303.                                Release
      of Guarantees

            	
              105

            
	
              Section
      1304.                                [Reserved]

            	
              105

            
	
              Section
      1305.                                Waiver
      of Subrogation

            	
              105

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Section
      1306.                                Notation
      Not Required

            	
              106

            
	
              Section
      1307.                                Successors
      and Assigns of Guarantors

            	
              106

            
	
              Section
      1308.                                Execution
      and Delivery of Guarantees

            	
              106

            
	
              Section
      1309.                                Notices

            	
              106

            

    

    

     

    
      	
              Exhibit
      A

            	
              Form
      of Initial Note

            
	
              Exhibit
      B

            	
              Form
      of Exchange Note

            
	
              Exhibit
      C

            	
              Form
      of Certificate of Beneficial Ownership

            
	
              Exhibit
      D

            	
              Form
      of Regulation S Certificate

            
	
              Exhibit
      E

            	
              Form
      of Supplemental Indenture in Respect of Subsidiary
    Guarantees

            
	
              Exhibit
      F

            	
              Form
      of Certificate from Acquiring Institutional Accredited
      Investors

            
	
              Exhibit
      G

            	
              List
      of Agreements Named in Section
412(b)(iv)

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Certain
Sections of this Indenture relating to Sections 310 through 318

    inclusive
of the Trust Indenture Act of 1939:

     

    
      	
              Trust Indenture Act Section

            	
              Indenture Section

            
	
              §
      310(a)(1)                                                                                                     

            	
              709

            
	
              (a)(2)                                                                                             

            	
              709

            
	
              (a)(3)                                                                                             

            	
              Not
      Applicable

            
	
              (a)(4)                                                                                             

            	
              Not
      Applicable

            
	
              (b)                                                                                             

            	
              708

            
	
              §
      311(a)                                                                                                     

            	
              713

            
	
              (b)                                                                                             

            	
              713

            
	
              §
      312(a)                                                                                                     

            	
              801,

              802

            
	
              (b)                                                                                             

            	
              802

            
	
              (c)                                                                                             

            	
              802

            
	
              §
      313(a)                                                                                                     

            	
              803

            
	
              (b)                                                                                             

            	
              803

            
	
              (c)                                                                                             

            	
              803

            
	
              (d)                                                                                             

            	
              803

            
	
              §
      314(a)                                                                                                     

            	
              405

            
	
              (a)(4)                                                                                             

            	
              106,

              406

            
	
              (b)                                                                                             

            	
              Not
      Applicable

            
	
              (c)(1)                                                                                             

            	
              106

            
	
              (c)(2)                                                                                             

            	
              106

            
	
              (c)(3)                                                                                             

            	
              Not
      Applicable

            
	
              (d)                                                                                             

            	
              Not
      Applicable

            
	
              (e)                                                                                             

            	
              106

            
	
              §
      315(a)                                                                                                     

            	
              701

            
	
              (b)                                                                                             

            	
              702,

              803

            
	
              (c)                                                                                             

            	
              701

            
	
              (d)                                                                                             

            	
              701

            
	
              (d)(1)                                                                                             

            	
              701

            
	
              (d)(2)                                                                                             

            	
              701

            
	
              (d)(3)                                                                                             

            	
              612,

              701

            
	
              (e)                                                                                             

            	
              614

            
	
              §
      316(a)                                                                                                     

            	
              612,

              613

            
	
              (a)(1)(A)                                                                                             

            	
              602,

              612

            
	
              (a)(1)(B)                                                                                             

            	
              613

            
	
              (a)(2)                                                                                             

            	
              Not
      Applicable

            
	
              (b)                                                                                             

            	
              608

            
	
              (c)                                                                                             

            	
              108

            

    

     

     

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    
      
        	
                §
      317(a)(1)                                                                                                     

              	
                603

              
	
                (a)(2)                                                                                             

              	
                604

              
	
                (b)                                                                                             

              	
                403

              
	
                §
      318(a)                                                                                             

              	
                105

              

      

    

     

    _____________________________

     

    This
cross-reference table shall not for any purpose be deemed to be part of this
Indenture.

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDENTURE,
dated as of March 10, 2010 (as amended, supplemented or otherwise modified from
time to time, this “Indenture”), among
Avis Budget Car Rental, LLC, a limited liability company organized under the
laws of the state of Delaware (the “Company”), and Avis
Budget Finance, Inc., a corporation organized under the laws of the State of
Delaware (together with the Company, “the Issuers”), the
guarantors from time to time parties hereto (the “Guarantors”) and The
Bank of Nova Scotia Trust Company of New York, as trustee (the “Trustee”).

     

    RECITALS
OF THE ISSUERS

     

    The
Issuers have duly authorized the execution and delivery of this Indenture to
provide for the issuance of the Notes.

     

    All
things necessary to make the Original Notes, when executed and delivered by the
Issuers and authenticated and delivered by the Trustee hereunder and duly issued
by the Issuers, the valid several obligations of the Issuers, and to make this
Indenture a valid agreement of the Issuers in accordance with the terms of the
Original Notes and this Indenture, have been done.

     

    NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

     

    For and
in consideration of the premises and the purchase of the Notes by the Holders
thereof, it is mutually agreed, for the benefit of all Holders of the Notes, as
follows:

     

    ARTICLE
I        

     

    DEFINITIONS AND OTHER
PROVISIONS

    OF GENERAL
APPLICATION

     

    Section
101. Definitions.

     

    “9 5/8% Notes”
means the Issuers’ 9 5/8% Senior Notes due 2018.

     

    “Acquired
Indebtedness” means Indebtedness of a Person (i) existing at the time
such Person becomes a Subsidiary or (ii) assumed in connection with the
acquisition of assets from such Person, in each case other than Indebtedness
Incurred in connection with, or in contemplation of, such Person becoming a
Subsidiary or such acquisition.  Acquired Indebtedness shall be deemed
to be Incurred on the date of the related acquisition of assets from any Person
or the date the acquired Person becomes a Subsidiary.

     

    “Additional Assets”
means (i) any property or assets that replace the property or assets that are
the subject of an Asset Disposition; (ii) any property or assets (other than
Indebtedness and Capital Stock) used or to be used by the Company or a
Restricted Subsidiary or otherwise useful in a Related Business (including any
capital expenditures on any property or assets already so used); (iii) the
Capital Stock of a Person that is engaged in a Related Business and becomes a
Restricted Subsidiary as a result of the acquisition of such Capital Stock by
the Company or another Restricted Subsidiary; or (iv) Capital Stock of any
Person that at such time is a Restricted Subsidiary acquired from a third
party.

     

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    “Additional Notes”
means any notes issued under this Indenture in addition to the Original Notes
(other than any Notes issued pursuant to Section 304, 305, 306, 312(c), 312(d) or 1008).

     

    “Affiliate” of any
specified Person means any other Person, directly or indirectly, controlling or
controlled by or under direct or indirect common control with such specified
Person.  For the purposes of this definition, “control” when used with
respect to any Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

     

    “Asset Disposition”
means any sale, lease (other than an operating lease entered into in the
ordinary course of business), transfer or other disposition of shares of Capital
Stock of a Restricted Subsidiary (other than directors’ qualifying shares, or
(in the case of a Foreign Subsidiary) to the extent required by applicable law),
property or other assets (each referred to for the purposes of this definition
as a “disposition”) by the
Company or any of its Restricted Subsidiaries (including any disposition by
means of a merger, consolidation or similar transaction), other than (i) a
disposition to the Company or a Restricted Subsidiary, (ii) a sale or other
disposition in the ordinary course of business, (iii) the sale or discount (with
or without recourse, and on customary or commercially reasonable terms) of
accounts receivable or notes receivable arising in the ordinary course of
business, or the conversion or exchange of accounts receivable for notes
receivable, (iv) any Restricted Payment Transaction, (v) a disposition that is
governed by Article
V, (vi) any Financing Disposition, (vii) any “fee in lieu” or other
disposition of assets to any governmental authority or agency that continue in
use by the Company or any Restricted Subsidiary, so long as the Company or any
Restricted Subsidiary may obtain title to such assets upon reasonable notice by
paying a nominal fee, (viii) any exchange of property pursuant to or intended to
qualify under Section 1031 (or any successor section) of the Code, or any
exchange of equipment to be leased, rented or otherwise used in a Related
Business, (ix) any financing transaction with respect to property built or
acquired by the Company or any Restricted Subsidiary after the Issue Date,
including without limitation any sale/leaseback transaction or asset
securitization, (x) any disposition arising from foreclosure, condemnation or
similar action with respect to any property or other assets, or exercise of
termination rights under any lease, license, concession or other agreement, (xi)
any disposition of Capital Stock, Indebtedness or other securities of an
Unrestricted Subsidiary, (xii) a disposition of Capital Stock of a Restricted
Subsidiary pursuant to an agreement or other obligation with or to a Person
(other than the Company or a Restricted Subsidiary) from whom such Restricted
Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its
business and assets (having been newly formed in connection with such
acquisition), entered into in connection with such acquisition, (xiii) a
disposition of not more than 5% of the outstanding Capital Stock of a Foreign
Subsidiary that has been approved by the Board of Directors, (xiv) any
disposition or series of related dispositions for aggregate consideration not to
exceed $50.0 million, (xv) the creation of a Permitted Lien and
dispositions in connection with Permitted Liens, (xvi) dispositions of
Investments or receivables, in each case in connection with the compromise,
settlement or collection thereof in the ordinary course of business or in
bankruptcy or similar proceedings, (xvii) the unwinding of any Hedging
Obligation, or (xviii) the licensing of any intellectual
property.

     

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

     

    “Authenticating Agent”
means any Person authorized by the Trustee pursuant to Section 714 to act on
behalf of the Trustee to authenticate the Notes.

     

    “Average Book Value”
means, for any period, the amount equal to (x) the sum of the respective book
values of Rental Vehicles of the Company and its Restricted Subsidiaries as of
the end of each of the most recent thirteen fiscal months of the Company that
have ended at or prior to the end of such period, divided by (y)
13.

     

    “Average Interest
Rate” means, for any period, the amount equal to (x) the total interest
expense of the Company and its Restricted Subsidiaries for such period
(excluding any interest expense on any Indebtedness of any Special Purpose
Subsidiary that is a Restricted Subsidiary directly or indirectly Incurred to
finance or refinance the acquisition of, or secured by, Rental Vehicles and/or
related rights and/or assets), divided by (y) the Average Principal Amount of
Indebtedness of the Company and its Restricted Subsidiaries for such period
(excluding any Indebtedness of any Special Purpose Subsidiary that is a
Restricted Subsidiary directly or indirectly Incurred to finance or refinance
the acquisition of, or secured by, Rental Vehicles and/or related rights and/or
assets).

     

    “Average Principal
Amount” means, for any period, the amount equal to (x) the sum of the
respective aggregate outstanding principal amounts of the applicable
Indebtedness as of the end of each of the most recent thirteen fiscal months of
the Company that have ended at or prior to the end of such period, divided by
(y) 13.

     

    “Bank Indebtedness”
means any and all amounts, whether outstanding on the Issue Date or thereafter
incurred, payable under or in respect of any Credit Facility, including without
limitation principal, premium (if any), interest (including interest accruing on
or after the filing of any petition in bankruptcy or for reorganization relating
to the Company or any Restricted Subsidiary whether or not a claim for
post-filing interest is allowed in such proceedings), fees, charges, expenses,
reimbursement obligations, guarantees, other monetary obligations of any nature
and all other amounts payable thereunder or in respect thereof.

     

    “Board of Directors”
means, for any Person, the board of directors or other governing body of such
Person or, if such Person is owned or managed by a single entity, the board of
directors or other governing body of such entity, or, in either case, any
committee thereof duly authorized to act on behalf of such board or governing
body.  Unless otherwise provided, “Board of Directors” means the Board
of Directors of the Company.

     

    “Business Day” means a
day other than a Saturday, Sunday or other day on which commercial banking
institutions are authorized or required by law to close in New York City (or any
other city in which a Paying Agent maintains its office).

     

    “Canadian Securitization
Entity” means WTH Funding Limited Partnership, an Ontario limited
partnership, any other special purpose entity formed for the purpose of engaging
in vehicle financing in Canada including, without limitation, any other
partnership formed from time to time and each of the special purpose entities
that may be partners in WTH Funding Limited Partnership or in any other such
partnerships, and any successor of the foregoing.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

     

    “Capital Stock” of any
Person means any and all shares of, rights to purchase, warrants or options for,
or other equivalents of or interests in (however designated) equity of such
Person, including any Preferred Stock, but excluding any debt securities
convertible into such equity.

     

    “Capitalized Lease
Obligation” means an obligation that is required to be classified and
accounted for as a capitalized lease for financial reporting purposes in
accordance with GAAP.  The Stated Maturity of any Capitalized Lease
Obligation shall be the date of the last payment of rent or any other amount due
under the related lease.

     

    “Cash Equivalents”
means any of the following: (a) securities issued or fully guaranteed or insured
by the United States of America or any agency or instrumentality thereof, (b)
marketable general obligations issued by any state of the United States of
America or any political subdivision of any such state or any public
instrumentality thereof having a credit rating of “A” or better at the time of
acquisition from either S&P or Moody’s, (c) time deposits, certificates
of deposit or bankers’ acceptances of (i) any lender under the Senior Credit
Facilities or any affiliate thereof or (ii) any commercial bank having capital
and surplus in excess of $500,000,000 and the commercial paper of the holding
company of which is rated at least A-2 or the equivalent thereof by S&P or
at least P-2 or the equivalent thereof by Moody’s (or if at such time neither is
issuing ratings, then a comparable rating of another nationally recognized
rating agency), (d) money market instruments, commercial paper or other
short-term obligations rated at least A-2 or the equivalent thereof by S&P
or at least P-2 or the equivalent thereof by Moody’s (or if at such time neither
is issuing ratings, then a comparable rating of another nationally recognized
rating agency), (e) investments in money market funds subject to the risk
limiting conditions of Rule 2a-7 or any successor rule of the SEC under the
Investment Company Act of 1940, as amended and (f) investments similar to any of
the foregoing denominated in foreign currencies approved by the Board of
Directors.

     

     “Change of Control”
means:

     

    (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act),
other than one or more Permitted Holders or a Parent, becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of more than 50% of the total voting power of the Voting Stock of
the Company, provided
that (x) so long as the Company is a Subsidiary of any Parent, no “person” shall
be deemed to be or become a “beneficial owner” of more than 50% of the total
voting power of the Voting Stock of the Company unless such “person” shall be or
become a “beneficial owner” of more than 50% of the total voting power of the
Voting Stock of such Parent and (y) any Voting Stock of which any Permitted
Holder is the “beneficial owner” shall not in any case be included in any Voting
Stock of which any such “person” is the “beneficial owner”;

     

    (ii) the
Company or the Parent merges or consolidates with or into, or sells or transfers
(in one or a series of related transactions) all or substantially all of the
assets of the Company and its Restricted Subsidiaries, taken as a whole, to,
another Person (other than one or more Permitted Holders) and any “person” (as
defined in clause (i) above), other than one or more Permitted Holders or any
Parent, is or becomes the “beneficial

     

     

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    owner”
(as so defined), directly or indirectly, of more than 50% of the total voting
power of the Voting Stock of the surviving Person in such merger or
consolidation, or the transferee Person in such sale or transfer of assets, as
the case may be, provided that (x) so long as
such surviving or transferee Person is a Subsidiary of a parent Person, no
“person” shall be deemed to be or become a “beneficial owner” of more than 50%
of the total voting power of the Voting Stock of such surviving or transferee
Person unless such “person” shall be or become a “beneficial owner” of more than
50% of the total voting power of the Voting Stock of such parent Person and (y)
any Voting Stock of which any Permitted Holder is the “beneficial owner” shall
not in any case be included in any Voting Stock of which any such “person” is
the beneficial owner; or

     

    (iii) during
any period of two consecutive years (during which period the Company has been a
party to this Indenture), individuals who at the beginning of such period were
members of the Board of Directors of the Company (together with any new members
thereof whose election by such Board of Directors or whose nomination for
election by holders of Capital Stock of the Company was approved by one or more
Permitted Holders or by a vote of a majority of the members of such Board of
Directors then still in office who were either members thereof at the beginning
of such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of such Board of
Directors then in office.

     

    “Clearstream” means
Clearstream Banking, société anonyme, or any successor securities clearing
agency.

     

    “Code” means the
Internal Revenue Code of 1986, as amended.

     

    “Commodities
Agreement” means, in respect of a Person, any commodity futures contract,
forward contract, option or similar agreement or arrangement (including
derivative agreements or arrangements), as to which such Person is a party or
beneficiary.

     

    “Company” means Avis
Budget Car Rental, LLC, and any and all successors thereto.

     

    “Company Request” and
“Company Order”
mean, respectively, a written request, or order signed in the name of the
Company by an Officer of the Company.

     

    “Consolidated Coverage
Ratio” as of any date of determination means the ratio of (i) the
aggregate amount of Consolidated EBITDA for the period of the most recent four
consecutive fiscal quarters ending prior to the date of such determination for
which consolidated financial statements of the Company are available to (ii)
Consolidated Interest Expense for such four fiscal quarters (in each of the
foregoing clauses (i) and (ii), determined for each fiscal quarter of the four
fiscal quarters ending prior to the Issue Date); provided, that

     

    (1) if since the beginning of such period
the Company or any Restricted Subsidiary has Incurred any Indebtedness that
remains outstanding on such date of determination or if the transaction giving
rise to the need to calculate the Consolidated Coverage Ratio is an Incurrence
of Indebtedness, Consolidated EBITDA and Consolidated Interest Expense for such
period shall be calculated after giving effect on a

     

     

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    pro forma
basis to such Indebtedness as if such Indebtedness had been Incurred on the
first day of such period (except that in making such computation, the amount of
Indebtedness under any revolving credit facility outstanding on the date of such
calculation shall be computed based on (A) the average daily balance of such
Indebtedness during such four fiscal quarters or such shorter period for which
such facility was outstanding or (B) if such facility was created after the end
of such four fiscal quarters, the average daily balance of such Indebtedness
during the period from the date of creation of such facility to the date of such
calculation);

     

    (2) if since the beginning of such period
the Company or any Restricted Subsidiary has repaid, repurchased, redeemed,
defeased or otherwise acquired, retired or discharged any Indebtedness that is
no longer outstanding on such date of determination or the Indebtedness of any
Special Purpose Subsidiary which is an Unrestricted Subsidiary is reduced (each,
a “Discharge”)
or if the transaction giving rise to the need to calculate the Consolidated
Coverage Ratio involves a Discharge of Indebtedness (in each case other than
Indebtedness Incurred under any revolving credit facility unless such
Indebtedness has been permanently repaid), Consolidated EBITDA and Consolidated
Interest Expense for such period shall be calculated after giving effect on a
pro forma basis to such Discharge of such Indebtedness, including with the
proceeds of such new Indebtedness, as if such Discharge had occurred on the
first day of such period;

     

    (3) if since the beginning of such period
the Company or any Restricted Subsidiary shall have disposed of any company, any
business or any group of assets constituting an operating unit of a business
(any such disposition, a “Sale”), the
Consolidated EBITDA for such period shall be reduced by an amount equal to the
Consolidated EBITDA (if positive) attributable to the assets that are the
subject of such Sale for such period or increased by an amount equal to the
Consolidated EBITDA (if negative) attributable thereto for such period and
Consolidated Interest Expense for such period shall be reduced by an amount
equal to (A) the Consolidated Interest Expense attributable to any Indebtedness
of the Company or any Restricted Subsidiary repaid, repurchased, redeemed,
defeased or otherwise acquired, retired or discharged with respect to the
Company and its continuing Restricted Subsidiaries in connection with such Sale
for such period (including but not limited to through the assumption of such
Indebtedness by another Person) plus (B) if the Capital Stock of any Restricted
Subsidiary is sold, the Consolidated Interest Expense for such period
attributable to the Indebtedness of such Restricted Subsidiary to the extent the
Company and its continuing Restricted Subsidiaries are no longer liable for such
Indebtedness after such Sale;

     

    (4) if since the beginning of such period
the Company or any Restricted Subsidiary (by merger, consolidation or otherwise)
shall have made an Investment in any Person that thereby becomes a Restricted
Subsidiary, or otherwise acquired any company, any business or any group of
assets constituting an operating unit of a business, including any such
Investment or acquisition occurring in connection with a transaction causing a
calculation to be made hereunder (any such Investment or acquisition, a “Purchase”),
Consolidated EBITDA and Consolidated Interest Expense for such period shall be
calculated after giving pro forma effect thereto (including the Incurrence of
any related Indebtedness) as if such Purchase occurred on the first day of such
period; and

     

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (5) if since the beginning of such period
any Person became a Restricted Subsidiary or was merged or consolidated with or
into the Company or any Restricted Subsidiary, and since the beginning of such
period such Person shall have Discharged any Indebtedness or made any Sale or
Purchase that would have required an adjustment pursuant to clause (2), (3) or
(4) above if made by the Company or a Restricted Subsidiary since the beginning
of such period, Consolidated EBITDA and Consolidated Interest Expense for such
period shall be calculated after giving pro forma effect thereto as if such
Discharge, Sale or Purchase occurred on the first day of such
period.

     

    For
purposes of this definition, whenever pro forma effect is to be given to any
Sale, Purchase or other transaction, or the amount of income or earnings
relating thereto and the amount of Consolidated Interest Expense associated with
any Indebtedness Incurred or repaid, repurchased, redeemed, defeased or
otherwise acquired, retired or discharged in connection therewith, the pro forma
calculations in respect thereof (including without limitation in respect of
anticipated cost savings or synergies relating to any such Sale, Purchase or
other transaction) shall be as determined in good faith by the Chief Financial
Officer or an authorized Officer of the Company.  If any Indebtedness
bears a floating rate of interest and is being given pro forma effect, the
interest expense on such Indebtedness shall be calculated as if the rate in
effect on the date of determination had been the applicable rate for the entire
period (taking into account any Interest Rate Agreement applicable to such
Indebtedness).  If any Indebtedness bears, at the option of the
Company or a Restricted Subsidiary, a rate of interest based on a prime or
similar rate, a eurocurrency interbank offered rate or other fixed or floating
rate, and such Indebtedness is being given pro forma effect, the interest
expense on such Indebtedness shall be calculated by applying such optional rate
as the Company or such Restricted Subsidiary may designate.  If any
Indebtedness that is being given pro forma effect was Incurred under a revolving
credit facility, the interest expense on such Indebtedness shall be computed
based upon the average daily balance of such Indebtedness during the applicable
period.  Interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate determined in good faith by a responsible financial
or accounting Officer of the Company to be the rate of interest implicit in such
Capitalized Lease Obligation in accordance with GAAP.

     

    “Consolidated EBITDA”
means, for any period, the Consolidated Net Income for such period, plus the
following to the extent deducted in calculating such Consolidated Net Income,
without duplication: (i) provision for all taxes (whether or not paid, estimated
or accrued) based on income, profits or capital, (ii) Consolidated Interest
Expense and any Special Purpose Financing Fees, (iii) depreciation (excluding
Consolidated Vehicle Depreciation), amortization (including but not limited to
amortization of goodwill and intangibles and amortization and write-off of
financing costs) and all other non-cash charges or non-cash losses, (iv) any
expenses or charges related to any Equity Offering, Investment or Indebtedness
permitted by this Indenture (whether or not consummated or incurred), and (v)
the amount of any minority interest expense.

     

    “Consolidated Interest
Expense” means, for any period, (i) the total interest expense of the
Company and its Restricted Subsidiaries to the extent deducted in calculating
Consolidated Net Income, net of any interest income of the Company and its
Restricted Subsidiaries, including without limitation any such interest expense
consisting of (a) interest expense attributable to Capitalized Lease
Obligations, (b) amortization of debt discount, (c)

     

     

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    interest
in respect of Indebtedness of any other Person that has been Guaranteed by the
Company or any Restricted Subsidiary, but only to the extent that such interest
is actually paid by the Company or any Restricted Subsidiary, (d) non-cash
interest expense, (e) the interest portion of any deferred payment obligation
and (f) commissions, discounts and other fees and charges owed with respect to
letters of credit and bankers’ acceptance financing, plus (ii) Preferred Stock
dividends paid in cash in respect of Disqualified Stock of the Company held by
Persons other than the Company or a Restricted Subsidiary and minus (iii) to the
extent otherwise included in such interest expense referred to in clause (i)
above, (x) Consolidated Vehicle Interest Expense and (y) amortization or
write-off of financing costs, in each case under clauses (i) through (iii) as
determined on a Consolidated basis in accordance with GAAP (to the extent
applicable, in the case of Consolidated Vehicle Interest Expense); provided, that gross interest
expense shall be determined after giving effect to any net payments made or
received by the Company and its Restricted Subsidiaries with respect to Interest
Rate Agreements; provided,
further, that notwithstanding the definition of “Consolidated Vehicle
Interest Expense,” “Consolidated Interest Expense” shall include the interest
expense in respect of Indebtedness that is secured by Liens incurred pursuant to
clause (v) of the definition of “Permitted Liens.”

     

    “Consolidated Net
Income” means, for any period, the net income (loss) of the Company and
its Restricted Subsidiaries, determined on a Consolidated basis in accordance
with GAAP and before any reduction in respect of Preferred Stock dividends;
provided, that there
shall not be included in such Consolidated Net Income:

     

    (i) any net
income (loss) of any Person if such Person is not a Restricted Subsidiary,
except that (A) subject to the limitations contained in clause (iii) below, the
Company’s equity in the net income of any such Person for such period shall be
included in such Consolidated Net Income up to the aggregate amount actually
distributed by such Person during such period to the Company or a Restricted
Subsidiary as a dividend or other distribution (subject, in the case of a
dividend or other distribution to a Restricted Subsidiary, to the limitations
contained in clause (ii) below) and (B) the Company’s equity in the net loss of
such Person shall be included to the extent of the aggregate Investment of the
Company or any of its Restricted Subsidiaries in such Person;

     

    (ii) solely
for purposes of determining the amount available for Restricted Payments under
Section
409(a)(3)(A), any net income (loss) of any Restricted Subsidiary that is
not a Subsidiary Guarantor if such Restricted Subsidiary is subject to
restrictions, directly or indirectly, on the payment of dividends or the making
of similar distributions by such Restricted Subsidiary, directly or indirectly,
to the Company by operation of the terms of such Restricted Subsidiary’s charter
or any agreement, instrument, judgment, decree, order, statute or governmental
rule or regulation applicable to such Restricted Subsidiary or its stockholders
(other than (x) restrictions that have been waived or otherwise released, (y)
restrictions pursuant to the Notes or this Indenture and (z) restrictions in
effect on the Issue Date with respect to a Restricted Subsidiary and other
restrictions with respect to such Restricted Subsidiary that taken as a whole
are not materially less favorable to the Noteholders than such restrictions in
effect on the Issue Date), except that (A) subject to the limitations contained
in clause (iii) below, the Company’s equity in the net income of any such
Restricted Subsidiary for such period shall be included in such Consolidated Net
Income up to the aggregate amount of any

     

     

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    dividend
or distribution that was or that could have been made by such Restricted
Subsidiary during such period to the Company or another Restricted Subsidiary
(subject, in the case of a dividend that could have been made to another
Restricted Subsidiary, to the limitation contained in this clause) and (B) the
net loss of such Restricted Subsidiary shall be included to the extent of the
aggregate Investment of the Company or any of its other Restricted Subsidiaries
in such Restricted Subsidiary;

     

    (iii) any gain
or loss realized upon the sale or other disposition of any asset of the Company
or any Restricted Subsidiary (including pursuant to any sale/leaseback
transaction) that is not sold or otherwise disposed of in the ordinary course of
business (as determined in good faith by the Board of Directors);

     

    (iv) the
cumulative effect of a change in accounting principles;

     

    (v) all
deferred financing costs written off and premiums paid in connection with any
early extinguishment of Indebtedness;

     

    (vi) any
unrealized gains or losses in respect of Currency Agreements;

     

    (vii) any
unrealized foreign currency transaction gains or losses in respect of
Indebtedness of any Person denominated in a currency other than the functional
currency of such Person;

     

    (viii) any
non-cash compensation charge arising from any grant of stock, stock options or
other equity based awards;

     

    (ix) to the
extent otherwise included in Consolidated Net Income, any unrealized foreign
currency translation or transaction gains or losses in respect of Indebtedness
or other obligations of the Company or any Restricted Subsidiary owing to the
Company or any Restricted Subsidiary;

     

    (x) any
non-cash charge, expense or other impact attributable to application of the
purchase method of accounting (including the total amount of depreciation and
amortization, cost of sales or other non-cash expense resulting from the
write-up of assets to the extent resulting from such purchase accounting
adjustments); and

     

    (xi) any item
classified as an extraordinary, unusual or non-recurring gain, loss or charge,
including fees, expenses and charges associated with the Separation Transactions
and any acquisition, merger or consolidation after the Issue Date.

     

    For
purposes of this definition, whenever pro forma effect is to be given to any
Sale, Purchase or other transaction, or the amount of income or earnings
relating thereto, the pro forma calculations in respect thereof (including
without limitation in respect of anticipated cost savings or synergies relating
to any such Sale, Purchase or other transaction) shall be as determined in good
faith by a responsible financial or accounting Officer of the
Company.

     

    “Consolidated Quarterly
Tangible Assets” means, as of any date of determination, the total assets
less the sum of the goodwill, net, and “other intangibles, net,” in each
case

     

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    reflected
on the consolidated balance sheet of the Company and its Restricted Subsidiaries
as at the end of any fiscal quarter of the Company for which such a balance
sheet is available, determined on a Consolidated basis in accordance with GAAP
(and, in the case of any determination relating to any incurrence of
Indebtedness or any Investment, on a pro forma basis including any property
or assets being acquired in connection therewith).

     

    “Consolidated Secured
Indebtedness” means, as of any date of determination, an amount equal to
the Consolidated Total Indebtedness as of such date that in each case the
payment of which is then secured by Liens on property or assets of the Company
and its Restricted Subsidiaries (other than property or assets held in a
defeasance or similar trust or arrangement for the benefit of the Indebtedness
secured thereby).

     

    “Consolidated Secured
Leverage Ratio” means, as of any date of determination, the ratio of (x)
Consolidated Secured Indebtedness as at such date to (y) the aggregate amount of
Consolidated EBITDA for the period of the most recent four consecutive fiscal
quarters ending prior to the date of such determination for which consolidated
financial statements of the Company are available (determined for each fiscal
quarter (or portion thereof) of the four fiscal quarters ending prior to the
Issue Date), provided,
that:

     

    (1) if since the beginning of such period
the Company or any Restricted Subsidiary has Incurred any Consolidated Secured
Indebtedness that remains outstanding on such date of determination or if the
transaction giving rise to the need to calculate the Consolidated Secured
Leverage Ratio is an Incurrence of Consolidated Secured Indebtedness,
Consolidated EBITDA and Consolidated Secured Indebtedness (to the extent it does
not already include such Incurrence of Consolidated Secured Indebtedness) for
such period shall be calculated after giving effect on a pro forma basis to such
Consolidated Secured Indebtedness as if such Consolidated Secured Indebtedness
had been Incurred on the first day of such period (except that in making such
computation, the amount of Consolidated Secured Indebtedness under any revolving
credit facility outstanding on the date of such calculation shall be computed
based on (A) the average daily balance of such Consolidated Secured Indebtedness
during such four fiscal quarters or such shorter period for which such facility
was outstanding or (B) if such facility was created after the end of such four
fiscal quarters, the average daily balance of such Indebtedness during the
period from the date of creation of such facility to the date of such
calculation);  

     

    (2) if since the beginning of such period
Consolidated Secured Indebtedness has been Discharged or if the transaction
giving rise to the need to calculate the Consolidated Secured Leverage Ratio
involves a Discharge of Consolidated Secured Indebtedness (in each case other
than Indebtedness Incurred under any revolving credit facility unless such
Indebtedness has been permanently repaid), Consolidated EBITDA and Consolidated
Secured Indebtedness (to the extent it does not already exclude such Discharge
of Consolidated Secured Indebtedness) for such period shall be calculated after
giving effect on a pro forma basis to such Discharge of such Consolidated
Secured Indebtedness, including with the proceeds of such new Consolidated
Secured Indebtedness, as if such Discharge had occurred on the first day of such
period;

     

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

     

    (3) if since the beginning of such period
the Company or any Restricted Subsidiary shall have made a Sale, the
Consolidated EBITDA for such period shall be reduced by an amount equal to the
Consolidated EBITDA (if positive) attributable to the assets that are the
subject of such Sale for such period or increased by an amount equal to the
Consolidated EBITDA (if negative) attributable thereto for such
period;

     

    (4) if since the beginning of such period
the Company or any Restricted Subsidiary (by merger, consolidation or otherwise)
shall have made a Purchase (including any Purchase occurring in connection with
a transaction causing a calculation to be made hereunder), Consolidated EBITDA
for such period shall be calculated after giving pro forma effect thereto as if
such Purchase occurred on the first day of such period; and

     

    (5) if since the beginning of such period
any Person became a Restricted Subsidiary or was merged or consolidated with or
into the Company or any Restricted Subsidiary, and since the beginning of such
period such Person shall have made any Sale or Purchase that would have required
an adjustment pursuant to clause (2), (3) or (4) above if made by the Company or
a Restricted Subsidiary since the beginning of such period, Consolidated EBITDA
and Consolidated Secured Indebtedness for such period shall be calculated after
giving pro forma effect thereto as if such Sale or Purchase occurred on the
first day of such period.

     

    For
purposes of this definition, whenever pro forma effect is to be given to any
Sale, Purchase or other transaction, or the amount of income or earnings
relating thereto, the pro forma calculations in respect thereof (including
without limitation in respect of anticipated cost savings or synergies relating
to any such Sale, Purchase or other transaction) shall be as determined in good
faith by a responsible financial or accounting Officer of the
Company.

     

    “Consolidated Tangible
Assets” means, as of any date of determination, the amount equal to (x)
the sum of Consolidated Quarterly Tangible Assets as at the end of each of the
most recently ended four fiscal quarters of the Company for which a calculation
thereof is available, divided by (y) four; provided that for purposes of
Section 407(b),
Section 409 and
the definition of “Permitted Investment,” Consolidated Tangible Assets shall not
be deemed to be less than $10,646 million.

     

    “Consolidated Total
Indebtedness” means, as of any date of determination, an amount equal to
(1) the aggregate principal amount of outstanding Indebtedness of the Company
and its Restricted Subsidiaries (other than the Notes) as of such date
consisting of (without duplication) Indebtedness for borrowed money (including
Purchase Money Obligations and unreimbursed outstanding drawn amounts under
funded letters of credit); Capitalized Lease Obligations; debt obligations
evidenced by bonds, debentures, notes or similar instruments; Disqualified
Stock; and (in the case of any Restricted Subsidiary that is not a Subsidiary
Guarantor) Preferred Stock, determined on a Consolidated basis in accordance
with GAAP (excluding items eliminated in Consolidation, and for the avoidance of
doubt, excluding Hedging Obligations), minus (2) the amount of such Indebtedness
consisting of Indebtedness of a type referred to in, or Incurred pursuant to,
Section
407(b)(ix) to the extent not Incurred to finance or refinance the
acquisition of Rental Vehicles, and minus (3) the Consolidated Vehicle
Indebtedness as of such date.

     

     

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

     

    “Consolidated Vehicle
Depreciation” means, for any period, depreciation on all Rental Vehicles
(after adjustments thereto), to the extent deducted in calculating Consolidated
Net Income for such period.

     

    “Consolidated Vehicle
Indebtedness” means, as of any date of determination, the amount equal to
either (a) the sum of (x) the aggregate principal amount of then outstanding
Indebtedness of any Special Purpose Subsidiary that is a Restricted Subsidiary
directly or indirectly Incurred to finance or refinance the acquisition of, or
secured by, Rental Vehicles and/or related rights and/or assets plus (y) the
aggregate principal amount of other then outstanding Indebtedness of the Company
and its Restricted Subsidiaries that is attributable to the financing or
refinancing of Rental Vehicles and/or related rights and/or assets, as
determined in good faith by the Chief Financial Officer or an authorized Officer
of the Company (which determination shall be conclusive) or, at the Company’s
option, (b) 90% of the book value of Rental Vehicles of the Company and its
Restricted Subsidiaries (such book value being determined as of the end of the
most recently ended fiscal month of the Company for which internal consolidated
financial statements of the Company are available, on a pro forma basis
including (x) any Rental Vehicles acquired by the Company or any Restricted
Subsidiary since the end of such fiscal month and (y) in the case of any
determination relating to any Incurrence of Indebtedness, any Rental Vehicles
being acquired by the Company or any Restricted Subsidiary in connection
therewith).

     

    “Consolidated Vehicle
Interest Expense” means, for any period, the sum of (a) the aggregate
interest expense for such period on any Indebtedness (including costs associated
with letters of credit related to such Indebtedness) of any Special Purpose
Subsidiary that is a Restricted Subsidiary directly or indirectly Incurred to
finance or refinance the acquisition of, or secured by, Rental Vehicles and/or
related rights and/or assets plus (b) either (x) the aggregate interest expense
for such period on other Indebtedness of the Company and its Restricted
Subsidiaries that is attributable to the financing or refinancing of Rental
Vehicles and/or any related rights and/or assets, as determined in good faith by
the Chief Financial Officer or an authorized Officer of the Company (which
determination shall be conclusive) or, at the Company’s option, (y) an amount of
the total interest expense of the Company and its Restricted Subsidiaries for
such period equal to (i) the Average Interest Rate for such period multiplied by
(ii) the amount equal to (1) 90% of the Average Book Value for such period of
Rental Vehicles of the Company and its Restricted Subsidiaries minus (2) the
Average Principal Amount for such period of any Indebtedness of any Special
Purpose Subsidiary that is a Restricted Subsidiary directly or indirectly
Incurred to finance or refinance the acquisition of, or secured by, Rental
Vehicles and/or related rights and/or assets.

     

    “Consolidation” means
the consolidation of the accounts of each of the Restricted Subsidiaries with
those of the Company in accordance with GAAP; provided that “Consolidation”
will not include consolidation of the accounts of any Unrestricted Subsidiary,
but the interest of the Company or any Restricted Subsidiary in any Unrestricted
Subsidiary will be accounted for as an investment.  The term
“Consolidated” has a correlative meaning.

     

    “Corporate Trust
Office” means the office of the Trustee at which at any particular time
its corporate trust business shall be administered, which office on the Issue
Date is located at One Liberty Plaza, 23rd Floor, New York, NY
10006.

     

     

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    “Credit Facilities”
means one or more of (i) the Senior Credit Facilities, and (ii) any other
facilities or arrangements designated by the Company, in each case with one or
more banks or other lenders or institutions providing for revolving credit
loans, term loans, receivables or fleet financings (including without limitation
through the sale of receivables or fleet assets to such institutions or to
special purpose entities formed to borrow from such institutions against such
receivables or fleet assets or the creation of any Liens in respect of such
receivables or fleet assets in favor of such institutions), letters of credit or
other Indebtedness, in each case, including all agreements, instruments and
documents executed and delivered pursuant to or in connection with any of the
foregoing, including but not limited to any notes and letters of credit issued
pursuant thereto and any guarantee and collateral agreement, patent and
trademark security agreement, mortgages or letter of credit applications and
other guarantees, pledge agreements, security agreements and collateral
documents, in each case as the same may be amended, supplemented, waived or
otherwise modified from time to time, or refunded, refinanced, restructured,
replaced, renewed, repaid, increased or extended from time to time (whether in
whole or in part, whether with the original banks, lenders or institutions or
other banks, lenders or institutions or otherwise, and whether provided under
any original Credit Facility or one or more other credit agreements, indentures,
financing agreements or other Credit Facilities or
otherwise).  Without limiting the generality of the foregoing, the
term “Credit Facility” shall include any agreement (i) changing the maturity of
any Indebtedness Incurred thereunder or contemplated thereby, (ii) adding
Subsidiaries as additional borrowers or guarantors thereunder, (iii) increasing
the amount of Indebtedness Incurred thereunder or available to be borrowed
thereunder or (iv) otherwise altering the terms and conditions
thereof.

     

    “Currency Agreement”
means, in respect of a Person, any foreign exchange contract, currency swap
agreement, futures contract, option contract or other similar agreement or
arrangements (including derivative agreements or arrangements), as to which such
Person is a party or a beneficiary.

     

    “Default” means any
event or condition that is, or after notice or passage of time or both would be,
an Event of Default.

     

    “Depositary” means The
Depository Trust Company, its nominees and successors.

     

    “Designated Noncash
Consideration” means the Fair Market Value of noncash consideration
received by the Company or one of its Restricted Subsidiaries in connection with
an Asset Disposition that is so designated as Designated Noncash Consideration
pursuant to an Officer’s Certificate, setting forth the basis of such
valuation.

     

    “Direct Parent” means
Avis Budget Holdings, LLC, a limited liability company organized under the laws
of the State of Delaware.

     

    “Disinterested
Directors” means, with respect to any Affiliate Transaction, one or more
members of the Board of Directors of the Company, or one or more members of the
Board of Directors of a Parent, having no material direct or indirect financial
interest in or with respect to such Affiliate Transaction.  A member
of any such Board of Directors shall not be deemed to

     

     

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    have such
a financial interest by reason of such member’s holding Capital Stock of the
Company or any Parent or any options, warrants or other rights in respect of
such Capital Stock.

     

    “Disqualified Stock”
means, with respect to any Person, any Capital Stock that by its terms (or by
the terms of any security into which it is convertible or for which it is
exchangeable or exercisable) or upon the happening of any event (other than
following the occurrence of a Change of Control or other similar event described
under such terms as a “change of control,” or an Asset Disposition) (i) matures
or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise,
(ii) is convertible or exchangeable for Indebtedness or Disqualified Stock or
(iii) is redeemable at the option of the holder thereof (other than following
the occurrence of a Change of Control or other similar event described under
such terms as a “change of control,” or an Asset Disposition), in whole or in
part, in each case on or prior to the final Stated Maturity of the
Notes.

     

    “Dollars” or “$” means dollars in
lawful currency of the United States of America.

     

    “Domestic Subsidiary”
means any Restricted Subsidiary of the Company other than a Foreign
Subsidiary.

     

    “Equity Offering”
means a sale of Capital Stock (x) that is a sale of Capital Stock of the
Company (other than Disqualified Stock) or (y) proceeds of which in an
amount equal to or exceeding the Redemption Amount are contributed to the equity
capital of the Company or any of its Restricted Subsidiaries.

     

    “Equity Interests”
means Capital Stock and all warrants, options, profits, interests, equity
appreciation rights or other rights to acquire or purchase Capital Stock (but
excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

     

    “Euroclear” means
Euroclear Bank S.A./N.V., as operator of the Euroclear System, or any successor
securities clearing agency.

     

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

     

    “Exchange Notes” means
the Issuers’ 9 5/8% Senior Notes due 2018, containing terms substantially
identical to the Initial Notes or any Initial Additional Notes (except that (i)
such Exchange Notes may omit terms with respect to transfer restrictions and may
be registered under the Securities Act, and (ii) certain provisions relating to
an increase in the stated rate of interest thereon may be eliminated), that are
issued and exchanged for (a) the Initial Notes, as provided for in the
Registration Rights Agreement, or (b) such Initial Additional Notes as may be
provided in any registration rights agreement relating to such Additional Notes
that are Notes and this Indenture (including any amendment or supplement
hereto.)

     

    “Fair Market Value”
means, with respect to any asset or property, the fair market value of such
asset or property as determined in good faith by the Board of Directors, whose
determination will be conclusive.

     

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    “Financing
Disposition” means any sale, transfer, conveyance or other disposition
of, or creation or incurrence of any Lien on, property or assets by the Company
or any Subsidiary thereof to or in favor of any Special Purpose Entity, or by
any Special Purpose Subsidiary, in each case in connection with a financing by a
Special Purpose Entity or in connection with the Incurrence by a Special Purpose
Entity of Indebtedness or obligations to make payments to the obligor on
Indebtedness, which may be secured by a Lien in respect of such property or
assets.

     

    “Foreign Subsidiary”
means (a) any Restricted Subsidiary of the Company that is not organized under
the laws of the United States of America or any state thereof or the District of
Columbia ,(b) any Restricted Subsidiary of a Restricted Subsidiary described in
clause (a), and (c) any Restricted Subsidiary of the Company that has no
material assets other than securities or Indebtedness of one or more Foreign
Subsidiaries (or Subsidiaries thereof), and other assets relating to an
ownership interest in any such securities, Indebtedness or
Subsidiaries.

     

    “GAAP” means generally
accepted accounting principles in the United States of America as in effect on
the Issue Date, including those set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as approved by
a significant segment of the accounting profession.  All ratios and
computations based on GAAP contained in this Indenture shall be computed in
conformity to the extent possible with GAAP.

     

    “Guarantee” means any
obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Indebtedness or other obligation of any other Person; provided that the term
“Guarantee” shall not include endorsements for collection or deposit in the
ordinary course of business.  The term “Guarantee” used as a verb has
a corresponding meaning.

     

    “Guarantor” means the
Indirect Parent, the Direct Parent and each Subsidiary Guarantor.

     

    “Guarantor Subordinated
Obligations” means, with respect to a Subsidiary Guarantor, any
Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date
or thereafter Incurred) that is expressly subordinated in right of payment to
the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee
pursuant to a written agreement.

     

    “Hedging Obligations”
of any Person means the obligations of such Person pursuant to any Interest Rate
Agreement, Currency Agreement or Commodities Agreement.

     

    “Holder” or “Noteholder” means the
Person in whose name a Note is registered in the Note Register.

     

    “Incur” means issue,
assume, enter into any Guarantee of, incur or otherwise become liable for; and
the terms “Incurs,” “Incurred” and “Incurrence” shall have a correlative
meaning; provided, that
any Indebtedness or Capital Stock of a Person existing at the time such Person
becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition
or otherwise) shall be deemed to be Incurred by such Restricted Subsidiary at
the time it becomes a

     

     

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    Restricted
Subsidiary.  Accrual of interest, the accretion of accreted value and
the payment of interest in the form of additional Indebtedness will not be
deemed to be an Incurrence of Indebtedness.  Any Indebtedness issued
at a discount (including Indebtedness on which interest is payable through the
issuance of additional Indebtedness) shall be deemed Incurred at the time of
original issuance of the Indebtedness at the initial accreted amount
thereof.

     

    “Indebtedness” means,
with respect to any Person on any date of determination (without
duplication):

     

    (i) the
principal of indebtedness of such Person for borrowed money;

     

    (ii) the
principal of obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments;

     

    (iii) the
principal component of all reimbursement obligations of such Person in respect
of letters of credit, bankers’ acceptances or other similar instruments (except
to the extent such reimbursement obligation relates to a Trade Payable or
similar liability and such obligation is satisfied within 30 days of
Incurrence);

     

    (iv) the
principal component of all obligations of such Person to pay the deferred and
unpaid purchase price of property (except Trade Payables), which purchase price
is due more than one year after the date of placing such property in final
service or taking final delivery and title thereto;

     

    (v) all
Capitalized Lease Obligations of such Person;

     

    (vi) the
redemption, repayment or other repurchase amount of such Person with respect to
any Disqualified Stock of such Person or (if such Person is a Subsidiary of the
Company other than a Subsidiary Guarantor) any Preferred Stock of such
Subsidiary, but excluding, in each case, any accrued dividends (the amount of
such obligation to be equal at any time to the maximum fixed involuntary
redemption, repayment or repurchase price for such Capital Stock, or if less (or
if such Capital Stock has no such fixed price), to the involuntary redemption,
repayment or repurchase price thereof  calculated in accordance with
the terms thereof as if then redeemed, repaid or repurchased, and if such price
is based upon or measured by the fair market value of such Capital Stock, such
fair market value shall be as determined in good faith by the Board of Directors
or the board of directors or other governing body of the issuer of such Capital
Stock);

     

    (vii) the
principal component of all Indebtedness of other Persons secured by a Lien on
any asset of such Person, whether or not such Indebtedness is assumed by such
Person; provided that
the amount of Indebtedness of such Person shall be the lesser of (A) the fair
market value of such asset at such date of determination (as determined in good
faith by the Company) and (B) the amount of such Indebtedness of such other
Persons;

     

    (viii) the
principal component of Indebtedness of other Persons, to the extent Guaranteed
by such Person; and

     

     

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

     

    (ix) to the
extent not otherwise included in this definition, net Hedging Obligations of
such Person (the amount of any such obligation to be equal at any time to the
termination value of such agreement or arrangement giving rise to such Hedging
Obligation that would be payable by such Person at such time).

     

    The
amount of Indebtedness of any Person at any date shall be determined as set
forth above or otherwise provided in this Indenture, or otherwise shall equal
the amount thereof that would appear as a liability on a balance sheet of such
Person (excluding any notes thereto) prepared in accordance with
GAAP.

     

    “Indirect Parent”
means Avis Budget Group, Inc., a corporation organized under the laws of the
State of Delaware.

     

    “Initial Additional
Notes” means Additional Notes issued in an offering not registered under
the Securities Act (and any Notes issued in respect thereof pursuant to Section 304, 305, 306, 312(c), 312(d) or 1008).

     

    “Initial Notes” means
the 9 5/8% Notes issued on the Issue Date (and any Notes issued in respect
thereof pursuant to Section 304, 305, 306, 312(c), 312(d) or 1008).

     

    “interest,” with
respect to the Notes, means interest on the Notes and, except for purposes of
Article IX,
additional or special interest pursuant to the terms of any Note.

     

    “Interest Payment
Date” means, when used with respect to any Note and any installment of
interest thereon, the date specified in such Note as the fixed date on which
such installment of interest is due and payable, as set forth in such
Note.

     

    “Interest Period”
means the period commencing on and including an interest payment date and ending
on and including the day immediately preceding the next succeeding interest
payment date, with the exception that the first Interest Period shall commence
on and include the Issue Date and end on and include September 14,
2010.

     

    “Interest Rate
Agreement” means, with respect to any Person, any interest rate
protection agreement, future agreement, option agreement, swap agreement, cap
agreement, collar agreement, hedge agreement or other similar agreement or
arrangement (including derivative agreements or arrangements), as to which such
Person is party or a beneficiary.

     

    “Inventory” means
goods held for sale, lease or use by a Person in the ordinary course of
business, net of any reserve for goods that have been segregated by such Person
to be returned to the applicable vendor for credit, as determined in accordance
with GAAP.

     

    “Investment” in any
Person by any other Person means any direct or indirect advance, loan or other
extension of credit (other than to customers, dealers, licensees, franchisees,
suppliers, directors, officers or employees of any Person in the ordinary course
of business) or capital contribution (by means of any transfer of cash or other
property to others or any payment for property or services for the account or
use of others) to, or any purchase or acquisition of Capital Stock, Indebtedness
or other similar instruments issued by, such Person.  For purposes of
the definition of “Unrestricted Subsidiary” and Section 409 only,
(i)

     

     

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    “Investment”
shall include the portion (proportionate to the Company’s equity interest in
such Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of
the Company at the time that such Subsidiary is designated an Unrestricted
Subsidiary, provided
that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the
Company shall be deemed to continue to have a permanent “Investment” in an
Unrestricted Subsidiary in an amount (if positive) equal to (x) the Company’s
“Investment” in such Subsidiary at the time of such redesignation less (y) the
portion (proportionate to the Company’s equity interest in such Subsidiary) of
the Fair Market Value of the net assets of such Subsidiary at the time of such
redesignation, and (ii) any property transferred to or from an Unrestricted
Subsidiary shall be valued at its Fair Market Value at the time of such
transfer.  Guarantees shall not be deemed to be
Investments.  The amount of any Investment outstanding at any time
shall be the original cost of such Investment, reduced (at the Company’s option)
by any dividend, distribution, interest payment, return of capital, repayment or
other amount or value received in respect of such Investment; provided, that to the extent
that the amount of Restricted Payments outstanding at any time is so reduced by
any portion of any such amount or value that would otherwise be included in the
calculation of Consolidated Net Income, such portion of such amount or value
shall not be so included for purposes of calculating the amount of Restricted
Payments that may be made pursuant to Section
409(a).

     

    “Issue Date” means the
first date on which Notes are issued.

     

    “Issuers” means Avis
Budget Car Rental, LLC and Avis Budget Finance, Inc., and any and all successors
thereto.

     

    “Lien” means any
mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including any conditional sale or other title retention agreement or lease in
the nature thereof).

     

    “Management Advances”
means loans or advances made to directors, officers or employees of any Parent,
the Company or any Restricted Subsidiary (x) in respect of travel, entertainment
or moving-related expenses incurred in the ordinary course of business, (y) in
respect of moving-related expenses incurred in connection with any closing or
consolidation of any facility, or (z) in the ordinary course of business and (in
the case of this clause (z)) not exceeding $5.0 million in the aggregate
outstanding at any time.

     

    “Moody’s” means
Moody’s Investors Service, Inc., and its successors.

     

    “Net Available Cash”
from an Asset Disposition means an amount equal to all cash payments received
(including any cash payments received by way of deferred payment of principal
pursuant to a note or installment receivable or otherwise, but only as and when
received, but excluding any other consideration received in the form of
assumption by the acquiring person of Indebtedness or other obligations relating
to the properties or assets that are the subject of such Asset Disposition or
received in any other non-cash form) therefrom, in each case net of (i) all
legal, accounting, investment banking, title and recording tax expenses,
commissions and other fees and expenses incurred, and all federal, state,
provincial, foreign and local taxes required to be paid or to be accrued as a
liability under GAAP, as a consequence of such Asset Disposition (including as a
consequence of any transfer of funds in connection with

     

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    the
application thereof in accordance with Section 411),
(ii) all payments made, and all installment payments required to be made, on any
Indebtedness that is secured by any assets subject to such Asset Disposition, in
accordance with the terms of any Lien upon such assets, or that must by its
terms, or in order to obtain a necessary consent to such Asset Disposition, or
by applicable law, be repaid out of the proceeds from such Asset Disposition,
(iii) all distributions and other payments required to be made to minority
interest holders in Subsidiaries or joint ventures as a result of such Asset
Disposition, or to any other Person (other than the Company or a Restricted
Subsidiary) owning a beneficial interest in the assets disposed of in such Asset
Disposition, (iv) the deduction of appropriate amounts to be provided by the
Seller as a reserve, in accordance with GAAP, against any liabilities,
(v) any liabilities or obligations associated with the assets disposed of
in such Asset Disposition and retained by the Company or any Restricted
Subsidiary after such Asset Disposition, including without limitation pension
and other post-employment benefit liabilities, liabilities related to
environmental matters, and liabilities relating to any indemnification
obligations associated with such Asset Disposition, and (vi) the amount of any
purchase price or similar adjustment (x) claimed by any Person to be owed by the
Company or any Restricted Subsidiary, until such time as such claim shall have
been settled or otherwise finally resolved, or (y) paid or payable by the
Company, in either case in respect of such Asset Disposition.

     

    “Net Cash Proceeds”
means, with respect to any issuance or sale of any securities of the Company or
any Subsidiary by the Company or any Subsidiary, or any capital contribution, an
amount equal to all the cash proceeds of such issuance, sale or contribution net
of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees,
listing fees, discounts or commissions and brokerage, consultant and other fees
and charges actually incurred in connection with such issuance, sale or
contribution and net of taxes paid or payable as a result thereof.

     

    “Non-U.S. Person”
means a Person who is not a U.S. person, as defined in Regulation
S.

     

    “Notes” means the
Initial Notes, any Additional Notes, the Exchange Notes and any notes issued in
respect thereof pursuant to Section 304, 305, 306, 312(c), 312(d) or 1008.

     

    “Obligations” means,
with respect to any Indebtedness, any principal, premium (if any), interest
(including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to the Company or any Restricted
Subsidiary whether or not a claim for post-filing interest is allowed in such
proceedings), fees, charges, expenses, reimbursement obligations, Guarantees of
such Indebtedness (or of Obligations in respect thereof), other monetary
obligations of any nature and all other amounts payable thereunder or in respect
thereof.

     

    “Officer” means, with
respect to the Company or any other obligor upon the Notes, the Chairman of the
Board, the President, the Chief Executive Officer, the Chief Financial Officer,
any Vice President, the Controller, the Treasurer or the Secretary (a) of such
Person or (b) if such Person is owned or managed by a single entity, of such
entity (or any other individual designated as an “Officer” for the purposes of
this Indenture by the Board of Directors).

     

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

     

    “Officer’s
Certificate” means, with respect to the Company or any other obligor upon
the Notes, a certificate signed by one Officer of such Person.

     

    “Opinion of Counsel”
means a written opinion from legal counsel who is reasonably acceptable to the
Trustee.  The counsel may be an employee of or counsel to the Company,
any Parent or the Trustee.

     

    “Original Notes” means
the Initial Notes and any Exchange Notes issued in exchange
therefor.

     

    “Outstanding,” when
used with respect to Notes means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture,
except:

     

    (i) Notes
theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

     

    (ii) Notes for
whose payment or redemption money in the necessary amount has been theretofore
deposited with the Trustee or any Paying Agent in trust for the Holders of such
Notes, provided that,
if such Notes are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor reasonably satisfactory to the
Trustee has been made; and

     

    (iii) Notes in
exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to this Indenture.

     

    A Note
does not cease to be Outstanding because the Company or any Affiliate of the
Company holds the Note, provided that in determining
whether the Holders of the requisite amount of Outstanding Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder,
Notes owned by the Company or any Affiliate of the Company shall be disregarded
and deemed not to be Outstanding, except that, for the purpose of determining
whether the Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver, only Notes which the
Trustee actually knows are so owned shall be so disregarded.  Notes so
owned that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the reasonable satisfaction of the Trustee the pledgee’s
right to act with respect to such Notes and that the pledgee is not the Company
or an Affiliate of the Company.

     

    “Parent” means any of
the Indirect Parent and any Other Parent and any other Person that is a
Subsidiary of the Indirect Parent, or any Other Parent and of which the Company
is a Subsidiary.  As used herein, “Other Parent” means a Person of
which the Company becomes a Subsidiary after the Issue Date, provided that either (x)
immediately after the Company first becomes a Subsidiary of such Person, more
than 50% of the Voting Stock of such Person shall be held by one or more Persons
that held more than 50% of the Voting Stock of a Parent of the Company
immediately prior to the Company first becoming such Subsidiary or (y) such
Person shall be deemed not to be an Other Parent for the purpose of determining
whether a Change of Control shall have occurred by reason of the Company first
becoming a Subsidiary of such Person.

     

     

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    

     

    “Parent Expenses”
means (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, applicable laws or applicable rules of any governmental,
regulatory or self-regulatory body or stock exchange, this Indenture or any
other agreement or instrument relating to Indebtedness of the Company or any
Restricted Subsidiary, including in respect of any reports filed with respect to
the Securities Act, Exchange Act or the respective rules and regulations
promulgated thereunder, (ii) 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 both such Parent and the
Company, (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 (including but not limited to trademarks, service marks, trade names,
trade dress, patents, copyrights and similar rights, including registrations and
registration or renewal applications in respect thereof; inventions, processes,
designs, formulae, trade secrets, know-how, confidential information, computer
software, data and documentation, and any other intellectual property rights;
and licenses of any of the foregoing) to the extent such intellectual property
and associated rights relate to the business or businesses of the Company or any
Subsidiary thereof, (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 incurred on behalf of the Company in the ordinary
course of business, including obligations in respect of director and officer
insurance (including premiums therefor); it being understood for purposes of
this definition, that all operational and tax expenses of any Parent are deemed
to be incurred on behalf of the Company if the Company’s activities represent
substantially all of the operating activities of any Parent and all of its
Subsidiaries, and (vi) 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 Company or a Restricted Subsidiary, 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 Company or the relevant Restricted Subsidiary
out of the proceeds of such offering promptly if completed.

     

    “Paying Agent” means
any Person authorized by the Company to pay the principal of (and premium, if
any) or interest on any Notes on behalf of the Company; provided that neither the
Company nor any of its Affiliates shall act as Paying Agent for purposes of
Section 1102 or
Section
1205.

     

    “Permitted Holder”
means any Person acting in the capacity of an underwriter in connection with a
public or private offering of Voting Stock of any Parent or the
Company.  In addition, any “person” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act) whose status as a “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act) constitutes or results
in a Change of Control in respect of which a Change of Control Offer is made in
accordance with the requirements of the Indenture, together with its Affiliates,
shall thereafter constitute Permitted Holders.

     

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    

     

    “Permitted Investment”
means an Investment by the Company or any Restricted Subsidiary in, or
consisting of, any of the following:

     

    (i) a
Restricted Subsidiary, the Company, or a Person that will, upon the making of
such Investment, become a Restricted Subsidiary so long as such Person is
primarily engaged in a Related Business;

     

    (ii) another
Person if as a result of such Investment such other Person is merged or
consolidated with or into, or transfers or conveys all or substantially all its
assets to, or is liquidated into, the Company or a Restricted Subsidiary so long
as such Person is primarily engaged in a Related Business;

     

    (iii) Temporary
Cash Investments or Cash Equivalents;

     

    (iv) receivables
owing to the Company or any Restricted Subsidiary, if created or acquired in the
ordinary course of business;

     

    (v) any
securities or other Investments received as consideration in, or retained in
connection with, sales or other dispositions of property or assets, including
Asset Dispositions made in compliance with Section
411;

     

    (vi) securities
or other Investments received in settlement of debts created in the ordinary
course of business and owing to, or of other claims asserted by, the Company or
any Restricted Subsidiary, or as a result of foreclosure, perfection or
enforcement of any Lien, or in satisfaction of judgments, including in
connection with any bankruptcy proceeding or other reorganization of another
Person;

     

    (vii) Investments
in existence or made pursuant to legally binding written commitments in
existence on the Issue Date;

     

    (viii) Currency
Agreements, Interest Rate Agreements, Commodities Agreements and related Hedging
Obligations, which obligations are Incurred in compliance with Section
407;

     

    (ix) pledges
or deposits (x) with respect to leases or utilities in the ordinary course of
business or (y) otherwise described in the definition of “Permitted Liens” or
made in connection with Liens permitted under Section
413;

     

    (x) (1)
Investments in a Subsidiary, consisting of a demand note or promissory note of
the Company or a Restricted Subsidiary issued in favor of or for the benefit of
a Special Purpose Subsidiary and which serves solely as credit enhancement for
any vehicle-related financing in such Special Purpose Subsidiary,
(2) Investments by a Special Purpose Subsidiary which is a Restricted
Subsidiary in any such demand note or other promissory note issued by the
Company, any Restricted Subsidiary or any Parent to such Special Purpose
Subsidiary which is a Restricted Subsidiary, provided that if such Parent
receives cash from the relevant Special Purpose Entity in exchange for such
note, an equal cash amount is contributed by any Parent to the Company and (3)
Investments

     

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    made
between Restricted Subsidiaries in connection with, or relating to, a Canadian
Special Purpose Financing;

     

    (xi) bonds
secured by assets leased to and operated by the Company or any Restricted
Subsidiary that were issued in connection with the financing of such assets so
long as the Company or any Restricted Subsidiary may obtain title to such assets
at any time by paying a nominal fee, canceling such bonds and terminating the
transaction;

     

    (xii) Notes;

     

    (xiii) any
Investment to the extent made using Capital Stock of the Company (other than
Disqualified Stock) or Capital Stock of any Parent as
consideration;

     

    (xiv) Management
Advances;

     

    (xv) Investments
consisting of, or arising out of or related to, Vehicle Rental Concession Rights
(including any Investments referred to in the definition of the term “Vehicle Rental Concession
Rights”);

     

    (xvi) any
transaction to the extent it constitutes an Investment that is permitted by and
made in accordance with Section 412(b)
(except transactions described in clauses (i), (v) and (vi) of such
paragraph);

     

    (xvii) other
Investments in an aggregate amount outstanding at any time not to exceed 1.0% of
Consolidated Tangible Assets;

     

    (xviii) Equity
Interests, obligations or securities received in settlement of debts created in
the ordinary course of business and owing to the Company or any Restricted
Subsidiary or in satisfaction of judgments or pursuant to any plan of
reorganization or similar arrangement upon the bankruptcy or insolvency of a
debtor; and

     

    (xix) endorsements
of negotiable instruments and documents in the ordinary course of business or
pledges or deposits permitted under clause (c) of the definition of “Permitted
Liens.”

     

    If any
Investment pursuant to clause (xvii) above is made in any Person that is not a
Restricted Subsidiary and such Person thereafter becomes a Restricted
Subsidiary, such Investment shall thereafter be deemed to have been made
pursuant to clause (i) above and not clause (xvii) above for so long as such
Person continues to be a Restricted Subsidiary.

     

    “Permitted Liens”
means:

     

    (a) Liens for
taxes, assessments or other governmental charges not yet delinquent or the
nonpayment of which in the aggregate would not reasonably be expected to have a
material adverse effect on the Company and its Restricted Subsidiaries or that
are being contested in good faith and by appropriate proceedings if adequate
reserves with respect thereto are maintained on the books of the Company or a
Subsidiary thereof, as the case may be, in accordance with GAAP;

     

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

     

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

     

    (c) pledges,
deposits or Liens in connection with workers’ compensation, unemployment
insurance and other social security and other similar legislation or other
insurance-related obligations (including, without limitation, pledges or
deposits securing liability to insurance carriers under insurance or
self-insurance arrangements);

     

    (d) pledges,
deposits or Liens to secure the performance of bids, tenders, trade, government
or other contracts (other than for borrowed money), obligations for utilities,
leases, licenses, statutory obligations, completion guarantees, surety,
judgment, appeal or performance bonds, other similar bonds, instruments or
obligations, and other obligations of a like nature incurred in the ordinary
course of business;

     

    (e) easements
(including reciprocal easement agreements), rights-of-way, building, zoning and
similar restrictions, utility agreements, covenants, reservations, restrictions,
encroachments, charges, and other similar encumbrances or title defects
incurred, or leases or subleases granted to others, in the ordinary course of
business, which do not in the aggregate materially interfere with the ordinary
conduct of the business of the Company and its Subsidiaries, taken as a
whole;

     

    (f) Liens
existing on, or provided for under written arrangements existing on, the Issue
Date, or (in the case of any such Liens securing Indebtedness of the Company or
any of its Subsidiaries existing or arising under written arrangements existing
on the Issue Date) securing any Refinancing Indebtedness in respect of such
Indebtedness so long as the Lien securing such Refinancing Indebtedness is
limited to all or part of the same property, assets or substitute assets (plus
improvements, accessions, proceeds or dividends or distributions in respect
thereof) that secured (or under such written arrangements could secure) the
original Indebtedness; provided that liens incurred
under the Senior Credit Facilities or any Refinancing Indebtedness with respect
thereto shall not be deemed to be permitted under this clause (f);

     

    (g) (i)
mortgages, liens, security interests, restrictions, encumbrances or any other
matters of record that have been placed by any developer, landlord or other
third party on property over which the Company or any Restricted Subsidiary of
the Company has easement rights or on any leased property and subordination or
similar agreements relating thereto and (ii) any condemnation or eminent domain
proceedings affecting any real property;

     

    (h) Liens
securing Indebtedness (including Liens securing any Obligations in respect
thereof) consisting of Hedging Obligations, Purchase Money Obligations or
Capitalized Lease Obligations Incurred in compliance with Section
407;

     

    (i) Liens
arising out of judgments, decrees, orders or awards in respect of which the
Company shall in good faith be prosecuting an appeal or proceedings
for

     

     

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    review,
which appeal or proceedings shall not have been finally terminated, or if the
period within which such appeal or proceedings may be initiated shall not have
expired;

     

    (j) leases,
subleases, licenses or sublicenses (including, without limitation, real property
and intellectual property rights) to third parties;

     

    (k) Liens
securing Indebtedness (including Liens securing any Obligations in respect
thereof) consisting of (1) Indebtedness Incurred in compliance with Section 407(b)(i),
Section
407(b)(iv), Section 407(b)(v),
Section
407(b)(vii), Section 407(b)(viii)
or Section
407(b)(ix), or Section 407(b)(iii)
(other than Refinancing Indebtedness Incurred in respect of Indebtedness
described in Section
407(a)), (2) Bank Indebtedness Incurred in compliance with Section 407(b), (3)
the Notes, (4) Indebtedness of any Restricted Subsidiary that is not a
Subsidiary Guarantor, and (5) Indebtedness or other obligations of any Special
Purpose Entity;

     

    (l) Liens
existing on property or assets of a Person at the time such Person becomes a
Subsidiary of the Company (or at the time the Company or a Restricted Subsidiary
acquires such property or assets, including any acquisition by means of a merger
or consolidation with or into the Company or any Restricted Subsidiary); provided, however, that such Liens are
not created in connection with, or in contemplation of, such other Person
becoming such a Subsidiary (or such acquisition of such property or assets), and
that such Liens are limited to all or part of the same property or assets (plus
improvements, accessions, proceeds or dividends or distributions in respect
thereof) that secured (or, under the written arrangements under which such Liens
arose, could secure) the obligations to which such Liens relate;

     

    (m) Liens on
Capital Stock, Indebtedness or other securities of an Unrestricted Subsidiary
that secure Indebtedness or other obligations of such Unrestricted
Subsidiary;

     

    (n) any
encumbrance or restriction (including, but not limited to, put and call
agreements) with respect to Capital Stock of any joint venture or similar
arrangement pursuant to any joint venture or similar agreement;

     

    (o) Liens
securing Indebtedness (including Liens securing any Obligations in respect
thereof) consisting of Refinancing Indebtedness Incurred in respect of any
Indebtedness secured by, or securing any refinancing, refunding, extension,
renewal or replacement (in whole or in part) of any other obligation secured by,
any other Permitted Liens, provided that any such new
Lien is limited to all or part of the same property or assets or replacements
thereof (plus improvements, accessions, proceeds or dividends or distributions
in respect thereof) that secured (or, under the written arrangements under which
the original Lien arose, could secure) the obligations to which such Liens
relate, other than Liens incurred in compliance with clause (k) above or clause
(v) below;

     

    (p) Liens (1)
arising by operation of law (or by agreement to the same effect) in the ordinary
course of business, (2) on property or assets under construction (and related
rights) in favor of a contractor or developer or arising from progress or
partial payments by a third party relating to such property or assets, (3) on
cash set aside at the

     

     

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    time of
the Incurrence of any Indebtedness or government securities purchased with such
cash, in either case to the extent that such cash or government securities
prefund the payment of interest on such Indebtedness and are held in an escrow
account or similar arrangement to be applied for such purpose, (4) securing or
arising by reason of any netting or set-off arrangement entered into in the
ordinary course of banking or other trading activities, (5) in favor of the
Company or any Subsidiary (other than Liens on property or assets of the Company
or any Subsidiary Guarantor in favor of any Subsidiary that is not a Subsidiary
Guarantor), (6) arising out of conditional sale, title retention, consignment or
similar arrangements for the sale of goods entered into in the ordinary course
of business, (7) relating to pooled deposit or sweep accounts to permit
satisfaction of overdraft, cash pooling or similar obligations incurred in the
ordinary course of business, (8) attaching to commodity trading or other
brokerage accounts incurred in the ordinary course of business, (9) on
receivables (including related rights) or (10) arising in connection with
repurchase agreements permitted under Section 407 on assets
that are the subject of such repurchase agreements;

     

    (q) Liens on
or under, or arising out of or relating to, any Vehicle Rental Concession
Rights;

     

    (r) other
Liens securing obligations, which obligations do not exceed $50.0 million at any
time outstanding;

     

    (s) Liens
securing Indebtedness (including Liens securing any Obligations in respect
thereof) consisting of Indebtedness Incurred in compliance with Section 407 not to
exceed $25 million;

     

    (t) any
interest or title of a lessor under any Capitalized Lease Obligation or
operating lease;

     

    (u) Liens
securing the Notes and Subsidiary Guarantees;

     

    (v) Liens
securing Indebtedness which is secured by Rental Vehicles so long as the
aggregate amount of Indebtedness secured by such Rental Vehicles does not exceed
the sum of (i) 75% of the estimated value of such Rental Vehicles and (ii) the
aggregate amount of letters of credit supporting such Indebtedness;
and

     

    (w) Liens
securing Indebtedness (including Liens securing any Obligations in respect
thereof) consisting of Indebtedness Incurred in compliance with Section 407, provided that on the date of
the Incurrence of such Indebtedness after giving effect to such Incurrence (or
on the date of the initial borrowing of such Indebtedness after giving pro forma
effect to the Incurrence of the entire committed amount of such Indebtedness),
the Consolidated Secured Leverage Ratio shall not exceed 4.0 to
1.0.

     

    “Person” means any
individual, corporation, partnership, joint venture, association, joint-stock
company, limited liability company, trust, unincorporated organization,
government or any agency or political subdivision thereof or any other
entity.

     

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

     

    “Place of Payment”
means a city or any political subdivision thereof in which any Paying Agent
appointed pursuant to Article III is
located.

     

    “Predecessor Notes” of
any particular Note means every previous Note evidencing all or a portion of the
same debt as that evidenced by such particular Note; and, for the purposes of
this definition, any Note authenticated and delivered under Section 306 in lieu
of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the
same debt as the mutilated, lost, destroyed or stolen Note.

     

    “Preferred Stock” as
applied to the Capital Stock of any corporation means Capital Stock of any class
or classes (however designated) that by its terms is preferred as to the payment
of dividends, or as to the distribution of assets upon any voluntary or
involuntary liquidation or dissolution of such corporation, over shares of
Capital Stock of any other class of such corporation.

     

    “Public Facility”
means (i) any airport; marine port; rail, subway, bus or other transit stop,
station or terminal; stadium; convention center; or military camp, fort, post or
base or (ii) any other facility owned or operated by any nation or government or
political subdivision thereof, or agency, authority or other instrumentality of
any thereof, or other entity exercising regulatory, administrative or other
functions of or pertaining to government, or any organization of nations
(including the United Nations, the European Union and the North Atlantic Treaty
Organization).

     

    “Public Facility
Operator” means a Person that grants or has the power to grant a Vehicle
Rental Concession.

     

    “Purchase Money
Obligations” means any Indebtedness Incurred to finance or refinance the
acquisition, leasing, construction or improvement of property (real or personal)
or assets, and whether acquired through the direct acquisition of such property
or assets or the acquisition of the Capital Stock of any Person owning such
property or assets, or otherwise; provided that for purposes of
Section
407(b)(iv), the term “Purchase Money Obligations” shall not include
Indebtedness to the extent Incurred to finance or refinance the direct
acquisition of Inventory or Vehicles (not acquired through the acquisition of
Capital Stock of any Person owning property or assets, or through the
acquisition of property or assets, that include Inventory or
Vehicles).

     

    “QIB” or “Qualified Institutional
Buyer” means a “qualified institutional buyer,” as that term is defined
in Rule 144A.

     

    “Receivable” means a
right to receive payment pursuant to an arrangement with another Person pursuant
to which such other Person is obligated to pay, as determined in accordance with
GAAP.

     

    “Redemption Date,”
when used with respect to any Note to be redeemed or purchased, means the date
fixed for such redemption or purchase by or pursuant to this Indenture and the
Notes.

     

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    

     

    “refinance” means
refinance, refund, replace, renew, repay, modify, restate, defer, substitute,
supplement, reissue, resell or extend (including pursuant to any defeasance or
discharge mechanism); and the terms “refinances,” “refinanced” and “refinancing”
as used for any purpose in this Indenture shall have a correlative
meaning.

     

    “Refinancing
Indebtedness” means Indebtedness that is Incurred to refinance any
Indebtedness existing on the date of this Indenture or Incurred in compliance
with this Indenture (including Indebtedness of the Company that refinances
Indebtedness of any Restricted Subsidiary (to the extent permitted in this
Indenture) and Indebtedness of any Restricted Subsidiary that refinances
Indebtedness of another Restricted Subsidiary) including Indebtedness that
refinances Refinancing Indebtedness; provided, that (1) if the
Indebtedness being refinanced is Subordinated Obligations or Guarantor
Subordinated Obligations, the Refinancing Indebtedness has a final Stated
Maturity at the time such Refinancing Indebtedness is Incurred that is equal to
or greater than the final Stated Maturity of the Indebtedness being refinanced
(or if shorter, the Notes), (2) such Refinancing Indebtedness is Incurred in an
aggregate principal amount (or if issued with original issue discount, an
aggregate issue price) that is equal to or less than the sum of (x) the
aggregate principal amount (or if issued with original issue discount, the
aggregate accreted value) then outstanding of the Indebtedness being refinanced,
plus (y) fees, underwriting discounts, premiums and other costs and expenses
incurred in connection with such Refinancing Indebtedness and (3) Refinancing
Indebtedness shall not include (x) Indebtedness of a Restricted Subsidiary that
is not a Subsidiary Guarantor that refinances Indebtedness of the Company or a
Subsidiary Guarantor that could not have been initially Incurred by such
Restricted Subsidiary pursuant to Section 407 or (y)
Indebtedness of the Company or a Restricted Subsidiary that refinances
Indebtedness of an Unrestricted Subsidiary.

     

    “Registration Rights
Agreement” means the Registration Rights Agreement, dated as of March 10,
2010, by and among the Issuers, the Guarantors and the other parties named on
the signature pages thereof, as such agreement may be amended, modified or
supplemented from time to time.

     

    “Regular Record Date”
for the interest payable on any Interest Payment Date means the date specified
for that purpose in Section
301.

     

    “Regulation S” means
Regulation S under the Securities Act.

     

    “Regulation S
Certificate” means a certificate substantially in the form attached
hereto as Exhibit
D.

     

    “Related Business”
means those businesses in which the Company or any of its Subsidiaries is
engaged on the date of this Indenture, or that are related, complementary,
incidental or ancillary thereto or extensions, developments or expansions
thereof.

     

    “Related Taxes” means
any and all Taxes required to be paid by any Parent other than Taxes directly
attributable to (i) the income of any entity other than any Parent, the Company
or any of its Subsidiaries, (ii) owning stock or other equity interests of any
corporation or other entity other than any Parent, the Company or any of its
Subsidiaries or (iii) withholding

     

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    taxes on
payments actually made by any Parent other than to another Parent, the Company
or any of its Subsidiaries.

     

    “Rental Vehicles”
means all passenger Vehicles owned by or leased to the Company or any Subsidiary
that are or have been offered for lease or rental by any of the Company and its
Restricted Subsidiaries in their vehicle rental operations (and not, for the
avoidance of doubt, in connection with any business or operations involving the
leasing or renting of other types of Vehicles), including any such Vehicles
being held for sale.

     

    “Representative
Amount” means a principal amount of not less than U.S. $1,000,000 for a
single transaction in the relevant market at the relevant time.

     

    “Resale Restriction
Termination Date” means, with respect to any Note, the date that is the
later of (1) the date that is one year after the later of (a) the original issue
date in respect of such Note and (b) the last date on which the Company or any
Affiliate of the Company was the owner of such Note (or any Predecessor Note
thereto), or such shorter period of time as permitted by Rule 144 under the
Securities Act, or any successor provision thereto, with respect to the resale
by non-affiliates of Restricted Securities without restriction, and (2) such
later date, if any, as may be required by applicable laws.

     

    “Responsible Officer”
when used with respect to the Trustee means the chairman or vice-chairman of the
board of directors, the chairman or vice-chairman of the executive committee of
the board of directors, the president, any vice president or assistant vice
president, the secretary, any assistant secretary, the treasurer, any assistant
treasurer, the cashier, any assistant cashier, any trust officer or assistant
trust officer, the controller and any assistant controller or any other officer
of the Trustee customarily performing functions similar to those performed by
any of the above designated officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the particular
subject.

     

    “Restricted Payment
Transaction” means any Restricted Payment permitted pursuant to Section 409, any
Permitted Payment, any Permitted Investment, or any transaction specifically
excluded from the definition of the term “Restricted Payment” (including
pursuant to the exception contained in clause (i) and the parenthetical
exclusions contained in clauses (ii) and (iii) of such definition).

     

    “Restricted Security”
has the meaning assigned to such term in Rule 144(a)(3) under the Securities
Act; provided, however, that the Trustee
shall be entitled to receive, at its request, and conclusively rely on an
Opinion of Counsel with respect to whether any Note constitutes a Restricted
Security.

     

    “Restricted
Subsidiary” means any Subsidiary of the Company other than an
Unrestricted Subsidiary.

     

    “Rule 144A” means Rule
144A under the Securities Act.

     

    “S&P” means
Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies,
Inc., and its successors.

     

     

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    

     

    “SEC” means the
Securities and Exchange Commission.

     

    “Securities Act” means
the Securities Act of 1933, as amended.

     

    “Senior Credit
Facilities” or “Senior Credit
Agreement” means the senior secured credit facilities expected to be
entered into by Avis Budget Car Rental, LLC, as borrower, and certain of its
subsidiaries, as subsidiary borrowers, with JPMorgan Chase Bank, N.A., as
administrative agent, Deutsche Bank Securities, Inc., as syndication agent, and
the lenders party thereto from time to time, any Loan Documents (as defined
therein), any notes and letters of credit issued pursuant thereto and any
guarantee and collateral agreement, patent and trademark security agreement,
mortgages, letter of credit applications and other guarantees, pledge
agreements, security agreements and collateral documents, and other instruments
and documents, executed and delivered pursuant to or in connection with any of
the foregoing, in each case as the same may be amended, supplemented, waived or
otherwise modified from time to time, or refunded, refinanced, restructured,
replaced, renewed, repaid, increased or extended from time to time (whether in
whole or in part, whether with the original agent and lenders or other agents
and lenders or otherwise, and whether provided under one or more credit
agreements, indentures (including this Indenture) or financing agreements or
otherwise).  Without limiting the generality of the foregoing, the
term “Senior Credit
Facilities” shall include any agreement (i) changing the maturity of any
Indebtedness Incurred thereunder or contemplated thereby, (ii) adding
Subsidiaries of the Company as additional borrowers or guarantors thereunder,
(iii) increasing the amount of Indebtedness Incurred thereunder or available to
be borrowed thereunder or (iv) otherwise altering the terms and conditions
thereof.

     

    “Significant
Subsidiary” means any Restricted Subsidiary that would be a “significant
subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X
promulgated by the SEC, as such Regulation is in effect on the Issue
Date.

     

    “Special Purpose
Entity” means (x) any Special Purpose Subsidiary, (y) any other Person
that is engaged in the business of (i) acquiring, selling, collecting, financing
or refinancing Receivables, accounts (as defined in the Uniform Commercial Code
as in effect in any jurisdiction from time to time), other accounts and/or other
receivables, and/or related assets, and/or (ii) acquiring, selling, leasing,
financing or refinancing Vehicles, and/or related rights (including under
leases, manufacturer warranties and buy-back programs, and insurance policies)
and/or assets (including managing, exercising and disposing of any such rights
and/or assets) or (z) any successor of any of the foregoing.

     

    “Special Purpose
Financing” means any financing or refinancing of assets consisting of or
including Receivables, Vehicles of the Company or any Restricted Subsidiary that
have been transferred to a Special Purpose Entity or made subject to a Lien in a
Financing Disposition.

     

    “Special Purpose Financing
Fees” means distributions or payments made directly or by means of
discounts with respect to any participation interest issued or sold in
connection with, and other fees paid to a Person that is not a Restricted
Subsidiary in connection with, any Special Purpose Financing.

     

    

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    

     

    “Special Purpose Financing
Undertakings” means representations, warranties, covenants, indemnities,
guarantees of performance and (subject to clause (y) of the proviso below) other
agreements and undertakings entered into or provided by the Company or any of
its Restricted Subsidiaries that the Company determines in good faith (which
determination shall be conclusive) are customary or otherwise necessary or
advisable in connection with a Special Purpose Financing or a Financing
Disposition; provided
that (x) it is understood that Special Purpose Financing Undertakings may
consist of or include (i) reimbursement and other obligations in respect of
notes, letters of credit, surety bonds and similar instruments provided for
credit enhancement purposes or (ii) Hedging Obligations, or other obligations
relating to Interest Rate Agreements, Currency Agreements or Commodities
Agreements entered into by the Company or any Restricted Subsidiary, in respect
of any Special Purpose Financing or Financing Disposition, and (y) subject to
the preceding clause (x), any such other agreements and undertakings shall not
include any Guarantee of Indebtedness of a Special Purpose Subsidiary by the
Company or a Restricted Subsidiary that is not a Special Purpose
Subsidiary.

     

    “Special Purpose
Subsidiary” means a Subsidiary of the Company that (a) is engaged solely
in (x) the business of (i) acquiring, selling, collecting, financing or
refinancing Receivables, accounts (as defined in the Uniform Commercial Code as
in effect in any jurisdiction from time to time) and other accounts and
receivables (including any thereof constituting or evidenced by chattel paper,
instruments or general intangibles), all proceeds thereof and all rights
(contractual and other), collateral and other assets relating thereto, and/or
(ii) acquiring, selling, leasing, financing or refinancing Vehicles, and/or
related rights (including under leases, manufacturer warranties and buy-back
programs, and insurance policies) and/or assets (including managing, exercising
and disposing of any such rights and/or assets), all proceeds thereof and all
rights (contractual and other), collateral and other assets relating thereto,
and (y) any business or activities incidental or related to such business, and
(b) is designated as a “Special Purpose Subsidiary” by the Board of Directors
and which shall, for greater certainty, include any Canadian Securitization
Entity.

     

    “Special Record Date”
for the payment of any Defaulted Interest means a date fixed by the Trustee
pursuant to Section
307.

     

    “Stated Maturity”
means, with respect to any security, the date specified in such security as the
fixed date on which the payment of principal of such security is due and
payable, including pursuant to any mandatory redemption provision (but excluding
any provision providing for the repurchase of such security at the option of the
holder thereof upon the happening of any contingency).

     

    “Subordinated
Obligations” means any Indebtedness of the Company (whether outstanding
on the date of this Indenture or thereafter Incurred) that is expressly
subordinated in right of payment to the Notes pursuant to a written
agreement.

     

    “Subsidiary” of any
Person means (x) any corporation, association, partnership or other business
entity of which more than 50% of the total voting power of shares of Capital
Stock or other equity interests (including partnership interests) entitled
(without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by (i) such Person and/or (ii) one or

     

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    more
Subsidiaries of such Person or (y) 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.

     

    “Subsidiary Guarantee”
means any guarantee that may from time to time be entered into by a Restricted
Subsidiary of the Company on or after the Issue Date pursuant to Section
414.

     

    “Subsidiary Guarantor”
means each Domestic Subsidiary that guarantees payment by the Company of any
Indebtedness of the Company under the Senior Credit Facilities and any
Restricted Subsidiary of the Company that enters into a Subsidiary
Guarantee.

     

    “Successor Company”
shall have the meaning assigned thereto in clause (i) under Section
501.

     

    “Supplemental
Indenture” means a Supplemental Indenture, to be entered into
substantially in the form attached hereto as Exhibit
E.

     

    “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.

     

    “Tax Sharing
Agreement” means any tax sharing, indemnity or similar agreement of which
the Indirect Parent or any of its subsidiaries is or will be a
party.

     

    “Temporary Cash
Investments” means any of the following: (i) any investment in (x) direct
obligations of the United States of America, a member state of The European
Union or any country in whose currency funds are being held pending their
application in the making of an investment or capital expenditure by the Company
or a Restricted Subsidiary in that country or with such funds, or any agency or
instrumentality of any thereof or obligations Guaranteed by the United States of
America or a member state of The European Union or any country in whose currency
funds are being held pending their application in the making of an investment or
capital expenditure by the Company or a Restricted Subsidiary in that country or
with such funds, or any agency or instrumentality of any of the foregoing, or
obligations guaranteed by any of the foregoing or (y) direct obligations of any
foreign country recognized by the United States of America rated at least “A” by
S&P or “A-1” by Moody’s (or, in either case, the equivalent of such rating
by such organization or, if no rating of S&P or Moody’s then exists, the
equivalent of such rating by any nationally recognized rating organization),
(ii) overnight bank deposits, and investments in time deposit accounts,
certificates of deposit, bankers’ acceptances and money market deposits (or,
with respect to foreign banks, similar instruments) maturing not more than one
year after the date of acquisition thereof issued by (x) any bank or other
institutional lender under a Credit Facility or any affiliate thereof or (y) a
bank or trust company that is organized under the laws of the United States of
America, any state thereof or any foreign country recognized by the United
States of America having capital and surplus aggregating in excess of $250.0
million (or the foreign currency equivalent thereof) and whose long term debt is
rated at least “A” by S&P or “A-1” by Moody’s (or, in either case, the
equivalent of such rating by such

     

    

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    organization
or, if no rating of S&P or Moody’s then exists, the equivalent of such
rating by any nationally recognized rating organization) at the time such
Investment is made, (iii) repurchase obligations with a term of not more than 30
days for underlying securities of the types described in clause (i) or (ii)
above entered into with a bank meeting the qualifications described in clause
(ii) above, (iv) Investments in commercial paper, maturing not more than 270
days after the date of acquisition, issued by a Person (other than that of the
Company or any of its Subsidiaries), with a rating at the time as of which any
Investment therein is made of “P-2” (or higher) according to Moody’s or “A-2”
(or higher) according to S&P (or, in either case, the equivalent of such
rating by such organization or, if no rating of S&P or Moody’s then exists,
the equivalent of such rating by any nationally recognized rating organization),
(v) Investments in securities maturing not more than one year after the date of
acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States of America, or by any political subdivision or taxing
authority thereof, and rated at least “A” by S&P or “A” by Moody’s (or, in
either case, the equivalent of such rating by such organization or, if no rating
of S&P or Moody’s then exists, the equivalent of such rating by any
nationally recognized rating organization), (vi) Preferred Stock (other than of
the Company or any of its Subsidiaries) having a rating of “A” or higher by
S&P or “A-2” or higher by Moody’s (or, in either case, the equivalent of
such rating by such organization or, if no rating of S&P or Moody’s then
exists, the equivalent of such rating by any nationally recognized rating
organization), (vii) investment funds investing 95% of their assets in
securities of the type described in clauses (i)-(vi) above (which funds may also
hold reasonable amounts of cash pending investment and/or distribution), (viii)
any money market deposit accounts issued or offered by a domestic commercial
bank or a commercial bank organized and located in a country recognized by the
United States of America, in each case, having capital and surplus in excess of
$250.0 million (or the foreign currency equivalent thereof), or investments in
money market funds subject to the risk limiting conditions of Rule 2a-7 (or any
successor rule) of the SEC under the Investment Company Act of 1940, as amended,
and (ix) similar investments approved by the Board of Directors in the ordinary
course of business.

     

    “TIA” means the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-7bbbb), as amended from time to
time.

     

    “Trade Payables”
means, with respect to any Person, any accounts payable or any indebtedness or
monetary obligation to trade creditors created, assumed or guaranteed by such
Person arising in the ordinary course of business in connection with the
acquisition of goods or services.

     

    “Trustee” means the
party named as such in the first paragraph of this Indenture until a successor
replaces it and, thereafter, means the successor.

     

    “Trust Officer” means
the Chairman of the Board, the President or any other officer or assistant
officer of the Trustee assigned by the Trustee to administer its corporate trust
matters.

     

    “Unrestricted
Subsidiary” means (i) any Subsidiary of the Company that at the time of
determination is an Unrestricted Subsidiary, as designated by the Board of
Directors in the manner provided below, (ii) any Special Purpose Subsidiary that
is designated by the Board of Directors in the manner provided below and
(iii) any Subsidiary of an Unrestricted Subsidiary.

     

    

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    The Board
of Directors may designate any Subsidiary of the Company (including any newly
acquired or newly formed Subsidiary of the Company) to be an Unrestricted
Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Capital
Stock or Indebtedness of, or owns or holds any Lien on any property of, the
Company or any other Restricted Subsidiary of the Company that is not a
Subsidiary of the Subsidiary to be so designated; provided, that (A) such
designation was made at or prior to the Issue Date, or (B) the Subsidiary to be
so designated has total consolidated assets of $1,000 at the time of designation
or less or (C) if such Subsidiary has consolidated assets greater than $1,000,
then such designation would be permitted under Section
409.  The Board of Directors may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided, that immediately
after giving effect to such designation (x) the Company could Incur at least
$1.00 of additional Indebtedness under Section 407(a) or (y)
the Consolidated Coverage Ratio would be greater than it was immediately prior
to giving effect to such designation or (z) such Subsidiary shall be a Special
Purpose Subsidiary with no Indebtedness outstanding other than Indebtedness that
can be Incurred (and upon such designation shall be deemed to be Incurred and
outstanding) pursuant to Section
407(b).  Any such designation by the Board of Directors shall
be evidenced to the Trustee by promptly filing with the Trustee a copy of the
resolution of the Company’s Board of Directors giving effect to such designation
and an Officer’s Certificate of the Company certifying that such designation
complied with the foregoing provisions.

     

    “U.S. Government
Obligation” means (x) any security that is (i) a direct obligation of the
United States of America for the payment of which the full faith and credit of
the United States of America is pledged or (ii) an obligation of a Person
controlled or supervised by and acting as an agency or instrumentality of the
United States of America the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States of America, which, in
either case under the preceding clause (i) or (ii), is not callable or
redeemable at the option of the issuer thereof, and (y) any depositary receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as
custodian with respect to any U.S. Government Obligation that is specified in
clause (x) above and held by such bank for the account of the holder of such
depositary receipt, or with respect to any specific payment of principal of or
interest on any U.S. Government Obligation that is so specified and held, provided that (except as
required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depositary receipt from any amount received
by the custodian in respect of the U.S. Government Obligation or the specific
payment of principal or interest evidenced by such depositary
receipt.

     

    “Vehicle Rental
Concession” means any right, whether or not exclusive, to conduct a
Vehicle rental business at a Public Facility, or to pick up or discharge persons
or otherwise to possess or use all or part of a Public Facility in connection
with such a business, and any related rights or interests.

     

    “Vehicle Rental Concession
Rights” means any or all of the following: (a) any Vehicle Rental
Concession, (b) any rights of the Company or any Restricted Subsidiary thereof
under or relating to (i) any law, regulation, license, permit, request for
proposals, invitation to bid, lease, agreement or understanding with a Public
Facility Operator in connection with which a Vehicle Rental Concession has been
or may be granted to the Company or any Restricted Subsidiary and (ii) any
agreement with, or Investment or other interest or participation in,
any

     

    

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    Person,
property or asset required (x) by any such law, ordinance, regulation, license,
permit, request for proposals, invitation to bid, lease, agreement or
understanding or (y) by any Public Facility Operator as a condition to obtaining
or maintaining a Vehicle Rental Concession, and (c) any liabilities or
obligations relating to or arising in connection with any of the
foregoing.

     

    “Vehicles” means
vehicles owned or operated by, or leased or rented to or by, the Company or any
of its Subsidiaries, including automobiles, trucks, tractors, trailers, vans,
sport utility vehicles, buses, campers, motor homes, motorcycles and other motor
vehicles.

     

    “Vice President”, when
used with respect to any Person, means any vice president of such Person,
whether or not designated by a number or a word or words added before or after
the title “vice president.”

     

    “Voting Stock” of an
entity means all classes of Capital Stock of such entity then outstanding and
normally entitled to vote in the election of directors or all interests in such
entity with the ability to control the management or actions of such
entity.

     

    Section
102. Other
Definitions.

     

    
      	
              Term

            	
              Defined

              in Section

            
	 
      	 
      
	
              “Act”

            	
              108

            
	
              “Affiliate
      Transaction”

            	
              412

            
	
              “Agent
      Members”

            	
              312

            
	
              “Amendment”

            	
              410

            
	
              “Applicable
      Premium”

            	
              1001

            
	
              “Authentication
      Order”

            	
              303

            
	
              “Bankruptcy
      Law”

            	
              601

            
	
              “Certificate
      of Beneficial Ownership”

            	
              313

            
	
              “Change
      of Control Offer”

            	
              415

            
	
              “Covenant
      Defeasance”

            	
              1203

            
	
              “Custodian”

            	
              601

            
	
              “Defaulted
      Interest”

            	
              307

            
	
              “Defeasance”

            	
              1202

            
	
              “Defeased
      Notes”

            	
              1201

            
	
              “Distribution
      Compliance Period”

            	
              201

            
	
              “Event
      of Default”

            	
              601

            
	
              “Excess
      Proceeds”

            	
              411

            
	
              “Expiration
      Date”

            	
              108

            
	
              “Global
      Notes”

            	
              201

            
	
              “Initial
      Agreement”

            	
              410

            
	
              “Initial
      Lien”

            	
              413

            
	
              “Note
      Register” and “Note Registrar”

            	
              305

            
	
              “Notice
      of Default”

            	
              601

            
	
              “Offer”

            	
              411

            
	
              “Permanent
      Regulation S Global Note”

            	
              201

            
	
              “Permitted
      Payment”

            	
              409

            
	
              “Physical
      Notes”

            	
              201

            
	
              “Private
      Placement Legend”

            	
              203

            
	
              “Redemption
      Amount”

            	
              1001

            
	
              “Redemption
      Price”

            	
              1001

            
	
              “Refinancing
      Agreement”

            	
              410

            
	
              “Regular
      Record Date”

            	
              301

            
	
              “Regulation
      S Global Notes”

            	
              201

            
	
              “Regulation
      S Note Exchange Date”

            	
              313

            
	
              “Regulation
      S Physical Notes”

            	
              201

            
	
              “Restricted
      Payment”

            	
              409

            
	
              “Rule
      144A Global Note”

            	
              201

            
	
              “Rule
      144A Physical Notes”

            	
              201

            
	
              “Subsidiary
      Guaranteed Obligations”

            	
              1301

            
	
              “Successor
      Company”

            	
              501

            
	
              “Temporary
      Regulation S Global Note”

            	
              201

            
	
              “Treasury
      Rate”

            	
              1001

            

    

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    Section
103. Rules of
Construction.  For
all purposes of this Indenture, except as otherwise expressly provided or unless
the context otherwise requires:

     

    (1) the terms
defined in this Indenture have the meanings assigned to them in this
Indenture;

     

    (2) “or” is not
exclusive;

     

    (3) all
accounting terms not otherwise defined herein have the meanings assigned to them
in accordance with GAAP;

     

    (4) the words
“herein,”
“hereof” and
“hereunder” and
other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision;

     

    (5) all
references to “$” or “dollars” shall refer
to the lawful currency of the United States of America;

     

    (6) all
references to “€”  shall
refer to the lawful currency of the member states of the European Union that
adopt the single currency in accordance with the Treaty establishing the
European Communities;

     

    (7) the words
“include,”
“included” and
“including,” as
used herein, shall be deemed in each case to be followed by the phrase “without limitation,”
if not expressly followed by such phrase or the phrase “but not limited
to”;

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    (8) words in
the singular include the plural, and words in the plural include the
singular;

     

    (9) references
to sections of, or rules under, the Securities Act shall be deemed to include
substitute, replacement or successor sections or rules adopted by the SEC from
time to time; and

     

    (10) any
reference to a Section, Article or clause refers to such Section, Article or
clause of this Indenture.

     

    Section
104. Incorporation by Reference
of TIA.  Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture.  This Indenture is
subject to the mandatory provisions of the TIA, which are incorporated by
reference in and made a part of this Indenture.  Any terms
incorporated by reference in this Indenture that are defined by the TIA, defined
by any TIA reference to another statute or defined by SEC rule under the TIA,
have the meanings so assigned to them therein.  The following TIA
terms have the following meanings:

     

    “indenture securities”
means the Notes.

     

    “indenture security
holder” means a Noteholder.

     

    “indenture to be
qualified” means this Indenture.

     

    “indenture trustee” or
“institutional
trustee” means the Trustee.

     

    “obligor” on the
indenture securities means the Issuers, any Guarantor, and any successor or
other Person that is liable thereon.

     

    Section
105. Conflict
with TIA.  If
any provision hereof limits, qualifies or conflicts with a provision of the TIA
that is required under the TIA to be a part of and govern this Indenture, the
latter provision shall control.  If any provision of this Indenture
modifies or excludes any provision of the TIA that may be so modified or
excluded, the latter provision shall be deemed (i) to apply to this Indenture as
so modified or (ii) to be excluded, as the case may be.

     

    Section
106. Compliance Certificates and
Opinions.  Upon
any application or request by the Issuers or by any other obligor upon the Notes
(including any Guarantor) to the Trustee to take any action under any provision
of this Indenture, the Issuers or such other obligor (including any Guarantor),
as the case may be, shall furnish to the Trustee such certificates and opinions
as may be required under the TIA.  Each such certificate or opinion
shall be given in the form of one or more Officer’s Certificates, if to be given
by an Officer, or an Opinion of Counsel, if to be given by counsel, and shall
comply with the requirements of the TIA and any other requirements set forth in
this Indenture.  Notwithstanding the foregoing, in the case of any
such request or application as to which the furnishing of any Officer’s
Certificate or Opinion of Counsel is specifically required by any provision of
this Indenture relating to such particular request or application, no additional
certificate or opinion need be furnished.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (except for certificates provided for in Section 406) shall
include:

     

    (1) a
statement that the individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     

    (2) a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based;

     

    (3) a
statement that, in the opinion of such individual, he or she made such
examination or investigation as is necessary to enable him or her to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

     

    (4) a
statement as to whether, in the opinion of such individual, such condition or
covenant has been complied with.

     

    Section
107. Form of Documents Delivered
to Trustee.  In
any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

     

    Any
certificate or opinion of an Officer may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such Officer knows that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous.  Any such certificate or opinion of counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an Officer or Officers to the effect that the information
with respect to such factual matters is in the possession of the Issuers, unless
such counsel knows that the certificate or opinion or representations with
respect to such matters are erroneous.

     

    Where any
Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one
instrument.

     

    Section
108. Acts of Noteholders; Record
Dates.  (a) Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee, and,
where it is hereby expressly required, to the Issuers, as the case may
be.  Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments.  Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and 

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    
      (subject
to
Section
701) conclusive in favor of the Trustee, the Issuers and anyother
obligor upon the Notes, if made in the manner provided in thisSection
108.

    

     

    (b) The fact
and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by the certificate of
any notary public or other officer authorized by law to take acknowledgments of
deeds, certifying that the individual signing such instrument or writing
acknowledged to him the execution thereof.  Where such execution is by
an officer of a corporation or a member of a partnership or other legal entity
other than an individual, on behalf of such corporation or partnership or
entity, such certificate or affidavit shall also constitute sufficient proof of
such Person’s authority.  The fact and date of the execution of any
such instrument or writing, or the authority of the person executing the same,
may also be proved in any other manner that the Trustee deems
sufficient.

     

    (c) The
ownership of Notes shall be proved by the Note Register.

     

    (d) Any
request, demand, authorization, direction, notice, consent, waiver or other
action by the Holder of any Note shall bind the Holder of every Note issued upon
the transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, suffered or omitted to be done by the Trustee, the Issuers or any
other obligor upon the Notes in reliance thereon, whether or not notation of
such action is made upon such Note.

     

    (e)    (i) The
Issuers may set any day as a record date for the purpose of determining the
Holders of Outstanding Notes entitled to give, make or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided or
permitted by this Indenture to be given, made or taken by Holders of Notes,
provided that the
Issuers may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next
paragraph.  If any record date is set pursuant to this paragraph, the
Holders of Outstanding Notes on such record date (or their duly designated
proxies), and no other Holders, shall be entitled to take the relevant action,
whether or not such Persons remain Holders after such record date; provided that no such action
shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Notes on such record date.  Nothing in this paragraph shall be
construed to prevent the Issuers from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action
by any Person be cancelled and of no effect), and nothing in this paragraph
shall be construed to render ineffective any action taken by Holders of the
requisite principal amount of Outstanding Notes on the date such action is
taken.  Promptly after any record date is set pursuant to this
paragraph, the Issuers, at their expense, shall cause notice of such record
date, the proposed action by Holders and the applicable Expiration Date to be
given to the Trustee in writing and to each Holder of Notes in the manner set
forth in Section
110.

     

    (ii) The
Trustee may set any day as a record date for the purpose of determining the
Holders of Outstanding Notes entitled to join in the giving or making of (A) any
Notice of Default, (B) any declaration of acceleration referred to in Section 602, (C) any
request to institute proceedings referred to in Section 607(ii) or
(D) any direction 

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    referred
to in Section
612, in each case with respect to Notes.  If any record date is
set pursuant to this paragraph, the Holders of Outstanding Notes on such record
date, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders
after such record date; provided that no such action
shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Notes on such record date.  Nothing in this paragraph shall be
construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action
by any Person be cancelled and of no effect), and nothing in this paragraph
shall be construed to render ineffective any action taken by Holders of the
requisite principal amount of Outstanding Notes on the date such action is
taken.  Promptly after any record date is set pursuant to this
paragraph, the Trustee, at the Issuers’ expense, shall cause notice of such
record date, the proposed action by Holders and the applicable Expiration Date
to be given to the Issuers in writing and to each Holder of Notes in the manner
set forth in Section
110.

     

    (iii) With
respect to any record date set pursuant to this Section 108, the
party hereto that sets such record dates may designate any day as the “Expiration Date” and
from time to time may change the Expiration Date to any earlier or later day;
provided that no such
change shall be effective unless notice of the proposed new Expiration Date is
given to the Issuers or the Trustee, whichever such party is not setting a
record date pursuant to this Section 108(e) in
writing, and to each Holder of Notes in the manner set forth in Section 110, on or
prior to the existing Expiration Date.  If an Expiration Date is not
designated with respect to any record date set pursuant to this Section, the
party hereto that set such record date shall be deemed to have initially
designated the 180th day after such record date as the Expiration Date with
respect thereto, subject to its right to change the Expiration Date as provided
in this paragraph.  Notwithstanding the foregoing, no Expiration Date
shall be later than the 180th day after the applicable record date.

     

    (iv) Without
limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Note may do so with regard to all or any part of
the principal amount of such Note or by one or more duly appointed agents each
of which may do so pursuant to such appointment with regard to all or any part
of such principal amount.

     

    (v) Without
limiting the generality of the foregoing, a Holder, including the Depositary,
that is the Holder of a Global Note, may make, give or take, by a proxy or
proxies duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in this Indenture to
be made, given or taken by Holders or the Depositary, as the Holder of a Global
Note, may provide its proxy or proxies to the beneficial owners of interest in
any such Global Note through such depositary’s standing instructions and
customary practices.

     

    (vi) The
Issuers may fix a record date for the purpose of determining the persons who are
beneficial owners of interests in any Global Note held by the 

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    Depositary
entitled under the procedures of such depositary to make, give or take, by a
proxy or proxies duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in this Indenture to
be made, given or taken by Holders.  If such a record date is fixed,
the Holders on such record date or their duly appointed proxy or proxies, and
only such persons, shall be entitled to make, give or take such request, demand,
authorization direction, notice consent, waiver or other action, whether or not
such Holders remain Holders after such record date.  No such request,
demand, authorization, direction, notice, consent, waiver or other action shall
be valid or effective if made, given or taken more than 90 days after such
record date.

     

    Section
109. Notices, etc., to Trustee
and Company.  Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with,

     

    (1) the
Trustee by any Holder or by the Company or by any other obligor upon the Notes
shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Trustee at One Liberty Plaza, 23rd Floor, New
York, NY 10006, Attention: Corporate Trust Department (telephone: 212-225-5427;
telecopier: 212-225-5436), or at any other address furnished in writing to the
Company by the Trustee, or

     

    (2) the
Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder if in writing and mailed, first-class postage prepaid, to the Company
at Avis Budget Car Rental, LLC, One Campus Drive, Parsippany, NJ 07054, or at
any other address previously furnished in writing to the Trustee by the
Company.

     

    (3) The
Company or the Trustee, by notice to the other, may designate additional or
different addresses for subsequent notices or communications.

     

    Section
110. Notices to Holders;
Waiver.  Where
this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, or by overnight air courier
guaranteeing next day delivery, to each Holder affected by such event, at such
Holder’s address as it appears in the Note Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such
notice.  In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders.

     

    Where
this Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such
notice.  Waivers of notice by Holders shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

     

    In case,
by reason of the suspension of regular mail service, or by reason of any other
cause, it shall be impossible to mail notice of any event as required by any
provision of this Indenture, then such notification as shall be made with the
approval of the Trustee (such 

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    approval
not to be unreasonably withheld) shall constitute a sufficient notification for
every purpose hereunder.

     

    Section
111. Effect of Headings and Table
of Contents.  The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

     

    Section
112. Successors and
Assigns.  All
covenants and agreements in this Indenture by the Issuers shall bind its
respective successors and assigns, whether so expressed or not.  All
agreements of the Trustee in this Indenture shall bind its
successors.

     

    Section
113. Separability
Clause.  In
case any provision in this Indenture or in the Notes shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     

    Section
114. Benefits of
Indenture.  Nothing
in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, any Paying Agent
and the Holders, any benefit or any legal or equitable right, remedy or claim
under this Indenture.

     

    Section
115. GOVERNING
LAW.  THIS
INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK.  THE TRUSTEE, THE COMPANY, ANY
OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE
HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR
STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR
THE GUARANTEES.

     

    Section
116. Legal
Holidays.  In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of
any Note shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or of the Notes) payment
of interest or principal and premium (if any) need not be made at such Place of
Payment on such date, but may be made on the next succeeding Business Day at
such Place of Payment with the same force and effect as if made on the Interest
Payment Date or Redemption Date, or at the Stated Maturity, and no interest
shall accrue on such payment for the intervening period.

     

    Section
117. No Personal Liability of
Directors, Officers, Employees, Incorporators, Equity Holders, Members and
Stockholders.  No
director, officer, employee, incorporator, equity holder, member or stockholder
of the Company, any Guarantor or any Subsidiary of any thereof shall have any
liability for any obligation of the Company or any Guarantor under this
Indenture, the Notes or any Guarantee, or for any claim based on, in respect of,
or by reason of, any such obligation or its creation.  Each
Noteholder, by accepting the Notes, waives and releases all such
liability.  The waiver and release are part of the consideration for
issuance of the Notes.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    Section
118. Exhibits and
Schedules.  All
exhibits and schedules attached hereto are by this reference made a part hereof
with the same effect as if herein set forth in full.

     

    Section
119. Counterparts.  This
Indenture may be executed in any number of counterparts, each of which shall be
an original; but such counterparts shall together constitute but one and the
same instrument.

     

    ARTICLE
II   

    NOTE
FORMS

     

    Section
201. Forms
Generally.  The
Initial Notes and Initial Additional Notes that are not Exchange Notes and the
Trustee’s certificate of authentication relating thereto shall be in
substantially the forms set forth, or referenced, in this Article II and Exhibit A, annexed
hereto.  The Exchange Notes and any Additional Notes that are not
Initial Additional Notes, or that are issued in a registered offering pursuant
to the Securities Act, and the Trustee’s certificate of authentication relating
thereto shall be in substantially the forms set forth, or referenced, in this
Article II and
Exhibit B,
annexed hereto.  Each of Exhibits A and B is hereby
incorporated in and expressly made a part of this Indenture.  The
Notes may have such appropriate insertions, omissions, substitutions, notations,
legends, endorsements, identifications and other variations as are required or
permitted by law, stock exchange rule or depositary rule or usage, agreements to
which the Company is subject, if any, or other customary usage, or as may
consistently herewith be determined by the Officers of the Company executing
such Notes, as evidenced by such execution (provided always that any such
notation, legend, endorsement, identification or variation is in a form
acceptable to the Company).  Each Note shall be dated the date of its
authentication.  The terms of the Notes set forth in Exhibits A and B are part of the
terms of this Indenture.  Any portion of the text of any Note may be
set forth on the reverse thereof or attached thereto, with an appropriate
reference thereto on the face of the Note.

     

    Initial
Notes and any Initial Additional Notes offered and sold in reliance on Rule 144A
shall, unless the Issuers otherwise notify the Trustee in writing, be issued in
the form of one or more permanent global Notes in substantially the form set
forth in Exhibit
A hereto, except as otherwise permitted herein.  Such Global
Notes shall be referred to collectively herein as the “Rule 144A Global
Note.”  The Rule 144A Global Notes shall be deposited with the
Trustee, as custodian for the Depositary or its nominee, in each case for credit
to an account of an Agent Member, and shall be duly executed by the Issuers and
authenticated by the Trustee as hereinafter provided.  The aggregate
principal amount of a Rule 144A Global Note may from time to time be increased
or decreased by adjustments made on the records of the Trustee as hereinafter
provided.

     

    Initial
Notes and any Initial Additional Notes offered and sold in offshore transactions
in reliance on Regulation S under the Securities Act shall, unless the Issuers
otherwise notify the Trustee in writing, be issued in the form of one or more
temporary global Notes in substantially the form set forth in Exhibit A hereto,
except as otherwise permitted herein.  Such Global Notes shall be
referred to collectively herein as the “Temporary Regulation S
Global Note.”  The Temporary Regulation S Global Notes shall be
deposited with the Trustee, as custodian for the Depositary or its nominee for
the accounts of designated Agent Members 

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    holding
on behalf of Euroclear or Clearstream, and shall be duly executed by the Issuers
and authenticated by the Trustee as hereinafter provided.  The
aggregate principal amount of a Regulation S Global Note may from time to time
be increased or increased by adjustments made on the records of the Trustee as
hereinafter provided.

     

    Following
the expiration of the distribution compliance period set forth in Regulation S
(the “Distribution
Compliance Period”) with respect to any Temporary Regulation S Global
Note, beneficial interests in such Temporary Regulation S Global Note shall be
exchanged as provided in Sections 312 and
313 for
beneficial interests in one or more permanent global Notes in substantially the
form set forth in Exhibit A hereto,
except as otherwise permitted herein.  Such Global Notes shall be
referred to collectively herein as the “Permanent Regulation S
Global Note.”  The Permanent Regulation S Global Notes and the
Temporary Regulation S Global Notes shall be referred to collectively herein as
the “Regulation S
Global Notes.” The Permanent Regulation S Global Notes shall be deposited
with the Trustee, as custodian for the Depositary or its nominee for credit to
the account of an Agent Member, and shall be duly executed by the Issuers and
authenticated by the Trustee as hereinafter provided.  Simultaneously
with the authentication of a Permanent Regulation S Global Note, the Trustee
shall cancel the related Temporary Regulation S Global Note.

     

    Subject
to the limitations on the issuance of certificated Notes set forth in Sections 312 and
313, Initial
Notes and any Initial Additional Notes issued pursuant to Section 305 in
exchange for or upon transfer of beneficial interests (x) in a Rule 144A Global
Note shall be in the form of permanent certificated Notes substantially in the
form set forth in Exhibit A hereto (the
“Rule 144A Physical
Notes”) or (y) in a Regulation S Global Note (if any), on or after the
Regulation S Note Exchange Date with respect to such Regulation S Global Note,
shall be in the form of permanent certificated Notes substantially in the form
set forth in Exhibit
A hereto (the “Regulation S Physical
Notes”), respectively, as hereinafter provided.

     

    The Rule
144A Physical Notes and Regulation S Physical Notes shall be construed to
include any certificated Notes issued in respect thereof pursuant to Section 304, 305, 306 or 1008, and the Rule
144A Global Notes and Regulation S Global Notes shall be construed to include
any global Notes issued in respect thereof pursuant to Section 304, 305, 306 or 1008.  The
Rule 144A Physical Notes and the Regulation S Physical Notes, together with any
other certificated Notes issued and authenticated pursuant to this Indenture,
are sometimes collectively herein referred to as the “Physical Notes.” The
Rule 144A Global Notes and the Regulation S Global Notes, together with any
other global Notes that are issued and authenticated pursuant to this Indenture,
are sometimes collectively referred to as the “Global
Notes.”

     

    Exchange
Notes shall be issued substantially in the form set forth in Exhibit B hereto and,
subject to Section
312(b), shall be in the form of one or more Global Notes.  The
9 5/8% Notes issued in the form of a global Note are sometimes collectively
referred to as “Global
Notes.”

     

    Section
202. Form of Trustee’s
Certificate of Authentication.  The
Notes will have endorsed thereon a Trustee’s certificate of authentication in
substantially the following form:

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

     

    This is
one of the Notes referred to in the within-mentioned Indenture.

     

    
      
        

      

      
        

      

    

    as
Trustee

     

     

    By:                                                                

    
       

      
        
          

        

      

    

    Authorized officer

     

    Dated:

     

     

    

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    If an
appointment of an Authenticating Agent is made pursuant to Section 714, the
Notes may have endorsed thereon, in lieu of the Trustee’s certificate of
authentication, an alternative certificate of authentication in substantially
the following form:

     

    This is
one of the Notes referred to in the within-mentioned Indenture.

     

    THE BANK
OF NOVA SCOTIA TRUST COMPANY OF NEW YORK

    As
Trustee

     

    By:     

        

      
        
 As
Authenticating Agent

    

     

    By:                                                                

    
       

      
        

      

    

    Authorized
officer

    Dated:

     

    Section
203. Restrictive and Global Note
Legends.  Each
Global Note and Physical Note (and all Notes issued in exchange therefor or
substitution thereof) shall bear the following legend set forth below (the
“Private Placement
Legend”) on the face thereof until the Private Placement Legend is
removed or not required in accordance with Section
313(4):

     

    THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES
ACT”). THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES FOR THE
BENEFIT OF THE COMPANY THAT THIS SECURITY MAY NOT BE RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED (X) PRIOR TO THE ONE YEAR ANNIVERSARY OF THE ISSUANCE
HEREOF (OR ANY PREDECESSOR SECURITY HERETO) OR (Y) BY ANY HOLDER THAT WAS AN
AFFILIATE OF THE COMPANY AT ANY TIME DURING THE THREE MONTHS PRECEDING THE DATE
OF SUCH TRANSFER, IN EITHER CASE OTHER THAN:

     

    (1) TO
THE COMPANY,

     

    (2) SO
LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, PURCHASING FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A (AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE
CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY),

     

    (3) IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT
(AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF
TRANSFER ON THE REVERSE OF THIS SECURITY),

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    (4) TO AN
INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (AS INDICATED BY THE BOX
CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS
SECURITY) THAT IS ACQUIRING THIS SECURITY FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION, AND A CERTIFICATE WHICH MAY BE OBTAINED FROM THE COMPANY OR THE
TRUSTEE IS DELIVERED BY THE TRANSFEREE TO THE COMPANY AND THE
TRUSTEE,

     

    (5)
PURSUANT TO ANY EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY
RULE 144 (IF APPLICABLE) UNDER THE SECURITIES ACT, OR

     

    (6)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT,

     

    IN EACH
CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES.

     

    AN
INSTITUTIONAL ACCREDITED INVESTOR HOLDING THIS SECURITY AGREES THAT IT WILL
FURNISH TO THE COMPANY AND THE TRUSTEE SUCH CERTIFICATES, OPINIONS OF COUNSEL
AND OTHER INFORMATION AS THEY MAY REASONABLY REQUIRE TO CONFIRM THAT THE
TRANSFER BY IT OF THIS SECURITY COMPLIES WITH THE FOREGOING RESTRICTIONS. THE
HOLDER HEREOF, BY PURCHASING THIS SECURITY, REPRESENTS AND AGREES FOR THE
BENEFIT OF THE COMPANY THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A OR (2) PURCHASING FROM A PERSON NOT PARTICIPATING IN THE
INITIAL DISTRIBUTION OF THIS SECURITY (OR ANY PREDECESSOR SECURITY), THAT IT IS
AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(l),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT AND THAT IT IS HOLDING
THIS SECURITY FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION OR (3) A NON-U.S.
PERSON OUTSIDE THE UNITED STATES WITHIN THE MEANING OF (OR AN ACCOUNT SATISFYING
THE REQUIREMENTS OF PARAGRAPH (k)(2)(i) OF RULE 902 UNDER) REGULATION S UNDER
THE SECURITIES ACT.

     

    Each
Global Note, whether or not an Initial Note, shall also bear the following
legend on the face thereof:

     

    UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”) TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR 

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

     

    TRANSFERS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE
IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS 312 AND 313 OF THE
INDENTURE (AS DEFINED HEREIN).

     

    Each
Temporary Regulation S Global Note shall also bear the following legend on the
face thereof:

     

    EXCEPT AS
SPECIFIED IN THE INDENTURE, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY
REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT
REGULATION S GLOBAL NOTE OR ANY OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES
REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON
TRANSFER, UNTIL THE EXPIRATION OF THE “40 DAY DISTRIBUTION COMPLIANCE PERIOD”
(WITHIN THE MEANING of RULE 903(b)(2) of REGULATION S UNDER THE SECURITIES
ACT).  DURING SUCH 40 DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL
OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY ONLY BE SOLD,
PLEDGED OR TRANSFERRED THROUGH EUROCLEAR BANK S.A./N.A., AS OPERATOR of THE
EUROCLEAR SYSTEM, OR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME.

     

    ARTICLE
III

    THE
NOTES

     

    Section
301. Title and
Terms.  The
aggregate principal amount of Notes that may be authenticated and delivered and
Outstanding under this Indenture will be limited.  The Initial Notes
will be issued in an aggregate principal amount of $450 million.  The
9 5/8% Notes shall vote and consent together on all matters as one class,
and, none of the Notes will have the right to vote or consent as a class
separate from one another on any matter.  Additional Notes (including
any Exchange Notes issued in exchange therefor) will vote (or consent) as a
class with the other Notes (except as otherwise provided in Section 902) and
otherwise be treated as Notes for all purposes of this Indenture.

     

    The
9 5/8% Notes shall be known and designated as the “9 5/8% Senior Notes
due 2018” of the Issuers.  The 9 5/8% Notes will mature on March
15, 2018. Each 9 5/8% Note will bear interest at a rate per annum of
9.625%.

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    Interest
on the 9 5/8% Notes will be payable semiannually in cash to Holders of
record at the close of business on the March 1 and September 1 immediately
preceding the interest payment date (each such March 1 and September 1, a “Regular Record
Date”), on March 15 and September 15 of each year, commencing September
15, 2010. Interest will be paid on the basis of a 360-day year consisting of
twelve 30-day months and accrue from the date of original issuance.

     

    Interest
on the Original Notes will accrue from the most recent date to which interest
has been paid or duly provided for or, if no interest has been paid, from March
10, 2010; and interest on any Additional Notes (and Exchange Notes issued in
exchange therefor) will accrue (or will be deemed to have accrued) from the most
recent date to which interest has been paid or duly provided for or, if no
interest has been paid on such Additional Notes, from the Interest Payment Date
immediately preceding the date of issuance of such Additional Notes, or if the
date of issuance of such Additional Notes is an Interest Payment Date, from such
date of issuance; provided that if any Note is
surrendered for exchange on or after a record date for an Interest Payment Date
that will occur on or after the date of such exchange, interest on the Note
received in exchange thereof will accrue from the date of such Interest Payment
Date.

     

    Section
302. Denominations.  The
9 5/8% Notes shall be issuable only in fully registered form, without
coupons, and only in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof.

     

    Section
303. Execution, Authentication
and Delivery and Dating.  The
Notes shall be executed on behalf of the Issuers by one Officer of each of
them.  The signature of any such Officer on the Notes may be manual or
by facsimile. Notes bearing the manual or facsimile signature of an individual
who was at any time an Officer of any Issuer shall bind such Issuer,
notwithstanding that such individual has ceased to hold such office prior to the
authentication and delivery of such Notes or did not hold such office at the
date of such Notes.

     

    At any
time and from time to time after the execution and delivery of this Indenture,
the Issuers may deliver Notes executed by the Issuers to the Trustee for
authentication; and the Trustee shall authenticate and deliver (i) Initial Notes
for original issue in the aggregate principal amount not to exceed $450 million,
(ii) Additional Notes from time to time for original issue in aggregate
principal amounts specified by the Issuers and (iii) Exchange Notes from time to
time for issue in exchange for a like principal amount of Initial Notes or
Initial Additional Notes, in each case specified in clauses (i) through (iii)
above, upon a written order of the Issuers in the form of an Officer’s
Certificate of each of the Issuers (an “Authentication
Order”).  Such Officer’s Certificate shall specify the amount
of Notes to be authenticated and the date on which the Notes are to be
authenticated, the “CUSIP”, “Common Code” or other similar identification
numbers of such Notes, if any, whether the Notes are to be Initial Notes,
Additional Notes or Exchange Notes and whether the Notes are to be issued as one
or more Global Notes or Physical Notes and such other information as the Issuers
may include or the Trustee may reasonably request.

     

    All Notes
shall be dated the date of their authentication.

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    No Note
shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose, unless there appears on such Note a certificate of
authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Note shall be
conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder.

     

    Section
304. Temporary
Notes.  Until
definitive Notes are ready for delivery, the Issuers may prepare and upon
receipt of an Authentication Order the Trustee shall authenticate temporary
Notes.  Temporary Notes shall be substantially in the form of
definitive Notes but may have variations that the Issuers consider appropriate
for temporary Notes.  If temporary Notes are issued, the Issuers will
cause definitive Notes to be prepared without unreasonable
delay.  After the preparation of definitive Notes, the temporary Notes
shall be exchangeable for definitive Notes upon surrender of the temporary Notes
at the office or agency of the Issuers in a Place of Payment, without charge to
the Holder.  Upon surrender for cancellation of anyone or more
temporary Notes the Issuers shall execute and upon receipt of an Authentication
Order the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of definitive Notes of authorized
denominations.  Until so exchanged the temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as definitive
Notes.

     

    Section
305. Note Registrar and Paying
Agent.  The
Issuers shall cause to be kept at the Corporate Trust Office of the Trustee a
register (the register maintained in such office and in any other office or
agency of the Issuers in a Place of Payment being herein sometimes collectively
referred to as the “Note Register”) in
which, subject to such reasonable regulations as it may prescribe, the Issuers
shall provide for the registration of Notes and of transfers of
Notes.  The Issuers may have one or more co-registrars.  The
term “Note
Registrar” includes any co-registrars.

     

    The
Issuers shall also maintain an office or agent within the United States where
Notes may be presented for payment (the “Paying Agent”); provided, however, that at the option
of the Issuers payment of interest on a Note may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Note
Register.  The Issuers may have one or more additional paying agents,
and the term “Paying
Agent” includes any such additional Paying Agent.

     

    The
Issuers initially appoint the Trustee as “Note Registrar” and “Paying Agent” in
connection with the Notes, until such time as such entity has resigned or a
successor has been appointed.  The Issuers may change the Paying Agent
or Note Registrar for the Notes without prior notice to the Holders of
Notes.  The Issuers may enter into an appropriate agency agreement
with any Note Registrar or Paying Agent not a party to this
Indenture.  Any such agency agreement shall implement the provisions
of this Indenture that relate to such agent.  The Issuers shall notify
the Trustee in writing of the name and address of any such agent.  If
the Issuers fail to appoint or maintain a Note Registrar or Paying Agent, the
Trustee shall act as such and shall be entitled to appropriate compensation
therefor pursuant to Section
707.  The Company or any wholly-owned Domestic Subsidiary of
the Company may act as Paying Agent, Note Registrar or transfer
agent.

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    Upon
surrender for transfer of any Note at the office or agency of the Issuers in a
Place of Payment, in compliance with all applicable requirements of this
Indenture and applicable law, the Issuers shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Notes of the same series of any authorized
denominations and of a like tenor and aggregate principal amount.

     

    At the
option of the Holder, Notes may be exchanged for other Notes of any authorized
denominations and of a like tenor and aggregate principal amount, upon surrender
of the Notes to be exchanged at such office or agency.  Whenever any
Notes are so surrendered for exchange, the Issuers shall execute, and the
Trustee shall authenticate and deliver, the Notes that the Holder making the
exchange is entitled to receive.

     

    All Notes
issued upon any transfer or exchange of Notes shall be the valid obligations of
the Issuers, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Notes surrendered upon such transfer or
exchange.

     

    Every
Note presented or surrendered for transfer or exchange shall (if so required by
the Issuers or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Issuers and the Note
Registrar duly executed, by the Holder thereof or such Holder’s attorney duly
authorized in writing.

     

    No
service charge shall be made for any registration, transfer or exchange of
Notes, but the Issuers may require payment of a sum sufficient to cover any
transfer tax or other governmental charge that may be imposed in connection
therewith.

     

    The
Issuers shall not be required (i) to issue, transfer or exchange any Note during
a period beginning at the opening of business 15 Business Days before the day of
the mailing of a notice of redemption (or purchase) of Notes selected for
redemption (or purchase) under Section 1004 and
ending at the close of business on the day of such mailing, or (ii) to transfer
or exchange any Note so selected for redemption (or purchase) in whole or in
part.

     

    Section
306. Mutilated, Destroyed, Lost
and Stolen Notes.  If
a mutilated Note is surrendered to the Note Registrar or if the Holder of a Note
claims that the Note has been lost, destroyed or wrongfully taken, the Issuers
shall issue and the Trustee shall authenticate a replacement Note if the
requirements of Section 8-405 of the Uniform Commercial Code are met, such that
the Holder (a) satisfies the Issuers or the Trustee within a reasonable time
after such Holder has notice of such loss, destruction or wrongful taking and
the Note Registrar does not register a transfer prior to receiving such
notification, (b) makes such request to the Issuers or the Trustee prior to the
Note being acquired by a protected purchaser as defined in Section 8303 of the
Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other
reasonable requirements of the Trustee.  If required by the Trustee or
the Issuers, such Holder shall furnish an indemnity bond sufficient in the
judgment of the Trustee to protect the Issuers, the Trustee, a Paying Agent and
the Note Registrar from any loss that any of them may suffer if a Note is
replaced.

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

    In case
any such mutilated, destroyed, lost or stolen Note has become or is about to
become due and payable, the Issuers in their discretion may, instead of issuing
a new Note, pay such Note.

     

    Upon the
issuance of any new Note under this Section 306, the
Issuers may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected
therewith.

     

    Every new
Note issued pursuant to this Section 306 in lieu
of any destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuers, whether or not the destroyed, lost or
stolen Note shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and ratably with any and all other
Notes duly issued hereunder.

     

    The
provisions of this Section 306 are
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.

     

    Section
307. Payment of Interest Rights
Preserved.  Interest
on any Note that is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name that Note (or
one or more Predecessor Notes) is registered at the close of business on the
Regular Record Date for such interest specified in Section
301.

     

    Any
interest on any Note that is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the registered Holder on the relevant
Regular Record Date by virtue of having been such Holder; and such Defaulted
Interest may be paid by the Issuers, at their election, as provided in clause
(1) or clause (2) below:

     

    (1) The
Issuers may elect to make payment of any Defaulted Interest to the Persons in
whose names the Notes (or their respective Predecessor Notes) are registered at
the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner.  The Issuers
shall notify the Trustee and Paying Agent in writing of the amount of Defaulted
Interest proposed to be paid on each Note and the date of the proposed payment,
and at the same time the Issuers shall deposit with the Trustee or Paying Agent
an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements reasonably satisfactory to
the Trustee or Paying Agent for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as provided in this clause
(1).  Thereupon the Trustee shall fix a Special Record Date for the
payment of such Defaulted Interest which shall be not more than 15 nor less than
10 days prior to the date of the proposed payment and not less than 10 days
after the receipt by the Trustee and the Paying Agent of the notice of the
proposed payment.  The Trustee shall promptly notify the Issuers of
such Special Record Date and, in the name and at the expense of the Issuers,
shall cause notice of the proposed payment of such Defaulted Interest and the

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    Special
Record Date therefor to be mailed, first class postage prepaid, to each Holder
at such Holder’s address as it appears in the Note Register, not less than 10
days prior to such Special Record Date.  Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having
been so mailed, such Defaulted Interest shall be paid to the Persons in whose
names the Notes (or their respective Predecessor Notes) are registered on such
Special Record Date and shall no longer be payable pursuant to the following
clause (2).

     

    (2) The
Issuers may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
if, after notice given by the Issuers to the Trustee and the Paying Agent of the
proposed payment pursuant to this clause (2), such payment shall be deemed
practicable by the Trustee.

     

    Subject
to the foregoing provisions of this Section 307, each
Note delivered under this Indenture upon transfer of or in exchange for or in
lieu of any other Note shall carry the rights to interest accrued and unpaid,
and to accrue, that were carried by such other Note.

     

    Section
308. Persons Deemed
Owners.  The
Issuers, any Guarantor, the Trustee, the Paying Agent and any agent of any of
them may treat the Person in whose name any Note is registered as the owner of
such Note for the purpose of receiving payment of principal of (and premium, if
any), and (subject to Section 307) interest
on, such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and neither the Issuers, any Guarantor, the Trustee, the Paying Agent
nor any agent of any of them shall be affected by notice to the
contrary.

     

    Section
309. Cancellation.  All
Notes surrendered for payment, redemption, transfer, exchange or conversion
shall, if surrendered to any Person other than the Trustee, be delivered to the
Trustee and, if not already cancelled, shall be promptly cancelled by
it.  The Issuers may at any time deliver to the Trustee for
cancellation any Notes previously authenticated and delivered hereunder that any
of them may have acquired in any manner whatsoever, and all Notes so delivered
shall be promptly cancelled by the Trustee.  No Notes shall be
authenticated in lieu of or in exchange for any Notes cancelled as provided in
this Section, except as expressly permitted by this Indenture.  All
cancelled Notes held by the Trustee shall be disposed of by the Trustee in
accordance with its customary procedures (subject to the record retention
requirements of the Exchange Act).

     

    Section
310. Computation of
Interest.  Interest
on the Notes shall be computed as set forth in the Notes.

     

    Section
311. CUSIP Numbers,
Etc.  The
Issuers in issuing the Notes may use “CUSIP” numbers and “Common Code” numbers
(if then generally in use), and if so, the Trustee may use the CUSIP numbers and
“Common Code” numbers in notices of redemption or exchange as a convenience to
Holders; provided, however, that any such
notice may state that no representation is made as to the correctness or
accuracy of such numbers printed in the notice or on the Notes; that reliance
may be placed only on the other identification numbers printed on the

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    Notes;
and that any redemption shall not be affected by any defect in or omission of
such numbers.

     

    Section
312. Book-Entry Provisions for
Global Notes.  (a) Each
Global Note initially shall (i) be registered in the name of the Depositary for
such Global Note or the nominee of such Depositary, in each case for credit to
the account of an Agent Member, and (ii) be delivered to the Trustee as
custodian for such Depositary.  Neither of the Issuers nor any of
their agents shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of a Global Note, or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

     

    Members
of, or participants in, the Depositary, Euroclear or Clearstream (“Agent Members”) shall
have no rights under this Indenture with respect to any Global Note held on
their behalf by the Depositary, or its custodian, or under such Global
Notes.  The Depositary may be treated by the Issuers, any other
obligor upon the Notes, the Trustee and any agent of any of them as the absolute
owner of the Global Notes for all purposes
whatsoever.  Notwithstanding the foregoing, nothing herein shall
prevent the Issuers, any other obligor upon the Notes, the Trustee or any agent
of any of them from giving effect to any written certification, proxy or other
authorization furnished by the Depositary, or impair, as between the Depositary,
Euroclear or Clearstream, as the case may be, and their respective Agent
Members, the operation of customary practices governing the exercise of the
rights of a beneficial owner of any Note.  The registered Holder of a
Global Note may grant proxies and otherwise authorize any Person, including
Agent Members and Persons that may hold interests through Agent Members, to take
any action that a Holder is entitled to take under this Indenture or the
Notes.

     

    (b) Transfers
of a Global Note shall be limited to transfers of such Global Note in whole,
but, subject to the immediately succeeding sentence, not in part, to the
Depositary, its successors or their respective nominees.  Interests of
beneficial owners in a Global Note may not be transferred or exchanged for
Physical Notes unless (i) the Issuers have consented thereto in writing, or such
transfer or exchange is made pursuant to the next sentence, and (ii) such
transfer or exchange is in accordance with the applicable rules and procedures
of the Depositary, Euroclear or Clearstream, as the case may be, and the
provisions of Sections
305 and 313.  Subject
to the limitation on issuance of Physical Notes set forth in Section 313(3),
Physical Notes shall be transferred to all beneficial owners in exchange for
their beneficial interests in the relevant Global Note, if (i) the Depositary
notifies the Issuers at any time that it is unwilling or unable to continue as
Depositary for the Global Notes and a successor depositary is not appointed
within 120 days; (ii) the Depositary ceases to be registered as a “Clearing
Agency” under the Securities Exchange Act of 1934 and a successor depositary is
not appointed within 120 days; (iii) the Issuers, at their option, notify the
Trustee that they elect to cause the issuance of Physical Notes; or (iv) an
Event of Default shall have occurred and be continuing with respect to the Notes
and the Trustee has received a written request from the Depositary to issue
Physical Notes.

     

    (c) In
connection with any transfer or exchange of a portion of the beneficial interest
in any Global Note to beneficial owners for Physical Notes pursuant to Section 312(b), the
Note Registrar shall record on its books and records the date and a decrease in
the principal amount of such Global Note in an amount equal to the beneficial
interest in the Global Note 

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

    being
transferred, and the Issuers shall execute, and the Trustee shall authenticate
and deliver, one or more Physical Notes of like tenor and principal amount of
authorized denominations.

     

    (d) In
connection with a transfer of an entire Global Note to beneficial owners
pursuant to Section
312(b), the applicable Global Note shall be deemed to be surrendered to
the Trustee for cancellation, and the Issuers shall execute, and the Trustee
shall authenticate and deliver, to each beneficial owner identified by the
Depositary, Euroclear or Clearstream, as the case may be, in exchange for its
beneficial interest in the applicable Global Note, an equal aggregate principal
amount at maturity of Rule 144A Physical Notes (in the case of any Rule 144A
Global Note) or Regulation S Physical Notes (in the case of any Regulation S
Global Note), as the case may be, of authorized denominations.

     

    (e) The
transfer and exchange of a Global Note or beneficial interests therein shall be
effected through the Depositary, in accordance with this Indenture (including
applicable restrictions on transfer set forth in Section 313) and the
procedures therefor of the Depositary, Euroclear or Clearstream, as the case may
be.  Any beneficial interest in one of the Global Notes that is
transferred to a Person who takes delivery in the form of an interest in a
different Global Note will, upon transfer, cease to be an interest in such
Global Note and become an interest in the other Global Note and, accordingly,
will thereafter be subject to all transfer restrictions, if any, and other
procedures applicable to beneficial interests in such other Global Note for as
long as it remains such an interest.  A transferor of a beneficial
interest in a Global Note shall deliver to the Note Registrar a written order
given in accordance with the procedures of the Depositary or of Euroclear or
Clearstream, as applicable, containing information regarding the participant
account of the Depositary to be credited with a beneficial interest in the
relevant Global Note.  Subject to Section 313, the Note
Registrar shall, in accordance with such instructions, instruct the Depositary
or Euroclear or Clearstream, as applicable, to credit to the account of the
Person specified in such instructions a beneficial interest in such Global Note
and to debit the account of the Person making the transfer the beneficial
interest in the Global Note being transferred.

     

    (f) Any
Physical Note delivered in exchange for an interest in a Global Note pursuant to
Section 312(b)
shall, unless such exchange is made on or after the Resale Restriction
Termination Date applicable to such Note and except as otherwise provided in
Section 203 and
Section 313,
bear the Private Placement Legend.

     

    (g) Notwithstanding
the foregoing, through the Restricted Period, a beneficial interest in a
Regulation S Global Note may be held only through Euroclear or Clearstream, or
designated Agent Members holding on behalf of Euroclear or Clearstream, unless
delivery is made in accordance with the applicable provisions of Section
313.

     

    (h) The
Holder of any Global Note may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold interests through Agent
Members, to take any action which a Holder is entitled to take under this
Indenture or the Notes.

     

    Section
313. Special Transfer
Provisions.

     

    (1) Transfers to Non-U.S.
Persons.  The following provisions shall apply with respect to
the registration of any proposed transfer of a Note that is a Restricted
Security 

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

    to any
Non-U.S. Person: The Note Registrar shall register such transfer if it complies
with all other applicable requirements of this Indenture (including Section 305)
and,

     

    (a) if (x)
such transfer is after the relevant Resale Restriction Termination Date with
respect to such Note or (y) the proposed transferor has delivered to the Note
Registrar and the Issuers and the Trustee a Regulation S Certificate and, unless
otherwise agreed by the Issuers and the Trustee, an opinion of counsel,
certifications and other information satisfactory to the Issuers and the
Trustee, and

     

    (b) if the
proposed transferor is or is acting through an Agent Member holding a beneficial
interest in a Global Note, upon receipt by the Note Registrar and the Issuers
and the Trustee of (x) the certificate, opinion, certifications and other
information, if any, required by clause (a) above and (y) written instructions
given in accordance with the procedures of the Note Registrar and of the
Depositary;

     

    whereupon
(i) the Note Registrar shall reflect on its books and records the date and (if
the transfer does not involve a transfer of any Outstanding Physical Note) a
decrease in the principal amount of the relevant Global Note in an amount equal
to the principal amount of the beneficial interest in the relevant Global Note
to be transferred, and (ii) either (A) if the proposed transferee is or is
acting through an Agent Member holding a beneficial interest in a relevant
Regulation S Global Note, the Note Registrar shall reflect on its books and
records the date and an increase in the principal amount of such Regulation S
Global Note in an amount equal to the principal amount of the beneficial
interest being so transferred or (B) otherwise the Issuers shall execute and the
Trustee shall authenticate and deliver one or more Physical Notes of like tenor
and amount.

     

    (2) Transfers to
QIBs.  The following provisions shall apply with respect to the
registration of any proposed transfer of a Note that is a Restricted Security to
a QIB (excluding transfers to Non-U.S. Persons): The Note Registrar shall
register such transfer if it complies with all other applicable requirements of
this Indenture (including Section 305)
and,

     

    (a) if such
transfer is being made by a proposed transferor who has checked the box provided
for on the form of such Note stating, or has otherwise certified to the Note
Registrar and the Issuers and the Trustee in writing, that the sale has been
made in compliance with the provisions of Rule 144A to a transferee who has
signed the certification provided for on the form of such Note stating, or has
otherwise certified to Note Registrar and the Issuers and the Trustee in
writing, that it is purchasing such Note for its own account or an account with
respect to which it exercises sole investment discretion and that it and any
such account is a QIB within the meaning of Rule 144A, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding the Issuers as it has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware
that the transferor is relying upon its foregoing representations in order to
claim the exemption from registration provided by Rule 144A; and

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

     

    (b) if the
proposed transferee is an Agent Member, and the Note to be transferred consists
of a Physical Note that after transfer is to be evidenced by an interest in a
Global Note or consists of a beneficial interest in a Global Note that after the
transfer is to be evidenced by an interest in a different Global Note, upon
receipt by the Note Registrar of written instructions given in accordance with
the procedures of the Note Registrar and of the Depositary, whereupon the Note
Registrar shall reflect on its books and records the date and an increase in the
principal amount of the transferee Global Note in an amount equal to the
principal amount of the Physical Note or such beneficial interest in such
transferor Global Note to be transferred, and the Trustee shall cancel the
Physical Note so transferred or reflect on its books and records the date and a
decrease in the principal amount of such transferor Global Note, as the case may
be.

     

    (3) Limitation on Issuance of
Physical Notes.  No Physical Note shall be exchanged for a
beneficial interest in any Global Note, except in accordance with Section 312 and
this Section
313.

     

    A
beneficial owner of an interest a Temporary Regulation S Global Note (and, in
the case of any Additional Notes for which no Temporary Regulation S Global Note
is issued, any Regulation S Global Note) shall not be permitted to exchange such
interest for a Physical Note or (in the case of such interest in a Temporary
Regulation S Global Note) an interest in a Permanent Regulation S Global Note
until a date, which must be after Distribution Compliance Date, on which the
Issuers receive a certificate of beneficial ownership substantially in the form
of Exhibit C
from such beneficial owner (a “Certificate of Beneficial
Ownership”).  Such date, as it relates to a Regulation S Global
Note, is herein referred to as the “Regulation S Note Exchange
Date.”

     

    (4) Private Placement
Legend.  Upon the transfer, exchange or replacement of Notes
not bearing the Private Placement Legend, the Note Registrar shall deliver Notes
that do not bear the Private Placement Legend.  Upon the transfer,
exchange or replacement of Notes bearing the Private Placement Legend, the Note
Registrar shall deliver only Notes that bear the Private Placement Legend unless
(i) the requested transfer is after the relevant Resale Restriction Termination
Date with respect to such Notes, (ii) upon written request of the Issuers after
there is delivered to the Note Registrar an opinion of counsel (which opinion
and counsel are satisfactory to the Issuers and the Trustee) to the effect that
neither such legend nor the related restrictions on transfer are required in
order to maintain compliance with the provisions of the Securities Act, (iii)
with respect to a Regulation S Global Note (on or after the Regulation S Note
Exchange Date with respect to such Regulation S Global Note) or Regulation S
Physical Note, in each case with the agreement of the Issuers, or (iv) such
Notes are sold or exchanged pursuant to an effective registration statement
under the Securities Act.

     

    (5) Other
Transfers.  The Note Registrar shall effect and register, upon
receipt of a written request from the Issuers to do so, a transfer not otherwise
permitted by this Section 313, such
registration to be done in accordance with the otherwise applicable provisions
of this Section
313, upon the furnishing by the proposed transferor or transferee of a
written opinion of counsel (which opinion and counsel are satisfactory to the
Issuers and the Trustee) to the effect that, and such other certifications or
information 

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

    as the
Issuers or the Trustee may require (including, in the case of a transfer to an
Accredited Investor (as defined in Rule 501(a)(1), (2), (3) or (7) under
Regulation D promulgated under the Securities Act), a certificate substantially
in the form of Exhibit
F) to confirm that, the proposed transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

     

    A Note
that is a Restricted Security may not be transferred other than as provided in
this Section
313.  A beneficial interest in a Global Note that is a
Restricted Security may not be exchanged for a beneficial interest in another
Global Note other than through a transfer in compliance with this Section
313.

     

    (6) General.  By
its acceptance of any Note bearing the Private Placement Legend, each Holder of
such a Note acknowledges the restrictions on transfer of such Note set forth in
this Indenture and in the Private Placement Legend and agrees that it will
transfer such Note only as provided in this Indenture.

     

    The Note
Registrar shall retain copies of all letters, notices and other written
communications received pursuant to Section 312 or this
Section 313
(including all Notes received for transfer pursuant to Section
313).  The Issuers shall have the right to require the Note
Registrar to deliver to the Issuers, at the Issuers’ expense, copies of all such
letters, notices or other written communications at any reasonable time upon the
giving of reasonable written notice to the Note Registrar.

     

    In
connection with any transfer of any Note, the Trustee, the Note Registrar and
the Issuers shall be entitled to receive, shall be under no duty to inquire
into, may conclusively presume the correctness of, and shall be fully protected
in relying upon the certificates, opinions and other information referred to
herein (or in the forms provided herein, attached hereto or to the Notes, or
otherwise) received from any Holder and any transferee of any Note regarding the
validity, legality and due authorization of any such transfer, the eligibility
of the transferee to receive such Note and any other facts and circumstances
related to such transfer.

     

    Section
314. Payment of Additional
Interest.  (a)
Under certain circumstances the Issuers will be obligated to pay certain
additional amounts of interest to the Holders of certain Initial Notes, as more
particularly set forth in such Initial Notes.

     

    (b) Under
certain circumstances the Issuers may be obligated to pay certain additional
amounts of interest to the Holders of certain Initial Additional Notes, as may
be more particularly set forth in such Initial Additional Notes.

     

    (c) Prior to
any Interest Payment Date on which any such additional interest is payable, the
Issuers shall give notice to the Trustee of the amount of any additional
interest due on such Interest Payment Date.

     

    
      
        
        

      

      
        58

        
          

          
          

        

      

       

    

    ARTICLE
IV

     

    COVENANTS

     

    Section
401. Payment of Principal,
Premium and Interest.  The
Issuers shall duly and punctually pay the principal of (and premium, if any) and
interest on the Notes in accordance with the terms of the Notes and this
Indenture.  Principal amount (and premium, if any) and interest on the
Notes shall be considered paid on the date due if the Issuers shall have
deposited with the applicable Paying Agent (if other than the Company or a
wholly-owned Domestic Subsidiary of the Company) as of 12:00 p.m. New York City
time on the due date money in immediately available funds and designated for and
sufficient to pay all principal amount (and premium, if any) and interest then
due.

     

    Section
402. Maintenance of Office or
Agency.  (a)
The Company shall maintain in the United States one or more offices or agencies
where Notes may be presented or surrendered for payment, where Notes may be
surrendered for transfer or exchange and where notices and demands to or upon
the Company in respect of the Notes and this Indenture may be
served.  The Company shall give prompt written notice to the Trustee
of the location, and of any change in the location, of such office or
agency.  If at any time the Company shall fail to maintain such office
or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee.

     

    (b) The
Company may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all purposes
and may from time to time rescind such designations.

     

    The
Company hereby designates the Corporate Trust Office of the Trustee as such
office or agency of the Company where Notes may be presented or surrendered for
payment or for transfer or exchange for so long as such Corporate Trust Office
remains a Place of Payment, in accordance with Section 305
hereof.

     

    Section
403. Money for Payments to Be
Held in Trust.  If
the Company shall at any time act as its own Paying Agent, it shall, on or
before 12:00 p.m., New York City time each due date of the principal of (and
premium, if any) or interest on, any of the Notes, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum sufficient to pay the
principal (and premium, if any) or interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided, and
shall promptly notify the Trustee of its action or failure so to
act.

     

    If the
Company is not acting as its own Paying Agent, it shall, on or prior to 12:00
p.m., New York City time each due date of the principal of (and premium, if any)
or interest on, any Notes, deposit with a Paying Agent a sum sufficient to pay
the principal (and premium, if any) or interest, so becoming due, such sum to be
held in trust for the benefit of the Persons entitled to such principal, premium
or interest, and (unless such Paying Agent is the Trustee) the Company shall
promptly notify the Trustee of its action or failure so to act.

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

    If the
Company is not acting as its own Paying Agent, the Company shall cause any
Paying Agent other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to
the provisions of this Section 403,
that such Paying Agent shall

     

    (1) hold all
sums held by it for the payment of principal of (and premium, if any) or
interest on Notes in trust for the benefit of the Persons entitled thereto until
such sums shall be paid to such Persons or otherwise disposed of as herein
provided;

     

    (2) give the
Trustee notice of any default by the Company (or any other obligor upon the
Notes) in the making of any such payment of principal (and premium, if any) or
interest;

     

    (3) at any
time during the continuance of any such default, upon the written request of the
Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying
Agent; and

     

    (4) acknowledge,
accept and agree to comply in all respects with the provisions of this Indenture
and TIA relating to the duties, rights and liabilities of such Paying
Agent.

     

    The
Issuers may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such
money.

     

    Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest on
any Note and remaining unclaimed for two years after such principal (and
premium, if any) or interest has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Note shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon
cease.

     

    Section
404. [Reserved].

     

    Section
405. Reports.  Prior
to consummation of the exchange offer contemplated by the Registration Rights
Agreement or the registration of the Notes with the SEC for resale and when any
Notes under the Indenture are outstanding, the Company will provide to the
Trustee and the holders of Notes: (a) within 90 days after the end of the
Company’s fiscal year, financial statements and management’s discussion and
analysis of financial condition and results of operations substantially
equivalent to that which would be required to be included in an Annual Report on
Form 10-K of the Company were the Company subject to an obligation to file such
a report under the Exchange Act, and (b) within 45 days after the end of each of
the first three fiscal quarters in each fiscal year of the Company, financial
statements and management’s 

     

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

    discussion
and analysis of financial condition and results of operations substantially
equivalent to that which would be required to be included in a Quarterly Report
on Form 10-Q of the Company were the Company subject to an obligation to file
such a report under the Exchange Act; provided, however, that the
reports set forth in clauses (a) and (b) above shall not be required
to: (x) contain any certification required by any such form or the
Sarbanes-Oxley Act of 2002, (y) include separate financial statements of
any Guarantor or Avis Budget Finance, Inc. or (z) include any exhibit;
provided, further, however, that if such reports
do not include either (1) separate financial statements for each Guarantor or
(2) consolidating condensed financial statements of the Subsidiary Guarantors,
in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, then
such reports shall include a calculation of the Consolidated Coverage Ratio, the
Consolidated Secured Leverage Ratio and the amount of Restricted Payments that
could be made pursuant to Section 409(a), in each case at the end of the period
to which the report relates.

     

    Following
consummation of the exchange offer contemplated by the Registration Rights
Agreement or the registration of the Notes with the SEC for resale,
notwithstanding that the Company may not be required to be or remain subject to
the reporting requirements of Section 13(a) or 15(d) of the Exchange Act, the
Company will file with the SEC (unless such filing is not permitted under the
Exchange Act or by the SEC), so long as the Notes are Outstanding, the annual
reports, information, documents and other reports that the Company is required
to file with the SEC pursuant to such Section 13(a) or 15(d) or would be so
required to file if the Company were so subject.  The Company will
also, within 15 days after the date on which the Company was so required to file
or would be so required to file if the Company were so subject, transmit by mail
to all applicable Holders, as their names and addresses appear in the Note
Register, and to the Trustee (or make available on a Company website) copies of
any such information, documents and reports (without exhibits) so required to be
filed.  The Company will be deemed to have satisfied the requirements
of this Section
405 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 Company 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.  The Company will comply with the other provisions of TIA §
314(a).

     

    Section
406. Statement as to
Default.  The
Issuers shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company ending after January 1, 2010, an Officer’s
Certificate to the effect that to the best knowledge of the signer thereof none
of the Issuers is or is not in default in the performance and observance of any
of the terms, provisions and conditions of this Indenture (without regard to any
period of grace or requirement of notice provided hereunder) and, if any of the
Issuers shall be in default, specifying all such defaults and the nature and
status thereof of which such signer may have knowledge.  To the extent
required by the TIA, each Guarantor shall comply with TIA §
314(a)(4).  The individual signing any certificate given by any Person
pursuant to this Section 406 shall be
the principal executive, financial or accounting Officer of such Person, in
compliance with TIA § 314(a)(4).

     

    Section
407. Limitation on
Indebtedness.  (a) The
Company will not, and will not permit any Restricted Subsidiary to, Incur any
Indebtedness; provided, however, that 

     

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

    

    the
Company or any Restricted Subsidiary may Incur Indebtedness if on the date of
the Incurrence of such Indebtedness, after giving effect to the Incurrence
thereof, the Consolidated Coverage Ratio would be greater than 2.00 to
1.00.

     

    (b) Notwithstanding
the foregoing paragraph (a), the Company and its Restricted Subsidiaries may
Incur the following Indebtedness:

     

    (i) Indebtedness
Incurred pursuant to any Credit Facility (including but not limited to in
respect of letters of credit or bankers’ acceptances issued or created
thereunder) and Indebtedness Incurred other than under any Credit Facility, and
(without limiting the foregoing), in each case, any Refinancing Indebtedness in
respect thereof, in a maximum principal amount at any time outstanding not
exceeding in the aggregate the amount equal to 2,675 million;

     

    (ii) Indebtedness
(A) of any Restricted Subsidiary to the Company or (B) of the Company or any
Restricted Subsidiary to any Restricted Subsidiary; provided, that any subsequent
issuance or transfer of any Capital Stock of such Restricted Subsidiary to which
such Indebtedness is owed, or other event, that results in such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent
transfer of such Indebtedness (except to the Company or a Restricted Subsidiary)
will be deemed, in each case, an Incurrence of such Indebtedness by the issuer
thereof not permitted by this clause (ii);

     

    (iii) Indebtedness
represented by the Notes, the Subsidiary Guarantees and the related exchange
notes and exchange guarantees issued in an exchange transaction pursuant to the
Registration Rights Agreement, any Indebtedness (other than the Indebtedness
described in clause (ii) above) outstanding on the Issue Date and any
Refinancing Indebtedness Incurred in respect of any Indebtedness described in
this clause (iii), Section 407(b)(x) or
paragraph (a) above;

     

    (iv) Purchase
Money Obligations and Capitalized Lease Obligations, and any Refinancing
Indebtedness with respect thereto;

     

    (v) Indebtedness
consisting of (x) accommodation guarantees for the benefit of trade creditors of
the Company or any of its Restricted Subsidiaries, (y) Guarantees in connection
with the construction or improvement of all or any portion of a Public Facility
to be used by the Company or any Restricted Subsidiary or (z) Guarantees
required or reasonably necessary (in the good faith determination of the
Company) in connection with Vehicle Rental Concession Rights;

     

    (vi) (A)
Guarantees by the Company or any Restricted Subsidiary of Indebtedness or any
other obligation or liability of the Company or any Restricted Subsidiary (other
than any Indebtedness Incurred by the Company or such Restricted Subsidiary, as
the case may be, in violation of this Section 407), or (B)
without limiting Section 413,
Indebtedness of the Company or any Restricted Subsidiary arising by reason of
any Lien granted by or applicable to such Person securing Indebtedness of the
Company or any Restricted Subsidiary (other than any Indebtedness Incurred by
the 

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

    Company
or such Restricted Subsidiary, as the case may be, in violation of this Section 407);

     

    (vii) Indebtedness
of the Company or any Restricted Subsidiary (A) arising from the honoring of a
check, draft or similar instrument of such Person drawn against insufficient
funds, provided that
such Indebtedness is extinguished within five Business Days of its Incurrence,
or (B) consisting of guarantees, indemnities, obligations in respect of earnouts
or other purchase price adjustments, or similar obligations, Incurred in
connection with the acquisition or disposition of any business, assets or
Person;

     

    (viii) Indebtedness
of the Company or any Restricted Subsidiary in respect of (A) deductible
obligations, self-insurance obligations, reinsurance obligations, completion
guarantees, surety, judgment, appeal or performance bonds, or other similar
bonds, instruments or obligations, provided, or relating to liabilities or
obligations incurred, in the ordinary course of business, or (B) Hedging
Obligations, entered into for bona fide hedging purposes that are incurred in
the ordinary course of business, or (C) the financing of insurance premiums in
the ordinary course of business, or (D) netting, overdraft protection and other
arrangements arising under standard business terms of any bank at which the
Company or any Restricted Subsidiary maintains an overdraft, cash pooling or
other similar facility or arrangement;

     

    (ix) Indebtedness
(A) of a Special Purpose Subsidiary secured by a Lien on all or part of the
assets disposed of in, or otherwise Incurred in connection with, a Financing
Disposition or (B) otherwise Incurred in connection with a Special Purpose
Financing; provided
that (1) such Indebtedness is not recourse to the Company or any Restricted
Subsidiary that is not a Special Purpose Subsidiary (other than with respect to
Special Purpose Financing Undertakings or with respect to potential liability of
Aviscar Inc. or Budgetcar Inc., or their respective successors, in their
capacity as partners in a Canadian Securitization Entity), (2) in the event such
Indebtedness shall become recourse to the Company or any Restricted Subsidiary
that is not a Special Purpose Subsidiary (other than with respect to Special
Purpose Financing Undertakings), such Indebtedness will be deemed to be, and
must be classified by the Company as, Incurred at such time (or at the time
initially Incurred) under one or more of the other provisions of this Section 407 for so
long as such Indebtedness shall be so recourse; and (3) in the event that at any
time thereafter such Indebtedness shall comply with the provisions of the
preceding subclause (1), the Company may classify such Indebtedness in whole or
in part as Incurred under this Section
407(b)(ix);

     

    (x) Indebtedness
of any Person that is assumed by the Company or any Restricted Subsidiary in
connection with its acquisition of assets from such Person or any Affiliate
thereof or is issued and outstanding on or prior to the date on which such
Person was acquired by the Company or any Restricted Subsidiary or merged or
consolidated with or into any Restricted Subsidiary (other than Indebtedness
Incurred to finance, or otherwise Incurred in connection with, such
acquisition), provided
that on the date of such acquisition, merger or consolidation, after giving
effect thereto, the Company could Incur at least $1.00 of additional
Indebtedness pursuant to paragraph (a) above; and any Refinancing Indebtedness
with respect to any such Indebtedness;

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    (xi) Indebtedness
of the Company or any Restricted Subsidiary that (A) is in the form of a demand
note or other promissory note, (B) is in favor of, or for the benefit of, any
Unrestricted Subsidiary, and (C) serves as credit enhancement for any
vehicle-related financing; and

     

    (xii) in
addition to the items referred to in clauses (i) through (xi) above,
Indebtedness of the Company or any Restricted Subsidiary in an aggregate
outstanding principal amount at any time not exceeding an amount equal to 3.25%
of Consolidated Tangible Assets.

     

    (c) For
purposes of determining compliance with, and the outstanding principal amount of
any particular Indebtedness Incurred pursuant to and in compliance with, this
Section 407,
(i) any other obligation of the obligor on such Indebtedness (or of any other
Person who could have Incurred such Indebtedness under this Section 407) arising
under any Guarantee, Lien or letter of credit, bankers’ acceptance or other
similar instrument or obligation supporting such Indebtedness shall be
disregarded to the extent that such Guarantee, Lien or letter of credit,
bankers’ acceptance or other similar instrument or obligation secures the
principal amount of such Indebtedness; (ii) in the event that Indebtedness meets
the criteria of more than one of the types of Indebtedness described in
paragraphs (a) or (b) above, the Company, in its sole discretion, shall classify
such item of Indebtedness and may include the amount and type of such
Indebtedness in one or more of such clauses (including in part under one such
clause and in part under another such clause), and may reclassify such item of
Indebtedness in any manner that complies with this Section 407 and only
be required to include the amount and type of such Indebtedness in one of such
clauses; (iii) if obligations in respect of letters of credit are Incurred
pursuant to a Credit Facility and are being treated as Incurred pursuant to
Section
407(b)(i) and the letters of credit relate to other Indebtedness, then
such other Indebtedness shall not be included; and (iv) the amount of
Indebtedness issued at a price that is less than the principal amount thereof
shall be equal to the amount of the liability in respect thereof determined in
accordance with GAAP.

     

    (d) For
purposes of determining compliance with any Dollar-denominated restriction on
the Incurrence of Indebtedness denominated in a foreign currency, the
Dollar-equivalent principal amount of such Indebtedness Incurred pursuant
thereto shall be calculated based on the relevant currency exchange rate in
effect on the date that such Indebtedness was Incurred, in the case of term
Indebtedness, or first committed, in the case of revolving credit Indebtedness,
provided that (x) the
Dollar-equivalent principal amount of any such Indebtedness outstanding on the
Issue Date shall be calculated based on the relevant currency exchange rate in
effect on the Issue Date, (y) if such Indebtedness is Incurred to refinance
other Indebtedness denominated in a foreign currency (or in a different currency
from such Indebtedness so being Incurred), and such refinancing would cause the
applicable Dollar-denominated restriction to be exceeded if calculated at the
relevant currency exchange rate in effect on the date of such refinancing, such
Dollar-denominated restriction shall be deemed not to have been exceeded so long
as the principal amount of such refinancing Indebtedness does not exceed (i) the
outstanding or committed principal amount (whichever is higher) of such
Indebtedness being refinanced plus (ii) the aggregate amount of fees,
underwriting discounts, premiums and other costs and expenses incurred in
connection with such refinancing and (z) the Dollar-equivalent principal amount
of Indebtedness denominated in a foreign currency and Incurred pursuant to the

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

    Senior
Credit Facilities shall be calculated based on the relevant currency exchange
rate in effect on, at the Company’s option, (i) the Issue Date, (ii) any date on
which any of the respective commitments under such Senior Credit Facilities
shall be reallocated between or among facilities or subfacilities thereunder, or
on which such rate is otherwise calculated for any purpose thereunder, or (iii)
the date of such Incurrence.  The principal amount of any Indebtedness
Incurred to refinance other Indebtedness, if Incurred in a different currency
from the Indebtedness being refinanced, shall be calculated based on the
currency exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such
refinancing.

     

    Section
408. [Reserved].

     

    Section
409. Limitation on Restricted
Payments.  (a)
The Company shall not, and shall not permit any Restricted Subsidiary, directly
or indirectly, to (i) declare or pay any dividend or make any distribution on or
in respect of its Capital Stock (including any such payment in connection with
any merger or consolidation to which the Company is a party) except (x)
dividends or distributions payable solely in its Capital Stock (other than
Disqualified Stock) and (y) dividends or distributions payable to the Company or
any Restricted Subsidiary (and, in the case of any such Restricted Subsidiary
making such dividend or distribution, to other holders of its Capital Stock on
no more than a pro rata
basis), (ii) purchase, redeem, retire or otherwise acquire for value any Capital
Stock of the Company held by Persons other than the Company or a Restricted
Subsidiary, (iii) voluntarily purchase, repurchase, redeem, defease or otherwise
voluntarily acquire or retire for value, prior to scheduled maturity, scheduled
repayment or scheduled sinking fund payment, any Subordinated Obligations (other
than a purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value in anticipation of satisfying a sinking fund obligation,
principal installment or final maturity, in each case due within one year of the
date of such acquisition or retirement) or (iv) make any Investment (other than
a Permitted Investment) in any Person (any such dividend, distribution,
purchase, repurchase, redemption, defeasance, other acquisition or retirement or
Investment being herein referred to as a “Restricted Payment”),
if at the time the Company or such Restricted Subsidiary makes such Restricted
Payment and after giving effect thereto:

     

    (1) a Default
shall have occurred and be continuing (or would result therefrom);

     

    (2) the
Company could not Incur at least an additional $1.00 of Indebtedness pursuant to
Section 407(a);
or

     

    (3) the
aggregate amount of such Restricted Payment and all other Restricted Payments
(the amount so expended, if other than in cash, to be as determined in good
faith by the Board of Directors, whose determination shall be conclusive and
evidenced by a resolution of the Board of Directors) declared or made subsequent
to the Issue Date and then outstanding would exceed, without duplication, the
sum of:

     

    (A) 50% of
the Consolidated Net Income accrued during the period (treated as one accounting
period) beginning on April 1, 2006 to the end of the most recent fiscal quarter
ending prior to the date of such Restricted Payment for 

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    which
consolidated financial statements of the Company are available (or, in case such
Consolidated Net Income shall be a negative number, 100% of such negative
number);

     

    (B) 100% of
the aggregate Net Cash Proceeds and the fair value (as determined in good faith
by the Board of Directors) of property or assets received (x) by the Company as
capital contributions to the Company after the Issue Date or from the issuance
or sale (other than to a Restricted Subsidiary) of its Capital Stock (other than
Disqualified Stock) after the Issue Date or (y) by the Company or any Restricted
Subsidiary from the issuance and sale by the Company or any Restricted
Subsidiary of Indebtedness that shall have been converted into or exchanged
after the Issue Date for Capital Stock of the Company or any Parent (other than
Disqualified Stock), plus the amount of any cash and the fair value (as
determined in good faith by the Board of Directors) of any property or assets,
received by the Company or any Restricted Subsidiary upon such conversion or
exchange;

     

    (C) the
aggregate amount equal to the net reduction in Investments in Unrestricted
Subsidiaries resulting from (i) dividends, distributions, cancellation of
indebtedness for borrowed money owed by the Company or any Restricted Subsidiary
to an Unrestricted Subsidiary, interest payments, return of capital, repayments
of Investments or other transfers of assets to the Company or any Restricted
Subsidiary from any Unrestricted Subsidiary, including dividends or other
distributions related to dividends or other distributions made pursuant to Section 409(b)(viii)
(but only to the extent such amount is not included in Consolidated Net Income),
or (ii) the redesignation of any Unrestricted Subsidiary as a Restricted
Subsidiary (valued in each case as provided in the definition of “Investment”), not to
exceed in the case of any such Unrestricted Subsidiary the aggregate amount of
Investments (other than Permitted Investments) made by the Company or any
Restricted Subsidiary in such Unrestricted Subsidiary after the Issue Date;
and

     

    (D) in the
case of any disposition or repayment of any Investment constituting a Restricted
Payment (without duplication of any amount deducted in calculating the amount of
Investments at any time outstanding included in the amount of Restricted
Payments), an amount in the aggregate equal to the lesser of the return of
capital, repayment or other proceeds with respect to all such Investments
received by the Company or a Restricted Subsidiary and the initial amount of all
such Investments constituting Restricted Payments.

     

    (b) The
provisions of Section
409(a) will not prohibit any of the following, so long as a Default shall
not have occurred and be continuing (or would result therefrom) (each, a “Permitted
Payment”):

     

    (i) any
purchase, redemption, repurchase, defeasance or other acquisition or retirement
of Capital Stock of the Company or Subordinated Obligations made by exchange
(including any such exchange pursuant to the exercise of a conversion

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    right or
privilege in connection with which cash is paid in lieu of the issuance of
fractional shares) for, or out of the proceeds of the substantially concurrent
issuance or sale of, Capital Stock of the Company (other than Disqualified Stock
and other than Capital Stock issued or sold to a Restricted Subsidiary) or a
substantially concurrent capital contribution to the Company; provided, that the Net Cash
Proceeds from such issuance, sale or capital contribution shall be excluded in
subsequent calculations under Section 409(a)(3)(B);

     

    (ii) any
purchase, redemption, repurchase, defeasance or other acquisition or retirement
of Subordinated Obligations (w) made by exchange for, or out of the proceeds of
the substantially concurrent issuance or sale of, Indebtedness of the Company or
Refinancing Indebtedness Incurred in compliance with Section 407, (x) from
Net Available Cash to the extent permitted by Section 411, (y)
following the occurrence of a Change of Control (or other similar event
described therein as a “change of control”),
but only if the Company shall have complied with Section 415 and, if
required, purchased all Notes tendered pursuant to the offer to repurchase all
the Notes required thereby, prior to purchasing or repaying such Subordinated
Obligations or (z) constituting Acquired Indebtedness;

     

    (iii) dividends
paid within 60 days after the date of declaration thereof if at such date of
declaration such dividend would have complied with Section
409(a);

     

    (iv) the
payment by the Company of, or loans, advances, dividends or distributions by the
Company to any Parent to pay, any outstanding principal amount of, plus accrued
and unpaid interest on, the Indirect Parent’s 3.50% Convertible Senior Notes due
2014;

     

    (v) the
payment by the Company of, or loans, advances, dividends or distributions by the
Company to any Parent to pay, dividends on or purchase or repurchase the common
stock or equity of such Parent in an amount not to exceed in any fiscal year $25
million;

     

    (vi) notwithstanding
the existence of any default or Event of Default, loans, advances, dividends or
distributions to any Parent or other payments by the Company or any Restricted
Subsidiary to permit such Parent to make payments pursuant to (A) any Tax
Sharing Agreement, or (B) to pay or permit any Parent to pay (1) any Parent
Expenses or (2) any Related Taxes;

     

    (vii) payments
by the Company, or loans, advances, dividends or distributions by the Company to
any Parent to make payments, to holders of Capital Stock of the Company or any
Parent in lieu of issuance of fractional shares of such Capital Stock, not to
exceed $5.0 million in the aggregate outstanding at any time;

     

    (viii) dividends
or other distributions of Capital Stock, Indebtedness or other securities of
Unrestricted Subsidiaries;

     

    (ix) the
declaration and payment of dividends to holders of any class or series of
Disqualified Stock, or of any Preferred Stock of a Restricted Subsidiary,
Incurred in accordance with the terms of the covenant described under Section 407
above;

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

    (x) distributions
by a Special Purpose Entity organized outside the United States to its partners
pursuant to a financing arrangement solely out of the cash flows of such Special
Purpose Entity;

     

    (xi)  Restricted
Payments (including loans and advances) in an aggregate amount outstanding at
any time not exceeding an amount (net of repayments of such loans or advances)
equal to 1% of Consolidated Tangible Assets;

     

    (xii)  the
purchase, redemption or other acquisition, cancellation or retirement for value
of Equity Interests of the Company or any Restricted Subsidiary or any Parent
held by any existing or former employees or management or directors of the
Company or any Parent or any Subsidiary of the Company or their assigns, estates
or heirs, in each case in connection with (x) the death or disability of
such employee, manager or director or (y) the repurchase provisions under
employee stock option or stock purchase agreements or other agreements to
compensate management employees or directors; provided that in the case of
clause (y) such redemptions or repurchases pursuant to such clause will not
exceed $2.5 million in the aggregate during any twelve-month period plus the
aggregate Net Cash Proceeds received by the Company after the Issue Date from
the issuance of such Capital Stock or equity appreciation rights to, or the
exercise of options, warrants or other rights to purchase or acquire Capital
Stock of the Company by, any current or former director, officer or employee of
the Company or any Restricted Subsidiary; provided that the amount of
such Net Cash Proceeds received by the Company and utilized pursuant to this
Section
409(b)(xii) for any such repurchase, redemption, acquisition or
retirement will be excluded from Section 409(a)(3)(B);
and provided, further,
that unused amounts available pursuant to this Section
409(b)(xii) to be utilized for Restricted Payments during any
twelve-month period may be carried forward and utilized in the next succeeding
twelve-month period; and

     

    (xiii)  repurchases
of Capital Stock deemed to occur upon the exercise of stock options, warrants or
other convertible securities if such Capital Stock represents (i) a portion
of the exercise price thereof or (ii) withholding incurred in connection
with such exercise.

     

    provided, that (A) in the
case of clauses (iii), (v), (vi)(B)(1) (but only such Parent Expenses referred
to in clause (ii) and clause (iv) of the definition of “Parent Expenses”),
(vii), (ix) and (xi), the net amount of any such Permitted Payment shall be
included in subsequent calculations of the amount of Restricted Payments (but
only to the extent such amount was not included as an expense in the calculation
of Consolidated Net Income), and (B) in all cases other than pursuant to clause
(A) immediately above, the net amount of any such Permitted Payment shall be
excluded in subsequent calculations of the amount of Restricted
Payments.

     

    Section
410. Limitation on Restrictions
on Distributions from Restricted Subsidiaries.  The
Company will not, and will not permit any Restricted Subsidiary to, create or
otherwise cause to exist or become effective any consensual encumbrance or
restriction on the 

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    ability
of any Restricted Subsidiary to (i) pay dividends or make any other
distributions on its Capital Stock or pay any Indebtedness or other obligations
owed to the Company, (ii) make any loans or advances to the Company or (iii)
transfer any of its property or assets to the Company (provided that dividend or
liquidation priority between classes of Capital Stock, or subordination of any
obligation (including the application of any remedy bars thereto) to any other
obligation, will not be deemed to constitute such an encumbrance or
restriction), except any encumbrance or restriction:

     

    (1) pursuant
to any agreement in effect at or entered into on the Issue Date, including,
without limitation, this Indenture, the Notes, the Senior Credit Facilities or
any other Credit Facility;

     

    (2) pursuant
to any agreement or instrument of a Person, or relating to Indebtedness or
Capital Stock of a Person, which Person is acquired by or merged or consolidated
with or into the Company or any Restricted Subsidiary, or which agreement or
instrument is assumed by the Company or any Restricted Subsidiary in connection
with an acquisition of assets from such Person, as in effect at the time of such
acquisition, merger or consolidation (except to the extent that such
Indebtedness was incurred to finance, or otherwise in connection with, such
acquisition, merger or consolidation); provided that for purposes of
this clause (2), if a Person other than the Company is the Successor Company
with respect thereto, any Subsidiary thereof or agreement or instrument of such
Person or any such Subsidiary shall be deemed acquired or assumed, as the case
may be, by the Company or a Restricted Subsidiary, as the case may be, when such
Person becomes such Successor Company;

     

    (3) pursuant
to an agreement or instrument (a “Refinancing
Agreement”) effecting a refinancing of Indebtedness Incurred pursuant to,
or that otherwise extends, renews, refunds, refinances or replaces, an agreement
or instrument referred to in clause (1) or (2) of this Section 410 or this
clause (3) (an “Initial Agreement”)
or contained in any amendment, supplement or other modification to an Initial
Agreement (an “Amendment”); provided, however, that the
encumbrances and restrictions contained in any such Refinancing Agreement or
Amendment taken as a whole are not materially less favorable to the Holders of
the Notes than encumbrances and restrictions contained in the Initial Agreement
or Initial Agreements to which such Refinancing Agreement or Amendment relates
(as determined in good faith by the Company);

     

    (4) (A) that
restricts in a customary manner the subletting, assignment or transfer of any
property or asset that is subject to a lease, license or similar contract, or
the assignment or transfer of any lease, license or other contract, (B) by
virtue of any transfer of, agreement to transfer, option or right with respect
to, or Lien on, any property or assets of the Company or any Restricted
Subsidiary not otherwise prohibited by this Indenture, (C) contained in
mortgages, pledges or other security agreements securing Indebtedness of a
Restricted Subsidiary to the extent restricting the transfer of the property or
assets subject thereto, (D) pursuant to customary provisions restricting
dispositions of real property interests set forth in any reciprocal easement
agreements of the Company or any Restricted Subsidiary, (E) pursuant to Purchase
Money Obligations that impose encumbrances or restrictions on the property or
assets so acquired, (F) on 

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

    cash or
other deposits or net worth imposed by customers or suppliers under agreements
entered into in the ordinary course of business, (G) pursuant to customary
provisions contained in agreements and instruments entered into in the ordinary
course of business (including but not limited to leases and joint venture and
other similar agreements entered into in the ordinary course of business), (H)
that arises or is agreed to in the ordinary course of business and does not
detract from the value of property or assets of the Company or any Restricted
Subsidiary in any manner material to the Company or such Restricted Subsidiary,
(I) pursuant to Hedging Obligations or (J) in connection with or relating to any
Vehicle Rental Concession Right or (K) that is included in the constating
documents of a Special Purpose Entity;

     

    (5) with
respect to a Restricted Subsidiary (or any of its property or assets) imposed
pursuant to an agreement entered into for the direct or indirect sale or
disposition of all or substantially all the Capital Stock or assets of such
Restricted Subsidiary (or the property or assets that are subject to such
restriction) pending the closing of such sale or disposition;

     

    (6) by reason
of any applicable law, rule, regulation or order, or required by any regulatory
authority having jurisdiction over the Company or any Restricted Subsidiary or
any of their businesses; or

     

    (7) pursuant
to an agreement or instrument (A) relating to any Indebtedness permitted to be
Incurred subsequent to the Issue Date pursuant to the provisions of Section 407 (i) if
the encumbrances and restrictions contained in any such agreement or instrument
taken as a whole are not materially less favorable to the Holders of the Notes
than the encumbrances and restrictions contained in the Initial Agreements (as
determined in good faith by the Company), or (ii) if such encumbrance or
restriction is not materially more disadvantageous to the Holders of the Notes
than is customary in comparable financings (as determined in good faith by the
Company) and either (x) the Company determines in good faith that such
encumbrance or restriction will not materially affect the Company’s ability to
make principal or interest payments on the Notes or (y) such encumbrance or
restriction applies only if a default occurs in respect of a payment or
financial covenant relating to such Indebtedness, (B) relating to any sale of
receivables by a Foreign Subsidiary, (C) of or relating to Indebtedness of or a
Financing Disposition by or to or in favor of any Special Purpose Entity or (D)
of a financing arrangement of a Special Purpose Entity organized outside the
United States.

     

    Section
411. Limitation on Sales of
Assets and Subsidiary Stock.  (a)
The Company will not, and will not permit any Restricted Subsidiary to, make any
Asset Disposition unless

     

    (i) the
Company or such Restricted Subsidiary receives consideration (including by way
of relief from, or by any other Person assuming responsibility for, any
liabilities, contingent or otherwise) at the time of such Asset Disposition at
least equal to the fair market value of the shares and assets subject to such
Asset Disposition, as such fair market value may be determined (and shall be
determined, to the extent such Asset Disposition or any series of related Asset
Dispositions involves aggregate consideration 

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

    in excess
of $25.0 million) in good faith by the Board of Directors, whose determination
shall be conclusive (including as to the value of all non-cash
consideration);

     

    (ii) in the
case of any Asset Disposition (or series of related Asset Dispositions) having a
fair market value of $25.0 million or more other than in a sale of the Budget
Truck Division for fair market value, at least 75% of the consideration therefor
(excluding, in the case of an Asset Disposition (or series of related Asset
Dispositions), any consideration by way of relief from, or by any other Person
assuming responsibility for, any liabilities, contingent or otherwise, that are
not Indebtedness) received by the Company or such Restricted Subsidiary is in
the form of cash; and

     

    (iii) an amount
equal to 100% of the Net Available Cash from such Asset Disposition is applied
by the Company (or any Restricted Subsidiary, as the case may be) as
follows:

     

    (A) first, either (x) to the
extent the Company elects (or is required by the terms of any Bank Indebtedness,
any senior indebtedness of the Company or any Subsidiary Guarantor or any
Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor), to
prepay, repay or purchase any such Indebtedness or (in the case of letters of
credit, bankers’ acceptances or other similar instruments) cash collateralize
any such Indebtedness (in each case other than Indebtedness owed to the Company
or a Restricted Subsidiary) within 365 days after the later of the date of such
Asset Disposition and the date of receipt of such Net Available Cash, or (y) to
the extent the Company or such Restricted Subsidiary elects, to invest in
Additional Assets (including by means of an investment in Additional Assets by a
Restricted Subsidiary with an amount equal to Net Available Cash received by the
Company or another Restricted Subsidiary) within 365 days from the later of the
date of such Asset Disposition and the date of receipt of such Net Available
Cash, or, if such investment in Additional Assets is a project authorized by the
Board of Directors that will take longer than such 365 days to complete, the
period of time necessary to complete such project;

     

    (B) second, if the balance of
such Net Available Cash after application in accordance with clause (A) above
exceeds $25.0 million (such balance, the “Excess Proceeds”), to
the extent of such Excess Proceeds, to make an offer to purchase Notes and (to
the extent the Company or such Restricted Subsidiary elects, or is required by
the terms thereof) to purchase, redeem or repay any other unsubordinated
indebtedness of the Company or a Restricted Subsidiary, pursuant and subject to
Section 41l(b)
and Section
41l(c) and the agreements governing such other Indebtedness;
and

     

    (C) third, to the extent of the
balance of such Net Available Cash after application in accordance with clauses
(A) and (B) above, to fund (to the extent consistent with any other applicable
provision of this Indenture) any general corporate purpose (including but not
limited to the repurchase, repayment or other acquisition or retirement of any
Subordinated Obligations);

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

    provided, however, that in connection
with any prepayment, repayment or purchase of Indebtedness pursuant to clause
(A)(x) or (B) above, the Company or such Restricted Subsidiary will retire such
Indebtedness and will cause the related loan commitment (if any) to be
permanently reduced in an amount equal to the principal amount so prepaid,
repaid or purchased.

     

    Notwithstanding
the foregoing provisions of this Section 411, the
Company and the Restricted Subsidiaries shall not be required to apply any Net
Available Cash or equivalent amount in accordance with this Section 411 except to
the extent that the aggregate Net Available Cash from all Asset Dispositions or
equivalent amount that is not applied in accordance with this Section 411
exceeds $50.0 million.  If the aggregate principal amount of Notes or
other Indebtedness of  the Company or a Restricted Subsidiary validly
tendered and not withdrawn (or otherwise subject to purchase, redemption or
repayment) in connection with an offer pursuant to clause (B) above exceeds the
Excess Proceeds, the Excess Proceeds will be apportioned between such Notes and
such other Indebtedness of the Company or a Restricted Subsidiary, with the
portion of the Excess Proceeds payable in respect of such Notes to equal the
lesser of (x) the Excess Proceeds amount multiplied by a fraction, the numerator
of which is the outstanding principal amount of such Notes and the denominator
of which is the sum of the outstanding principal amount of the Notes and the
outstanding principal amount of the relevant other Indebtedness of the Company
or a Restricted Subsidiary, and (y) the aggregate principal amount of Notes
validly tendered and not withdrawn.

     

    For the
purposes of clause (ii) of paragraph (a) above, the following are deemed to be
cash: (1) Temporary Cash Investments and Cash Equivalents, (2) the assumption of
Indebtedness of the Company (other than Disqualified Stock of the Company) or
any Restricted Subsidiary and the release of the Company or such Restricted
Subsidiary from all liability on payment of the principal amount of such
Indebtedness in connection with such Asset Disposition, (3) Indebtedness of
any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result
of such Asset Disposition, to the extent that the Company and each other
Restricted Subsidiary are released from any Guarantee of payment of the
principal amount of such Indebtedness in connection with such Asset Disposition,
(4) securities received by the Company or any Restricted Subsidiary from the
transferee that are converted by the Company or such Restricted Subsidiary into
cash within 180 days, and (5) consideration consisting of Indebtedness of the
Company or any Restricted Subsidiary.

     

    (b) In the
event of an Asset Disposition that requires the purchase of Notes pursuant to
Section
41l(a)(iii)(B), the Company will be required to purchase Notes tendered
pursuant to an offer by the Company for the Notes (the “Offer”) at a purchase
price of 100% of their principal amount plus accrued and unpaid interest to the
Purchase Date in accordance with the procedures (including prorating in the
event of oversubscription) set forth in Section
41l(c).  If the aggregate purchase price of the Notes tendered
pursuant to the offer is less than the Net Available Cash allotted to the
purchase of Notes, the remaining Net Available Cash will be available to the
Company for use in accordance with Section
41l(a)(iii)(B) (to repay other Indebtedness of the Company or a
Restricted Subsidiary) or Section
41l(a)(iii)(C).  The Company shall not be required to make an
offer for Notes pursuant to this Section 411 if the
Net Available Cash available therefor (after application of the proceeds as
provided in Section 41l(a)(iii)(A))
is less than $50.0 million for any particular Asset Disposition (which lesser
amounts shall be carried forward for purposes of determining whether an offer is
required 

     

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

    with
respect to the Net Available Cash from any subsequent Asset
Disposition).  No Note will be repurchased in part if less than $2,000
in original principal amount of such Note would be left
outstanding.

     

    (c) The
Company shall, not later than 45 days after the Company becomes obligated to
make an offer pursuant to this Section 411, mail a
notice to each Holder with a copy to the Trustee stating: (1) that an Asset
Disposition that requires the purchase of a portion of the Notes has occurred
and that such Holder has the right (subject to the prorating described below) to
require the Company to purchase a portion of such Holder’s Notes at a purchase
price in cash equal to 100% of the principal amount thereof, plus accrued and
unpaid interest, if any, to the date of purchase (subject to Section 307); (2) the
circumstances and relevant facts and financial information regarding such Asset
Disposition; (3) the repurchase date (which shall be no earlier than 30 days nor
later than 60 days from the date such notice is mailed; (4) the instructions
determined by the Company, consistent with this Section 411, that a
Holder must follow in order to have its Notes purchased; and (5) the amount of
the offer.  If, upon the expiration of the period for which the offer
remains open, the aggregate principal amount of Notes surrendered by the Holder
exceeds the amount of the offer, the Company shall select the Notes to be
purchased on a pro rata
basis (with such adjustments as may be deemed appropriate by the Company so that
only Notes in denominations of $2,000 or integral multiples of $1,000 in excess
thereof shall be purchased).

     

    (d) To the
extent that the provisions of any securities laws or regulations conflict with
provisions of this Section 411, the
Company may comply with the applicable securities laws and regulations and will
not be deemed to have breached its obligations under this Section 411 by virtue
thereof.

     

    Section
412. Limitation on Transactions
with Affiliates.  (a)
The Company will not, and will not permit any Restricted Subsidiary to, directly
or indirectly, enter into or conduct any transaction or series of related
transactions (including the purchase, sale, lease or exchange of any property or
the rendering of any service) with any Affiliate of the Company (an “Affiliate
Transaction”) unless (i) such Affiliate Transaction is entered into in
good faith and the terms of such Affiliate Transaction are, taken as a whole,
fair and reasonable to the Company or such Restricted Subsidiary, and (ii) if
such Affiliate Transaction involves aggregate consideration in excess of $25.0
million, the terms of such Affiliate Transaction have been approved by a
majority of the Disinterested Directors.  For purposes of this Section 412(a), any
Affiliate Transaction shall be deemed to have satisfied the requirements set
forth in this Section
412(a) if (x) such Affiliate Transaction is approved by a majority of the
Disinterested Directors or (y) in the event there are no Disinterested
Directors, the Company or such Restricted Subsidiary receives an opinion in
customary form from a nationally recognized appraisal or investment banking firm
to the effect that such Affiliate Transaction is fair to the Company or such
Restricted Subsidiary from a financial point of view.

     

    (b) The
provisions of Section
412(a) will not apply to:

     

    (i) any
Restricted Payment Transaction;

     

    
      
        
        

      

      
        73

        
          

        

      

      
        
        

      

    

    (ii) (1) the
entering into, maintaining or performance of any employment contract, collective
bargaining agreement, benefit plan, program or arrangement, related trust
agreement or any other similar arrangement for or with any employee, officer or
director heretofore or hereafter entered into in the ordinary course of
business, including vacation, health, insurance, deferred compensation,
severance, retirement, savings or other similar plans, programs or arrangements,
(2) the payment of compensation, performance of indemnification or contribution
obligations, or any issuance, grant or award of stock, options, other
equity-related interests or other securities, to employees, officers or
directors in the ordinary course of business, (3) the payment of reasonable fees
to directors of the Company or any of its Subsidiaries (as determined in good
faith by the Company or such Subsidiary), or (4) Management Advances and
payments in respect thereof (or in reimbursement of any expenses referred to in
the definition of such term);

     

    (iii) any
transaction with, including an investment in, the Company, any Restricted
Subsidiary, or any Special Purpose Entity;

     

    (iv) any
transaction arising out of agreements or instruments in existence on the Issue
Date and listed on Exhibit G hereto (other than any Tax Sharing Agreement
referred to in Section
412(b)(vi)), and any payments made pursuant thereto;

     

    (v) any
transaction in the ordinary course of business, or approved by a majority of the
Board of Directors, between the Company or any Restricted Subsidiary and any
Affiliate of the Company controlled by the Company that is a joint venture or
similar entity;

     

    (vi) the
execution, delivery and performance of any Tax Sharing Agreement;

     

    (vii) any
issuance or sale of Capital Stock (other than Disqualified Stock) of the Company
or capital contribution to the Company;

     

    (viii) transactions
with Affiliates solely in their capacity as holders of Indebtedness or Capital
Stock of the Company or any of its Subsidiaries, where such Affiliates hold less
Indebtedness or Capital Stock than non-Affiliates and such Affiliates receive
the same consideration as non-Affiliates in such transactions;

     

    (ix)  any
transaction with any Person who is not an Affiliate immediately before the
consummation of such transaction that becomes an Affiliate as a result of such
transaction; and  

     

    (x) transactions
exclusively between or among the Company and any of its Restricted Subsidiaries,
provided such transactions are not otherwise prohibited by this
Indenture.

     

    Section
413. Limitation on
Liens.  The
Company shall not, and shall not permit any Restricted Subsidiary to, directly
or indirectly, create or permit to exist any Lien (other than Permitted Liens)
on any of its property or assets (including Capital Stock of any other Person),

     

    
      
        
        

      

      
        74

        
          

        

      

      
        
        

      

    

    whether
owned on the date of this Indenture or thereafter acquired, securing any
Indebtedness (the “Initial Lien”),
unless contemporaneously therewith effective provision is made to secure the
Indebtedness due under this Indenture and the Notes or, in respect of Liens on
any Restricted Subsidiary’s property or assets, any Subsidiary Guarantee of such
Restricted Subsidiary, equally and ratably with (or on a senior basis to, in the
case of Subordinated Obligations or Guarantor Subordinated Obligations) such
obligation for so long as such obligation is so secured by such Initial
Lien.  Any such Lien thereby created in favor of the Notes or any such
Subsidiary Guarantee will be automatically and unconditionally released and
discharged upon (i) the release and discharge of the Initial Lien to which it
relates, (ii) in the case of any such Lien in favor of any such Subsidiary
Guarantee, upon the termination and discharge of such Subsidiary Guarantee in
accordance with the terms of Section 1303 or (iii)
any sale, exchange or transfer (other than a transfer constituting a transfer of
all or substantially all of the assets of the Company that is governed by Section 501) to any
Person not an Affiliate of the Company of the property or assets secured by such
Initial Lien, or of all of the Capital Stock held by the Company or any
Restricted Subsidiary in, or all or substantially all the assets of, any
Restricted Subsidiary creating such Initial Lien.

     

    Section
414. Future Subsidiary
Guarantors.  From
and after the Issue Date, the Company will cause each Domestic Subsidiary that
guarantees payment by the Company of any Indebtedness of the Company under the
Senior Credit Facilities to execute and deliver to the Trustee a supplemental
indenture or other instrument pursuant to which such Domestic Subsidiary will
guarantee payment of the Notes, whereupon such Domestic Subsidiary will become a
Subsidiary Guarantor for all purposes under this Indenture.  In
addition, the Company may cause any Subsidiary or other Person that is not a
Subsidiary Guarantor to guarantee payment of the Notes and become a Subsidiary
Guarantor.  Subsidiary Guarantees will be subject to release and
discharge under certain circumstances prior to payment in full of the
Notes.

     

    Section
415. Purchase of Notes Upon a
Change in Control.  (a)
Upon the occurrence after the Issue Date of a Change of Control, each Holder of
Notes will have the right to require the Company to repurchase all or any part
of such Notes at a purchase price in cash equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, to, but not including, the
date of repurchase (subject to Section 307); provided, however, that the Company
shall not be obligated to repurchase Notes pursuant to this Section 415 in the
event that it has exercised its right to redeem all of the Notes as provided in
Article
X.

     

    (b) In the
event that, at the time of such Change of Control, the terms of any Bank
Indebtedness restrict or prohibit the repurchase of the Notes pursuant to this
Section 415,
then prior to the mailing of the notice to Holders provided for in Section 415(c) but in
any event not later than 30 days following the date the Company obtains actual
knowledge of any Change of Control (unless the Company has exercised its right
to redeem all the Notes as provided in Article X), the
Company shall, or shall cause one or more of its Subsidiaries to, (i) repay in
full all such Bank Indebtedness subject to such terms or offer to repay in full
all such Bank Indebtedness and repay the Bank Indebtedness of each lender who
has accepted such offer or (ii) obtain the requisite consent under the
agreements governing such Bank Indebtedness to permit the repurchase of the
Notes as provided for in Section
415(c).  The Company shall first comply with the provisions of
the immediately preceding sentence before it shall be required to 

     

    
      
        
        

      

      
        75

        
          

        

      

      
        
        

      

    

    repurchase
Notes pursuant to the provisions set forth in this Section
415.  The Company’s failure to comply with the provisions of
this Section
415(b) or Section 415(c) shall
constitute an Event of Default described in Section 601(iv) and
not in Section
601(ii).

     

    (c) Unless
the Company has exercised its right to redeem all the Notes as described under
Article X, the
Company shall, not later than 30 days following the date the Company obtains
actual knowledge of any Change of Control having occurred, mail a notice (a
“Change of Control
Offer”) to each Holder with a copy to the Trustee stating: (1) that a
Change of Control has occurred or may occur and that such Holder has, or upon
such occurrence will have, the right to require the Company to purchase such
Holder’s Notes at a purchase price in cash equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, to, but not including, the
date of purchase (subject to the right of Holders of record on a record date to
receive interest on the relevant interest payment date); (2) the repurchase date
(which shall be no earlier than 30 days nor later than 60 days from the date
such notice is mailed); (3) the instructions determined by the Company,
consistent with this Section 415, that a
Holder must follow in order to have its Notes purchased; and (4) if such notice
is mailed prior to the occurrence of a Change of Control, that such offer is
conditioned on the occurrence of such Change of Control.  No Note will
be repurchased in part if less than $2,000 in original principal amount of such
Note would be left outstanding.

     

    (d) The
Company will not be required to make a Change of Control Offer upon a Change of
Control if (i) a third party makes the Change of Control Offer in the manner, at
the times and otherwise in compliance with the requirements set forth in the
Indenture applicable to a Change of Control Offer made by the Company and
purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer, or (ii) notice of redemption has been given pursuant to the
Indenture as provided in Article X, unless and until there is a default of the
applicable redemption price.

     

    (e) To the
extent that the provisions of any securities laws or regulations conflict with
provisions of this Section 415, the
Company may comply with the applicable securities laws and regulations and will
not be deemed to have breached its obligations under this Section 415 by virtue
thereof.

     

    ARTICLE
V

    SUCCESSORS

     

    Section
501. When the Company May Merge,
Etc.  (a)
The Company will not consolidate with or merge with or into, or convey, transfer
or lease all or substantially all its assets to, any Person,
unless:

     

    (i) the
resulting, surviving or transferee Person (the “Successor Company”)
will be a Person organized and existing under the laws of the United States of
America, any State thereof or the District of Columbia and the Successor Company
(if not the Company) will expressly assume all the obligations of the Company
under the Notes and this Indenture by executing and delivering to the Trustee a
supplemental indenture or one or more other documents or
instruments;

     

    
      
        
        

      

      
        76

        
          

        

      

      
        
        

      

    

    (ii) immediately
after giving effect to such transaction (and treating any Indebtedness that
becomes an obligation of the Successor Company or any Restricted Subsidiary as a
result of such transaction as having been Incurred by the Successor Company or
such Restricted Subsidiary at the time of such transaction), no Default will
have occurred and be continuing;

     

    (iii) immediately
after giving effect to such transaction, either (A) the Successor Company could
Incur at least $1.00 of additional Indebtedness pursuant to Section 407(a), or
(B) the Consolidated Coverage Ratio of the Company (or, if applicable, the
Successor Company with respect thereto) would equal or exceed the Consolidated
Coverage Ratio of the Company immediately prior to giving effect to such
transaction;

     

    (iv) each
applicable Subsidiary Guarantor (other than (x) any Subsidiary Guarantor that
will be released from its obligations under its Subsidiary Guarantee in
connection with such transaction and (y) any party to any such consolidation or
merger) shall have delivered a supplemental indenture or other document or
instrument, confirming its Subsidiary Guarantee (other than any Subsidiary
Guarantee that will be discharged or terminated in connection with such
transaction); and

     

    (v) the
Company will have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each to the effect that such consolidation, merger or
transfer complies with the provisions described in this paragraph, provided that (x) in giving
such opinion such counsel may assume compliance with the foregoing clauses (ii)
and (iii) to the extent such opinion would otherwise be required to address
financial matters or tests, and as to any matters of fact may rely on an
Officer’s Certificate, and (y) no Opinion of Counsel will be required for a
consolidation, merger or transfer described in Section 50l(b).

     

    Any
Indebtedness that becomes an obligation of the Company or any Restricted
Subsidiary (or that is deemed to be Incurred by any Person that becomes a
Restricted Subsidiary) as a result of any such transaction undertaken in
compliance with this Section 501, and any
Refinancing Indebtedness with respect thereto, shall be deemed to have been
Incurred in compliance with Section
407.

     

    (b) Clauses
(ii) and (iii) of Section 50l(a) will
not apply to any transaction in which (1) any Restricted Subsidiary consolidates
with, merges with or into or conveys or transfers all or part of its assets to
the Company or (2) the Company consolidates with or merges with or into or
conveys or transfers all or substantially all its properties and assets to (x)
an Affiliate incorporated or organized for the purpose of reincorporating or
reorganizing the Company in another jurisdiction or changing its legal structure
to a corporation or other entity or (y) a Restricted Subsidiary of the Company
so long as all assets of the Company and the Restricted Subsidiaries immediately
prior to such transaction (other than Capital Stock of such Restricted
Subsidiary) are owned by such Restricted Subsidiary and its Restricted
Subsidiaries immediately after the consummation thereof.

     

    
      
        
        

      

      
        77

        
          

        

      

      
        
        

      

    

    Section
502. Successor Company
Substituted.  Upon
any transaction involving the Company in accordance with Section 501 in which
the Company is not the Successor Company, the Successor Company shall succeed
to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture, and thereafter the predecessor Company shall be
relieved of all obligations and covenants under this Indenture, except that the
predecessor Company in the case of a lease of all or substantially all its
assets shall not be released from the obligation to pay the principal of and
interest on the Notes.

     

    ARTICLE
VI 

    REMEDIES

     

    Section
601. Events of
Default.  An
“Event of
Default” means the occurrence of the following:

     

    (i) a default
in any payment of interest on any Note when due, continued for a period of 30
days;

     

    (ii) a default
in the payment of principal of any Note when due, whether at its Stated
Maturity, upon optional redemption, upon required repurchase, upon declaration
of acceleration or otherwise;

     

    (iii) the
failure by the Company to comply with its obligations under Section
50l(a);

     

    (iv) the
failure by the Company to comply for 30 days after the notice specified in the
penultimate paragraph of this Section 601 with any
of its obligations under Section 415 (other
than a failure to purchase the Notes);

     

    (v) the
failure by the Company to comply for 60 days after the notice specified in the
penultimate paragraph of this Section 601 with its
other agreements contained in the Notes or this Indenture;

     

    (vi) the
failure by any Subsidiary Guarantor to comply for 45 days after the notice
specified in the penultimate paragraph of this Section 601 with its
obligations under its Subsidiary Guarantee;

     

    (vii) the
failure by the Company or any Restricted Subsidiary to pay any Indebtedness
within any applicable grace period after final maturity or the acceleration of
any such Indebtedness by the holders thereof because of a default, if the total
amount of such Indebtedness so unpaid or accelerated exceeds $50.0 million or
its foreign currency equivalent; provided, that no Default or
Event of Default will be deemed to occur with respect to any such accelerated
Indebtedness that is paid or otherwise acquired or retired within 30 days after
such acceleration;

     

    (viii) the
taking of any of the following actions by the Company or a Significant
Subsidiary, or by each of such other Restricted Subsidiaries that are not

     

    
      
        
        

      

      
        78

        
          

        

      

      
        
        

      

    

    Significant
Subsidiaries but would in the aggregate constitute a Significant Subsidiary if
considered as a single Person, pursuant to or within the meaning of any
Bankruptcy Law:

     

    (A) the
commencement of a voluntary case;

     

    (B) the
consent to the entry of an order for relief against it in an involuntary
case;

     

    (C) the
consent to the appointment of a Custodian of it or for any substantial part of
its property; or

     

    (D) the
making of a general assignment for the benefit of its creditors;

     

    (ix) a court
of competent jurisdiction enters an order or decree under any Bankruptcy Law
that:

     

    (A) is for
relief against the Company or any Significant Subsidiary, or against each of
such other Restricted Subsidiaries that are not Significant Subsidiaries but
would in the aggregate constitute a Significant Subsidiary if considered as a
single Person, in an involuntary case;

     

    (B) appoints
(x) a Custodian of the Company or any Significant Subsidiary or for any
substantial part of its property, or (y) a Custodian of each of such other
Restricted Subsidiaries that are not Significant Subsidiaries but would in the
aggregate constitute a Significant Subsidiary if considered as a single Person,
or for any substantial part of their property in the aggregate; or

     

    (C) orders
the winding up or liquidation of the Company or any Significant Subsidiary, or
of each of such other Restricted Subsidiaries that are not Significant
Subsidiaries but would in the aggregate constitute a Significant Subsidiary if
considered as a single Person;

     

    and the
order or decree remains unstayed and in effect for 60 days;

     

    (x) the
rendering of any judgment or decree for the payment of money in an amount (net
of any insurance or indemnity payments actually received in respect thereof
prior to or within 90 days from the entry thereof, or to be received in respect
thereof in the event any appeal thereof shall be unsuccessful) in excess of
$50.0 million or its foreign currency equivalent against the Company or a
Significant Subsidiary, or jointly and severally against other Restricted
Subsidiaries that are not Significant Subsidiaries but would in the aggregate
constitute a Significant Subsidiary if considered as a single Person, that is
not discharged, or bonded or insured by a third Person, if such judgment or
decree remains outstanding for a period of 90 days following such judgment or
decree and is not discharged, waived or stayed; or

     

    (xi) the
failure of any Subsidiary Guarantee by a Subsidiary Guarantor that is a
Significant Subsidiary to be in full force and effect (except as contemplated by
the terms thereof or of this Indenture) or the denial or disaffirmation in
writing by any 

     

    
      
        
        

      

      
        79

        
          

        

      

      
        
        

      

    

    Subsidiary
Guarantor that is a Significant Subsidiary of its obligations under this
Indenture or its Subsidiary Guarantee (other than by reason of the termination
of this Indenture or such Subsidiary Guarantee or the release of such Subsidiary
Guarantee in accordance with such Subsidiary Guarantee and this Indenture), if
such Default continues for 10 days.

     

    The
foregoing will constitute Events of Default whatever the reason for any such
Event of Default and whether it is voluntary or involuntary or is effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental
body.

     

    The term
“Bankruptcy
Law” means Title 11, United States Code, or any similar federal, state or
foreign law for the relief of debtors.  The term “Custodian” means any
receiver, trustee, assignee, liquidator, custodian or similar official under any
Bankruptcy Law.

     

    However,
a Default under clause (iv), (v) or (vi) will not constitute an Event of Default
until the Trustee or the Holders of at least 30% in principal amount of the
Outstanding Notes notify the Company of the Default and the Company does not
cure such Default within the time specified in such clause after receipt of such
notice.  Such notice must specify the Default, demand that it be
remedied and state that such notice is a “Notice of Default.”
When a Default or an Event of Default is cured, it ceases.

     

    The
Company shall deliver to the Trustee, within 30 days after the occurrence
thereof, written notice in the form of an Officer’s Certificate of any Event of
Default under clause (vii) or (x) and any event that with the giving of notice
or the lapse of time would become an Event of Default under clause (iv), (v) or
(vi), its status and what action the Company is taking or proposes to take with
respect thereto.

     

    Section
602. Acceleration of Maturity;
Rescission and Annulment.  If
an Event of Default (other than an Event of Default specified in Section 601(viii) or
Section
60l(ix)) occurs and is continuing, the Trustee by notice to the Company,
or the Holders of at least 30% in principal amount of the Outstanding Notes by
notice to the Company and the Trustee, in either case specifying in such notice
the respective Event of Default and that such notice is a “notice of
acceleration,” may declare the principal of and accrued but unpaid interest on
all the Notes to be due and payable.  Upon the effectiveness of such a
declaration, such principal and interest will be due and payable
immediately.

     

    Notwithstanding
the foregoing, if an Event of Default specified in Section 60l(viii)
or Section
60l(ix) occurs and is continuing, the principal of and accrued but unpaid
interest on all the Outstanding Notes will ipso facto become immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holder.  The Holders of a majority in principal amount of the
Outstanding Notes by notice to the Company and the Trustee may rescind an
acceleration and its consequences if the rescission would not conflict with any
judgment or decree and if all existing Events of Default have been cured or
waived except non-payment of principal or interest that has become due solely
because of such acceleration.  No such rescission shall affect any
subsequent Default or impair any right consequent thereto.

     

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

    

    Section
603. Other Remedies; Collection
Suit by Trustee.  If
an Event of Default occurs and is continuing, the Trustee may, but is not
obligated under Section 603 to,
pursue any available remedy to collect the payment of principal of or interest
on the Notes or to enforce the performance of any provision of the Notes or this
Indenture.  If an Event of Default specified in Section 60l(i) or
60l(ii) occurs
and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount then due
and owing (together with interest on any unpaid interest to the extent lawful)
and the amounts provided for in Section
707.

     

    Section
604. Trustee May File Proofs of
Claim.  The
Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee and the
Holders allowed in any judicial proceedings relative to the Company or any other
obligor upon the Notes, its creditors or its property and, unless prohibited by
law or applicable regulations, may vote on behalf of the Holders in any election
of a trustee in bankruptcy or other Person performing similar functions, and any
Custodian in any such judicial proceeding is hereby authorized by each Holder to
make payments to the Trustee and, in the event that the Trustee shall consent to
the making of such payments directly to the Holders, to pay to the Trustee any
amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and its counsel, and any other amounts due
the Trustee under Section
707.

     

    No
provision of this Indenture shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.

     

    Section
605. Trustee May Enforce Claims
Without Possession of Notes.  All
rights of action and claims under this Indenture or the Notes may be prosecuted
and enforced by the Trustee without the possession of any of the Notes or the
production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Notes in respect of which such judgment has been recovered.

     

    Section
606. Application of Money
Collected.  Any
money collected by the Trustee pursuant to this Article VI shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal (or premium,
if any) or interest, upon presentation of the Notes and the notation thereon of
the payment if only partially paid and upon surrender thereof if fully
paid:

     

    First: To the payment
of all amounts due the Trustee under Section
707;

     

    Second: To the
payment of the amounts then due and unpaid upon the Notes for principal (and
premium, if any) and interest, in respect of which or for the benefit of which
such money has been collected, ratably, without preference or priority of any
kind,

     

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

    

     according
to the amounts due and payable on such Notes for principal (and premium, if any)
and interest, respectively; and

     

    Third: To the
Company.

     

    Section
607. Limitation on
Suits.  Subject
to Section 608
hereof, no Holder may pursue any remedy with respect to this Indenture or the
Notes unless:

     

    (i) such
Holder has previously given the Trustee written notice that an Event of Default
is continuing;

     

    (ii) Holders
of at least 30% in principal amount of the Outstanding Notes have requested the
Trustee in writing to pursue the remedy;

     

    (iii) such
Holder or Holders have offered to the Trustee reasonable security or indemnity
against any loss, liability or expense;

     

    (iv) the
Trustee has not complied with the request within 60 days after receipt of the
request and the offer of security or indemnity; and

     

    (v) the
Holders of a majority in principal amount of the Outstanding Notes have not
given the Trustee a direction inconsistent with the request within such 60-day
period.

     

    A Holder
may not use this Indenture to affect, disturb or prejudice the rights of another
Holder, to obtain a preference or priority over another Holder or to enforce any
right under this Indenture except in the manner herein provided and for the
equal and ratable benefit of all Holders.

     

    Section
608. Unconditional Right of
Holders to Receive Principal and Interest.  Notwithstanding
any other provision in this Indenture, the Holder of any Note shall have the
absolute and unconditional right to receive payment of the principal of,
premium, (if any) and all (subject to Section 307)
interest on such Note on the respective Stated Maturity or Interest Payment
Dates expressed in such Note and to institute suit for the enforcement of any
such payment on or after such respective Stated Maturity or Interest Payment
Dates, and such right shall not be impaired without the consent of such
Holder.

     

    Section
609. Restoration of Rights and
Remedies.  If
the Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture or any Note and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case the Company, any
other obligor upon the Notes, the Trustee and the Holders shall, subject to any
determination in such proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

     

    Section
610. Rights and Remedies
Cumulative.  No
right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any 

     

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

    other
right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     

    Section
611. Delay or Omission Not
Waiver.  No
delay or omission of the Trustee or of any Holder of any Note to exercise any
right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein.  Every right and remedy given by this Article VI or by law
to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case
may be.

     

    Section
612. Control by
Holders.  The
Holders of not less than a majority in aggregate principal amount of the
Outstanding Notes shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee, provided that

     

    (1) such
direction shall not be in conflict with any rule of law or with this Indenture,
and

     

    (2) the
Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.

     

    However,
the Trustee may refuse to follow any direction that conflicts with law or this
Indenture or, subject to Section 701, that the
Trustee determines is unduly prejudicial to the rights of any other Holder or
that would involve the Trustee in personal liability; provided, however, that the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent
with such direction.  Prior to taking any action under this Indenture,
the Trustee shall be entitled to indemnification satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking such
action.  This Section 612 shall be
in lieu of § 316(a)(1)(A) of the TIA, and such § 316(a)(1)(A) of the TIA is
hereby expressly excluded from this Indenture and the Notes, as permitted by the
TIA.

     

    Section
613. Waiver of Past
Defaults.  The
Holders of not less than a majority in aggregate principal amount of the
Outstanding Notes may on behalf of the Holders of all the Notes waive any past
Default hereunder and its consequences, except a Default

     

    (1) in the
payment of the principal of or interest on any Note (which may only be waived
with the consent of each Holder of Notes affected), or

     

    (2) in
respect of a covenant or provision hereof that pursuant to the second paragraph
of Section 902
cannot be modified or amended without the consent of the Holder of each
Outstanding Note affected.

     

    Upon any
such waiver, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or
Event of Default or impair any 

     

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

    right
consequent thereon.  In case of any such waiver, the Company, any
other obligor upon the Notes, the Trustee and the Holders shall be restored to
their former positions and rights hereunder and under the Notes,
respectively.  This paragraph of this Section 613 shall be
in lieu of § 316(a)(1)(B) of the TIA, and such § 316(a)(1)(B) of the TIA is
hereby expressly excluded from this Indenture and the Notes, as permitted by the
TIA.

     

    Section
614. Undertaking for
Costs.  All
parties to this Indenture agree, and each Holder of any Note by such Holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture or the Notes, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party
litigant.  This Section 614 shall not
apply to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the Outstanding Notes, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of (or premium, if any) or interest
on any Note on or after the respective Stated Maturity or Interest Payment Dates
expressed in such Note.

     

    Section
615. Waiver of Stay, Extension or
Usury Laws.  The
Company (to the extent that it may lawfully do so) shall not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law or any usury or other similar law
wherever enacted, now or at any time hereafter in force, that would prohibit or
forgive the Company from paying all or any portion of the principal of (or
premium, if any) or interest on the Notes contemplated herein or in the Notes or
that may affect the covenants or the performance of this Indenture; and the
Company (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and shall not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law had been
enacted.

     

    ARTICLE
VII  

    THE
TRUSTEE

     

    Section
701. Certain Duties and
Responsibilities.  (a)
Except during the continuance of an Event of Default,

     

    (1) the
Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee;
and

     

    (2) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but in the case of any such certificates or
opinions that by any provision hereof are specifically required to be furnished
to the Trustee, the Trustee shall be under a 

     

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

    

    duty to
examine the same to determine whether or not they conform to the requirements of
this Indenture, but need not verify the contents thereof.

     

    (b) In case
an Event of Default has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in their exercise, as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own
affairs.

     

    (c) No
provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or its
own willful misconduct, except that (i) this paragraph does not limit the effect
of Section
70l(a); (ii) the Trustee shall not be liable for any error of judgment
made in good faith by a Trust Officer, unless it is proved that the Trustee was
negligent in ascertaining the pertinent facts; and (iii) the Trustee shall not
be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section
612.

     

    (d) No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers, if it shall
have reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to
it.

     

    (e) Whether
or not therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Section 701 and Section
703.

     

    Section
702. Notice of
Defaults.  If
a Default occurs and is continuing and is known to the Trustee, the Trustee must
mail within 90 days after it occurs, to all Holders as their names and addresses
appear in the Note Register, notice of such Default hereunder known to the
Trustee unless such Default shall have been cured or waived; provided, however, that, except in the
case of a Default in the payment of the principal of, premium, if any, or
interest on any Note, the Trustee shall be protected in withholding such notice
if and so long as the board of directors, the executive committee or a trust
committee of Responsible Officers of the Trustee in good faith determines that
the withholding of such notice is in the interests of the Holders.

     

    Section
703. Certain Rights of
Trustee.  Subject
to the provisions of Section 701:

     

    (1) the
Trustee may rely and shall be protected in acting or refraining from acting upon
any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed
or presented by the proper party or parties;

     

    (2) any
request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order thereof, and any resolution of
any Person’s Board of Directors shall be sufficiently evidenced if certified

     

    
      
        
        

      

      
        85

        
          

        

      

      
        
        

      

    

    by an
Officer of such Person as having been duly adopted and being in full force and
effect on the date of such certificate;

     

    (3) whenever
in the administration of this Indenture the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate of the Company;

     

    (4) the
Trustee may consult with counsel and the written advice of such counselor and
any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon;

     

    (5) the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders
pursuant to this Indenture, unless such Holders shall have offered to the
Trustee reasonable security or indemnity against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or
direction;

     

    (6) the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, note, other evidence of
indebtedness or other paper or document; and

     

    (7) the
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee
shall not be responsible for any misconduct or negligence on the part of any
agent or attorney appointed with due care by it hereunder.

     

    Section
704. Not Responsible for Recitals
or Issuance of Notes.  The
recitals contained herein and in the Notes, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their
correctness.  The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Notes, except that the Trustee
represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Notes and perform its obligations hereunder and that the
statements made by it in a Statement of Eligibility and Qualification on Form
T-l supplied to the Company and any other obligor upon the Notes in connection
with the registration of any Notes and any Subsidiary Guarantees issued
hereunder are and will be true and accurate subject to the qualifications set
forth therein.  Neither the Trustee nor any Authenticating Agent shall
be accountable for the use or application by the Company of the Notes or the
proceeds thereof.

     

    Section
705. May Hold
Notes.  The
Trustee, any Authenticating Agent, any Paying Agent, any Note Registrar or any
other agent of the Company, in its individual or any other capacity, may become
the owner or pledgee of Notes and, subject to Section 708 and Section 713, may
otherwise deal with the Company or its Affiliates with the same rights it

     

    
      
        
        

      

      
        86

        
          

        

      

      
        
        

      

    

    would
have if it were not Trustee, Authenticating Agent, Paying Agent, Note Registrar
or such other agent.

     

    Section
706. Money Held in
Trust.  Money
held by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law.  The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Company.

     

    Section
707. Compensation and
Reimbursement.  The
Company agrees,

     

    (1) to pay to
the Trustee from time to time reasonable compensation for all services rendered
by the Trustee hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust);

     

    (2) except as
otherwise expressly provided herein, to reimburse the Trustee upon its request
for all reasonable out-of-pocket expenses incurred by the Trustee in accordance
with any provision of this Indenture (including the reasonable compensation and
the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad
faith; and

     

    (3) to
indemnify the Trustee for, and to hold it harmless against, any loss, liability
or expense incurred without negligence or bad faith on the Trustee’s part,
arising out of or in connection with the administration of the trust or trusts
hereunder, including the costs and expenses of defending itself against any
claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder.

     

    The
Company need not pay for any settlement made without its consent.  The
provisions of this Section 707 shall
survive the termination of this Indenture.

     

    Section
708. Conflicting
Interests.  If
the Trustee has or shall acquire a conflicting interest within the meaning of
the TIA, the Trustee shall eliminate such interest, apply to the SEC for
permission to continue as Trustee with such conflict or resign, to the extent
and in the manner provided by, and subject to the provisions of, the TIA and
this Indenture.  To the extent permitted by the TIA, the Trustee shall
not be deemed to have a conflicting interest by virtue of being a trustee under
this Indenture with respect to Original Notes and Additional Notes, or a trustee
under any other indenture between the Company and the Trustee.

     

    Section
709. Corporate Trustee Required;
Eligibility.  There
shall at all times be one (and only one) Trustee hereunder.  The
Trustee shall be a Person that is eligible pursuant to the TIA to act as such
and has a combined capital and surplus (together with its corporate parent) of
at least $50,000,000.  If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its
supervising or examining authority, then for the purposes of this Section and to
the extent permitted by the TIA, the combined capital and surplus of such Person
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published.  If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section 709, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article.

     

    
      
        
        

      

      
        87

        
          

        

      

      
        
        

      

    

    Section
710. Resignation and Removal;
Appointment of Successor.  No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section
711.

     

    The
Trustee may resign at any time by giving written notice thereof to the
Company.  If the instrument of acceptance by a successor Trustee
required by Section
711 shall not have been delivered to the Trustee within 30 days after the
giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor
Trustee.

     

    The
Trustee may be removed at any time by Act of the Holders of a majority in
principal amount of the Outstanding Notes, delivered to the Trustee and to the
Company.

     

    If at any
time:

     

    (1) the
Trustee shall fail to comply with Section 708 after
written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Note for at least six months, or

     

    (2) the
Trustee shall cease to be eligible under Section 709 and shall
fail to resign after written request therefor by the Company or by any such
Holder, or

     

    (3) the
Trustee shall become incapable of acting or shall be adjudged bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation,

     

    then, in
any such case, (A) the Company may remove the Trustee, or (B) subject to Section 614, any
Holder who has been a bona fide Holder of a Note for at least six months may, on
behalf of itself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee or Trustees.

     

    If the
Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, the Company shall promptly
appoint a successor Trustee and shall comply with the applicable requirements of
Section
711.  If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee shall be
appointed by Act of the Holders of a majority in principal amount of the
Outstanding Notes delivered to the Company and the retiring Trustee, the
successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 711, become
the successor Trustee and to that extent supersede the successor Trustee
appointed by the Company.  If no successor Trustee shall have been so
appointed by the Company or the Holders and accepted appointment in the manner
required by Section
711, then, subject to Section 614, any
Holder who has been a bona fide Holder of a Note for at least six months may, on
behalf of itself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee.

     

    
      
        
        

      

      
        88

        
          

        

      

      
        
        

      

    

    The
Company shall give notice of each resignation and each removal of the Trustee
and each appointment of a successor Trustee to all Holders in the manner
provided in Section
110.  Each notice shall include the name of the successor
Trustee and the address of its Corporate Trust Office.

     

    Section
711. Acceptance of Appointment by
Successor.  In
case of the appointment hereunder of a successor Trustee, every such successor
Trustee so appointed shall execute, acknowledge and deliver to the Company and
to the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and
such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on the request of the Company or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and
trusts of the retiring Trustee and shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee
hereunder.

     

    Upon
request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to
above.

     

    No
successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this
Article
VII.

     

    Section
712. Merger, Conversion,
Consolidation or Succession to Business.  Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article VII, without
the execution or filing of any paper or any further act on the part of any of
the parties hereto.  In case any Notes shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Notes so authenticated with the same effect as if
such successor Trustee had itself authenticated such Notes.

     

    Section
713. Preferential Collection of
Claims Against the Company.  If
and when the Trustee shall be or become a creditor of the Company (or any other
obligor upon the Notes), the Trustee shall be subject to the provisions of the
TIA regarding the collection of claims against the Company (or any such other
obligor) or realizing on certain property received by it in respect of such
claims.

     

    Section
714. Appointment of
Authenticating Agent.  The
Trustee may appoint an Authenticating Agent acceptable to the Company to
authenticate the Notes.  Any such appointment shall be evidenced by an
instrument in writing signed by a Trust Officer, a copy of which instrument
shall be promptly furnished to the Company.  Unless limited by the
terms of such appointment, an Authenticating Agent may authenticate Notes
whenever the Trustee may do so.  Each reference in this Indenture to
authentication (or execution of a certificate of authentication) by the Trustee
includes authentication (or execution of a certificate of 

     

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

    

    authentication)
by such Authenticating Agent.  An Authenticating Agent has the same
rights as any Registrar, Paying Agent or agent for service of notices and
demands.

     

    ARTICLE
VIII

    HOLDERS’ LISTS AND REPORTS
BY

    TRUSTEE AND THE
COMPANY

     

    Section
801. The Company to Furnish
Trustee Names and Addresses of Holders.  The
Company will furnish or cause to be furnished to the Trustee

     

    (1) semi-annually,
not more than 10 days after each Regular Record Date, a list, in such form as
the Trustee may reasonably require, of the names and addresses of the Holders as
of such Regular Record Date, and

     

    (2) at such
other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is
furnished;

     

    provided, however, that if and to the
extent and so long as the Trustee shall be the Note Registrar, no such list need
be furnished pursuant to this Section
801.

     

    Section
802. Preservation of Information;
Communications to Holders.  The
Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list, if any,
furnished to the Trustee as provided in Section 801 and the
names and addresses of Holders received by the Trustee in its capacity as Note
Registrar; provided, however, that if and so long
as the Trustee shall be the Note Registrar, the Note Register shall satisfy the
requirements relating to such list.  None of the Company, any
Guarantor or the Trustee or any other Person shall be under any responsibility
with regard to the accuracy of such list.  The Trustee may destroy any
list furnished to it as provided in Section 801 upon
receipt of a new list so furnished.

     

    The
rights of Holders to communicate with other Holders with respect to their rights
under this Indenture or under the Notes, and the corresponding rights and
privileges of the Trustee, shall be as provided by the TIA.

     

    Every
Holder of Notes, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee, nor any agent of either of
them, shall be held accountable by reason of any disclosure of information as to
names and addresses of Holders made pursuant to the TIA.

     

    Section
803. Reports by
Trustee.  Within
60 days after each December 15, beginning with December 15, 2006, the Trustee
shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the TIA at the times and in
the manner provided pursuant thereto for so long as any Notes remain
outstanding.  A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee or any applicable listing agent
with each stock exchange upon which any 

     

    
      
        
        

      

      
        90

        
          

        

      

      
        
        

      

    

    Notes are
listed, with the SEC and with the Company.  The Company will notify
the Trustee when any Notes are listed on any stock exchange.

     

    ARTICLE
IX

    AMENDMENT, SUPPLEMENT OR
WAIVER

     

    Section
901. Without Consent of
Holders.  Without
the consent of the Holders of any Notes, the Company, the Trustee and (as
applicable) each Subsidiary Guarantor may amend or supplement this Indenture or
the Notes, for any of the following purposes:

     

    (1) to cure
any ambiguity, manifest error, omission, defect or inconsistency;

     

    (2) to
provide for the assumption by a Successor Company of the obligations of the
Company or a Subsidiary Guarantor under this Indenture;

     

    (3) to
provide for uncertificated Notes in addition to or in place of certificated
Notes;

     

    (4) to add
Guarantees with respect to the Notes, to secure the Notes, to confirm and
evidence the release, termination or discharge of any Guarantee or Lien with
respect to or securing the Notes when such release, termination or discharge is
provided for under this Indenture;

     

    (5) to add to
the covenants of the Company for the benefit of the Holders or to surrender any
right or power conferred upon the Company;

     

    (6) to
provide for or confirm the issuance of Additional Notes;

     

    (7) to
conform the text of this Indenture, the Notes or any Subsidiary Guarantee to any
provision of the “Description of Notes” section of the offering memorandum to
the extent that such provision in such “Description of Notes” section was
intended to be a verbatim recitation of a provision of this Indenture, Guarantee
or the Notes;

     

    (8) to
provide additional rights or benefits to the Holders or make any change that
does not materially adversely affect the rights of any Holder under the Notes or
this Indenture;

     

    (9) to
release a Subsidiary Guarantor from its obligations under its Subsidiary
Guarantee or this Indenture in accordance with the applicable provisions of this
Indenture;

     

    (10) to
provide for the appointment of a successor Trustee, provided that the successor
Trustee is otherwise qualified and eligible to act as such under the terms of
this Indenture; or

     

    
      
        
        

      

      
        91

        
          

        

      

      
        
        

      

    

    (11) to comply
with any requirement of the SEC in connection with the qualification of this
Indenture under the TIA or otherwise.

     

    Section
902. With Consent of
Holders.  Subject
to Section 608,
the Company, the Trustee and (if applicable) each Subsidiary Guarantor may amend
or supplement this Indenture or the Notes with the written consent of the
Holders of a majority in aggregate principal amount of the Outstanding Notes
(including consents obtained in connection with a tender offer or exchange offer
for Notes); provided
that the Holders of not less than a majority in aggregate principal amount of
the Outstanding Notes by written notice to the Trustee (including consents
obtained in connection with a tender offer or exchange offer for Notes) may
waive any existing Default or Event of Default or compliance by the Company or
any Subsidiary Guarantor with any provision of this Indenture, the Notes or any
Subsidiary Guarantee.

     

    Notwithstanding
the provisions of this Section 902, without
the consent of each Holder of an Outstanding Note affected, an amendment or
waiver, including a waiver pursuant to Section 613, may
not:

     

    (i) reduce
the principal amount of Notes whose Holders must consent to an amendment or
waiver;

     

    (ii) reduce
the rate of or extend the time for payment of interest on any Note;

     

    (iii) reduce
the principal of or extend the Stated Maturity of any Note;

     

    (iv) reduce
the premium payable upon the redemption of any Note or change the date on which
any Note may be redeemed as described in Section
1001;

     

    (v) make any
Note payable in money other than that stated in such Note;

     

    (vi) impair
the right of any Holder to receive payment of principal of and interest on such
Holder’s Notes on or after the due dates therefor or to institute suit for the
enforcement of any such payment on or with respect to such Holder’s Notes;
or

     

    (vii) make any
change in the amendment or waiver provisions described in this
paragraph.

     

    It shall
not be necessary for the consent of the Holders under this Section 902 to
approve the particular form of any proposed amendment, supplement or waiver, but
it shall be sufficient if such consent approves the substance
thereof.

     

    After an
amendment, supplement or waiver under this Section 902 becomes
effective, the Company shall mail to the Holders, with a copy to the Trustee, a
notice briefly describing the amendment, supplement or waiver.  Any
failure of the Company to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any supplemental indenture
or the effectiveness of any such amendment, supplement or waiver.

     

    
      
        
        

      

      
        92

        
          

        

      

      
        
        

      

    

    Section
903. Execution of Amendments,
Supplements or Waivers.  The
Trustee shall sign any amendment, supplement or waiver authorized pursuant to
this Article IX
if the amendment, supplement or waiver does not adversely affect the rights,
duties, liabilities or immunities of the Trustee.  If it does, the
Trustee may, but need not, sign it.  In signing or refusing to sign
such amendment, supplement or waiver, the Trustee shall be entitled to receive,
and shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel to the effect that the execution of such amendment,
supplement or waiver has been duly authorized, executed and delivered by the
Company and that, subject to applicable bankruptcy, insolvency, fraudulent
transfer, fraudulent conveyance, reorganization, moratorium and other laws now
or hereinafter in effect affecting creditors’ rights or remedies generally and
to general principles of equity (including standards of materiality, good faith,
fair dealing and reasonableness), whether considered in a proceeding at law or
at equity, such amendment, supplement or waiver is a valid and binding agreement
of the Company, enforceable against the Company in accordance with its
terms.

     

    Section
904. Revocation and Effect of
Consents.  Until
an amendment, supplement or waiver becomes effective, a consent to it by a
Holder is a continuing consent by the Holder and every subsequent Holder of that
Note or any Note that evidences all or any part of the same debt as the
consenting Holder’s Note, even if notation of the consent is not made on any
Note.  Subject to the following paragraph of this Section 904, any such
Holder or subsequent Holder may revoke the consent as to such Holder’s Note by
written notice to the Trustee or the Company, received by the Trustee or the
Company, as the case may be, before the date on which the Trustee receives an
Officer’s Certificate certifying that the Holders of the requisite principal
amount of Notes have consented (and not theretofore revoked such consent) to the
amendment, supplement or waiver.  The Company may, but shall not be
obligated to, fix a record date for the purpose of determining the Holders
entitled to consent to any amendment, supplement or waiver as set forth in Section
108.

     

    After an
amendment, supplement or waiver becomes effective, it shall bind every Holder of
Notes, unless it makes a change described in any of clauses (i) through (vii) of
the second paragraph of Section
902.  In that case, the amendment, supplement or waiver shall
bind each Holder of a Note who has consented to it and every subsequent Holder
of such Note or any Note that evidences all or any part of the same debt as the
consenting Holder’s Note.

     

    Section
905. Conformity with
TIA.  Every
amendment or supplemental indenture executed pursuant to this Article shall
conform to the requirements of the TIA as then in effect.

     

    Section
906. Notation on or Exchange of
Notes.  If
an amendment, supplement or waiver changes the terms of a Note, the Trustee
shall (if required by the Company and in accordance with the specific direction
of the Company) request the Holder of the Note to deliver it to the
Trustee.  The Trustee shall (if required by the Company and in
accordance with the specific direction of the Company) place an appropriate
notation on the Note about the changed terms and return it to the
Holder.  Alternatively, if the Company or the Trustee so determines,
the Company in exchange for the Note shall issue and the Trustee shall
authenticate a new Note that reflects the changed terms.  Failure to
make the appropriate notation or issue a new Note shall not affect the validity
and effect of such amendment, supplement or waiver.

     

    
      
        
        

      

      
        93

        
          

        

      

      
        
        

      

    

    ARTICLE
X

    REDEMPTION OF
NOTES

     

    Section
1001. Right of
Redemption.  (a)
The 9 5/8% Notes will be redeemable, at the Company’s option, in whole or
in part, at any time and from time to time on or after March 15, 2014 and prior
to maturity at the applicable redemption price set forth below.  Such
redemption may be made upon notice mailed by first-class mail to each Holder’s
registered address in accordance with Section
1005.  The Company may provide in such notice that payment of
the redemption price and the performance of the Company’s obligations with
respect to such redemption may be performed by another Person.  Any
such redemption and notice may, in the Company’s discretion, be subject to the
satisfaction of one or more conditions precedent, including but not limited to
the occurrence of a Change of Control.  The Notes will be so
redeemable at the following redemption prices (expressed as a percentage of
principal amount), plus accrued and unpaid interest, if any, to, but not
including, the relevant Redemption Date (subject to Section 307), if
redeemed during the 12-month period commencing on March 15 of each of the years
set forth below:

     

    
      	
              
                Redemption
      Period

              

            	
              
                Price

              

            
	
              2014                                                                                                   

            	
              104.813%

            
	
              2015                                                                                                   

            	
              102.406%

            
	
              2016
      and
      thereafter                                                                                                   

            	
              100.000%

            

    

    

    (b) In
addition, at any time and from time to time on or prior to March 15, 2013, the
Company at its option may redeem Notes in an aggregate principal amount equal to
up to 35% of the original aggregate principal amount of the 9 5/8% Notes
(including the principal amount of any Additional Notes), with funds in an
aggregate amount (the “Redemption Amount”)
not exceeding the aggregate proceeds of one or more Equity Offerings, at a
redemption price (expressed as a percentage of principal amount thereof) of
109.625% for the 9 5/8% Notes, plus accrued and unpaid interest, if any,
to, but not including, the Redemption Date (subject to Section 307); provided, however, that if 9 5/8%
Notes are redeemed, an aggregate principal amount of 9 5/8% Notes equal to
at least 65% of the original aggregate principal amount of 9 5/8% Notes
(including the principal amount of any Additional Notes) must remain outstanding
after each such redemption of 9 5/8% Notes.

     

    The
Company may make such redemption upon notice mailed by first-class mail to each
Holder’s registered address in accordance with Section 1005 (but in
no event more than 180 days after the completion of the related Equity
Offering).  The Company may provide in such notice that payment of the
redemption price and performance of the Company’s obligations with respect to
such redemption may be performed by another Person.  Any such notice
may be given prior to the completion of the related Equity Offering, and any
such redemption or notice may, at the Company’s discretion, be subject to the
satisfaction of one or more conditions precedent, including but not limited to
the completion of the related Equity Offering.

     

    (c) At any
time prior to March 15, 2014, the 9 5/8% Notes may also be redeemed or
purchased (by the Company or any other Person) in whole or in part, at the
Company’s option, at a price (the “Redemption Price”)
equal to 100% of the principal amount 

     

    
      
        
        

      

      
        94

        
          

        

      

      
        
        

      

    

    thereof
plus the Applicable Premium as of, and accrued but unpaid interest, if any, to,
but not including, the Redemption Date (subject to Section
307).  Such redemption or purchase may be made upon notice
mailed by first-class mail to each Holder’s registered address in accordance
with Section 1005.  The
Company may provide in such notice that payment of the Redemption Price and
performance of the Company’s obligations with respect to such redemption or
purchase may be performed by another Person.  Any such redemption,
purchase or notice may, at the Company’s discretion, be subject to the
satisfaction of one or more conditions precedent, including but not limited to
the occurrence of a Change of Control.

     

    “Applicable Premium”
means, with respect to a Note at any Redemption Date, the greater of (i) 1.0% of
the principal amount of such Note and (ii) the excess of (A) the present value
at such Redemption Date of (1) the redemption price of such Note on March 15,
2014 (such redemption price being that described in Section 100l(a)) plus
(2) all required remaining scheduled interest payments due on such Note through
such date, computed using a discount rate equal to the Treasury Rate plus 50
basis points, over (B) the principal amount of such Note on such Redemption
Date; as calculated by the Company or on behalf of the Company by such Person as
the Company shall designate; provided that such
calculation shall not be a duty or obligation of the Trustee.

     

    “Treasury Rate” means,
with respect to a Redemption Date, the yield to maturity at the time of
computation of United States Treasury securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release
H.15(519) that has become publicly available at least two Business Days prior to
such Redemption Date (or, if such Statistical Release is no longer published,
any publicly available source of similar market data)) most nearly equal to the
period from such Redemption Date to March 15, 2014; provided, however, that if the period
from the Redemption Date to such date is not equal to the constant maturity of a
United States Treasury security for which a weekly average yield is given, the
Treasury Rate shall be obtained by linear interpolation (calculated to the
nearest one-twelfth of a year) from the weekly average yields of United States
Treasury securities for which such yields are given, except that if the period
from the Redemption Date to such date is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a
constant maturity of one year shall be used.

     

    Section
1002. Applicability of
Article.  Redemption
or purchase of Notes as permitted by Section 1001 shall be
made in accordance with this Article
X.

     

    Section
1003. Election to Redeem; Notice
to Trustee.  In
case of any redemption at the election of the Company of less than all of the
Notes, the Company shall, at least two Business Days (but not more than 60 days)
prior to the date on which notice is required to be mailed or caused to be
mailed to Holders pursuant to Section 1005, notify
the Trustee of such Redemption Date and of the principal amount of Notes to be
redeemed.

     

    Section
1004. Selection by Trustee of
Notes to Be Redeemed.  In
the case of any partial redemption, selection of the Notes for redemption will
be made by the Trustee not more than 60 days prior to the Redemption Date on a
pro rata basis or, to
the extent a pro rata
basis is not permitted, by such other method as the Trustee shall deem to be
fair and appropriate, although no Note of $2,000 in original principal amount or
less will be redeemed in part.

     

    
      
        
        

      

      
        95

        
          

        

      

      
        
        

      

    

    The
Trustee shall promptly notify the Company in writing of the Notes selected for
redemption and, in the case of any Note selected for partial redemption, the
principal amount thereof to be redeemed.  On and after the Redemption
Date, interest will cease to accrue on Notes or portions thereof called for
redemption.

     

    For all
purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Notes shall relate, in the case of any
Note redeemed or to be redeemed only in part, to the portion of the principal of
such Note that has been or is to be redeemed.

     

    Section
1005. Notice of
Redemption.  Notice
of redemption or purchase as provided in Section 1001 shall be
given by first-class mail, postage prepaid, mailed not less than 30 nor more
than 60 days prior to the Redemption Date, to each Holder of Notes to be
redeemed, at such Holder’s address appearing in the Note Register.

     

    Any such
notice shall state:

     

    (1) the
expected Redemption Date;

     

    (2) the
redemption price (or the formula by which the redemption price will be
determined);

     

    (3) if less
than all Outstanding Notes are to be redeemed, the identification (and, in the
case of partial redemption, the portion of the respective principal amounts) of
the Notes to be redeemed;

     

    (4) that, on
the Redemption Date, the redemption price will become due and payable upon each
such Note, and that, unless the Company defaults in making such redemption
payment or the Paying Agent is prohibited from making such payment pursuant to
the terms of this Indenture, interest thereon shall cease to accrue from and
after said date; and

     

    (5) the place
where such Notes are to be surrendered for payment of the redemption
price.

     

    In
addition, if such redemption, purchase or notice is subject to satisfaction of
one or more conditions precedent, as permitted by Section 1001, such
notice shall describe each such condition, and if applicable, shall state that,
in the Company’s discretion, the Redemption Date may be delayed until such time
as any or all such conditions shall be satisfied, or such redemption or purchase
may not occur and such notice may be rescinded in the event that any or all such
conditions shall not have been satisfied by the Redemption Date, or by the
Redemption Date as so delayed.

     

    The
Company may provide in such notice that payment of the redemption price and the
performance of the Company’s obligations with respect to such redemption may be
performed by another Person.

     

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

    

    Notice of
such redemption or purchase of Notes to be so redeemed or purchased at the
election of the Company shall be given by the Company or, at the Company’s
request (made to the Trustee at least 40 days (or such shorter period as shall
be satisfactory to the Trustee) prior to the Redemption Date), by the Trustee in
the name and at the expense of the Company.  Any such request will set
forth the information to be stated in such notice, as provided by this Section
1005.

     

    The
notice if mailed in the manner herein provided shall be conclusively presumed to
have been given, whether or not the Holder receives such notice.  In
any case, failure to give such notice by mail or any defect in the notice to the
Holder of any Note designated for redemption as a whole or in part shall not
affect the validity of the proceedings for the redemption of any other
Note.

     

    Section
1006. Deposit of Redemption
Price.  On
or prior to 12:00 p.m., New York City time, on any Redemption Date, the Company
shall deposit with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, the Company shall segregate and hold in trust as
provided in Section
403) an amount of money sufficient to pay the redemption price of, and
any accrued and unpaid interest on, all the Notes or portions thereof which are
to be redeemed on that date.

     

    Section
1007. Notes Payable on Redemption
Date.  Notice
of redemption having been given as provided in this Article X, the Notes
so to be redeemed shall, on the Redemption Date, become due and payable at the
redemption price herein specified and from and after such date (unless the
Company shall default in the payment of the redemption price or the Paying Agent
is prohibited from paying the redemption price pursuant to the terms of this
Indenture) such Notes shall cease to bear interest.  Upon surrender of
such Notes for redemption in accordance with such notice, such Notes shall be
paid by the Company at the redemption price.  Installments of interest
whose Interest Payment Date is on or prior to the Redemption Date shall be
payable to the Holders of such Notes registered as such on the relevant Regular
Record Dates according to their terms and the provisions of Section
307.

     

    On and
after any Redemption Date, if money sufficient to pay the redemption price of
and any accrued and unpaid interest on Notes called for redemption shall have
been made available in accordance with Section 1006, the
Notes (or the portions thereof) called for redemption will cease to accrue
interest and the only right of the Holders of such Notes (or portions thereof)
will be to receive payment of the redemption price of and, subject to the last
sentence of the preceding paragraph, any accrued and unpaid interest on such
Notes (or portions thereof) to the Redemption Date.  If any Note (or
portion thereof) called for redemption shall not be so paid upon surrender
thereof for redemption, the principal (and premium, if any) shall, until paid,
bear interest from the Redemption Date at the rate borne by the Note (or portion
thereof).

     

    Section
1008. Notes Redeemed in
Part.  Any
Note that is to be redeemed only in part shall be surrendered at the Place of
Payment (with, if the Company or the Trustee so requires, due endorsement by, or
a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or its attorney duly authorized in
writing) and the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of such Note without service charge, a new Note or Notes,
of any 

     

    
      
        
        

      

      
        97

        
          

        

      

      
        
        

      

    

    authorized
denomination as requested by such Holder in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Note so
surrendered.

     

    ARTICLE
XI

    SATISFACTION AND
DISCHARGE

     

    Section
1101. Satisfaction and Discharge
of Indenture.  This
Indenture shall be discharged and shall cease to be of further effect (except as
to any surviving rights of registration of transfer or exchange of Notes herein
expressly provided for), and the Trustee, on demand of and at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

     

    (i) either

     

    (a) all Notes
theretofore authenticated and delivered (other than Notes that have been
destroyed, lost or stolen and that have been replaced or paid as provided in
Section 306,
and (ii) Notes for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 403) have
been delivered to the Trustee cancelled or for cancellation; or

     

    (b) all such
Notes not theretofore delivered to the Trustee cancelled or for
cancellation

     

    (1) have
become due and payable, or

     

    (2) will
become due and payable at their Stated Maturity within one year, or

     

    (3) have been
or are to be called for redemption within one year under arrangements reasonably
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company,

     

    (ii) the
Company has irrevocably deposited or caused to be deposited with the Trustee
money or U.S. Government Obligations, or a combination thereof, sufficient
(without reinvestment) to pay and discharge the entire Indebtedness on such
Notes not theretofore delivered to the Trustee cancelled or for cancellation,
for principal (and premium, if any) and interest to, but not including, the date
of such deposit (in the case of Notes that have become due and payable), or to
the Stated Maturity or Redemption Date, as the case may be (provided that if such
redemption shall be pursuant to Section 1001(c), (x)
the amount of money or U.S. Government Obligations or a combination thereof that
the Company must irrevocably deposit or cause to be deposited shall be
determined using an assumed Applicable Premium calculated as of the date of such
deposit, and (y) the Company must irrevocably deposit or cause to be deposited
additional money in trust on the Redemption Date, as required by Section 1006, as
necessary to pay the Applicable Premium as determined on such
date);

     

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

    (iii) the
Company has paid or caused to be paid all other sums then payable hereunder by
the Company; and

     

    (iv) the
Company has delivered to the Trustee an Officer’s Certificate of the Company and
an Opinion of Counsel, each to the effect that all conditions precedent provided
for in this Section
1101 relating to the satisfaction and discharge of this Indenture have
been complied with, provided that any such
counsel may rely on any Officer’s Certificate as to matters of fact (including
as to compliance with the foregoing clauses (i), (ii) and (iii)).

     

    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 707 and, if
money shall have been deposited with the Trustee pursuant to Section 110l(ii), the
obligations of the Trustee under Section 1102 shall
survive.

     

    Section
1102. Application of Trust
Money.  Subject
to the provisions of the last paragraph of Section 403, all
money and/or U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee pursuant to Section 1101 shall be
held in trust and applied by it, in accordance with the provisions of the Notes
and this Indenture, to the payment, either directly or through any Paying Agent
as the Trustee may determine, to the Persons entitled thereto, of the principal
(and premium, if any) and interest on the Notes; but such money need not be
segregated from other funds except to the extent required by law.

     

    ARTICLE
XII

    DEFEASANCE OR COVENANT
DEFEASANCE

     

    Section
1201. The Company’s Option to
Effect Defeasance or Covenant Defeasance.  The
Company may, concurrently (and not separately) at its option, at any time, elect
to have terminated the obligations of the Company with respect to Outstanding
Notes and to have terminated all of the obligations of the Subsidiary Guarantors
with respect to the Subsidiary Guarantees, in each case, as set forth in this
Article XII,
and elect to have either Section 1202 or Section 1203 be
applied to all of the Outstanding Notes (the “Defeased Notes”),
upon compliance with the conditions set forth below in Section
1204.  Either Section 1202 or Section 1203 may be
applied to the Defeased Notes to any Redemption Date or the Stated Maturity of
the Notes.

     

    Section
1202. Defeasance and
Discharge.  Upon
the Company’s exercise under Section 1201 of the
option applicable to this Section 1202, the
Company shall be deemed to have been released and discharged from its
obligations with respect to the Defeased Notes on the date the relevant
conditions set forth in Section 1204 below
are satisfied (hereinafter, “Defeasance”).  For
this purpose, such Defeasance means that the Company shall be deemed to have
paid and discharged the entire Indebtedness represented by the Defeased Notes,
which shall thereafter be deemed to be “Outstanding” only for the purposes of
Section 1205
and the other Sections of this Indenture referred to in clauses (a) and (b)
below, and the Company and each of the Subsidiary Guarantors shall be deemed to
have satisfied all other obligations under such Notes and this Indenture insofar
as such Notes are concerned (and the Trustee, at the expense of the Company,

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    shall
execute proper instruments acknowledging the same), except for the following,
which shall survive until otherwise terminated or discharged hereunder: (a) the
rights of Holders of Defeased Notes to receive, solely from the trust fund
described in Section
1204 and as more fully set forth in such Section, payments in respect of
the principal of and premium, if any, and interest on such Notes when such
payments are due, (b) the Company’s obligations with respect to such Defeased
Notes under Sections
304, 305, 306, 402 and 403, (c) the rights,
powers, trusts, duties and immunities of the Trustee hereunder, including the
Trustee’s rights under Section 707, and (d)
this Article
XII.  If the Company exercises its option under this Section 1202, payment
of the Notes may not be accelerated because of an Event of Default with respect
thereto.  Subject to compliance with this Article XII, the
Company may, at its option and at any time, exercise its option under this Section 1202
notwithstanding the prior exercise of its option under Section 1203
with respect to the Notes.

     

    Section
1203. Covenant
Defeasance.  Upon
the Company’s exercise under Section 1201 of the
option applicable to this Section 1203, (a) the
Company and the Subsidiary Guarantors shall be released from their respective
obligations under any covenant or provision contained in Section 405 and Sections 407 through
415 and the
provisions of clauses (iii), (iv) and (v) of Section 50l(a) shall
not apply, and (b) the occurrence of any event specified in clause (iv), (v)
(with respect to Section 405 and Sections 407 through
415,
inclusive), (vi), (vii), (viii) (with respect to Subsidiaries), (ix) (with
respect to Subsidiaries), (x) or (xi) of Section 601 shall be
deemed not to be or result in an Event of Default, in each case with respect to
the Defeased Notes on and after the date the conditions set forth below are
satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not to be
“Outstanding” for the purposes of any direction, waiver, consent or declaration
or Act of Holders (and the consequences of any thereof) in connection with such
covenants or provisions, but shall continue to be deemed “Outstanding” for all
other purposes hereunder.  For this purpose, such Covenant Defeasance
means that, with respect to the Outstanding Notes, the Company and the
Subsidiary Guarantors may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant or
provision, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or provision or by reason of any reference in any
such covenant or provision to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event
of Default under Section 601, but,
except as specified above, the remainder of this Indenture and such Outstanding
Notes shall be unaffected thereby.

     

    Section
1204. Conditions to Defeasance or
Covenant Defeasance.  The
following shall be the conditions to application of either Section 1202 or Section 1203 to the
Outstanding Notes:

     

    (1) The
Company shall have irrevocably deposited or caused to be deposited with the
Trustee, in trust, money or U.S. Government Obligations, or a combination
thereof, in amounts as will be sufficient (without reinvestment), to pay and
discharge the principal of, and premium, if any, and interest on the Defeased
Notes to the Stated Maturity or relevant Redemption Date in accordance with the
terms of this Indenture and the Notes (provided that if such
redemption shall be pursuant to Section 1001(c), (x)
the amount of money or U.S. Government Obligations or a combination thereof that
the Company must irrevocably deposit or cause to be deposited shall be
determined using an 

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    assumed
Applicable Premium calculated as of the date of such deposit, and (y) the
Company must irrevocably deposit or cause to be deposited additional money in
trust on the Redemption Date, as required by Section 1006, as
necessary to pay the Applicable Premium as determined on such
date);

     

    (2) No
Default or Event of Default shall have occurred and be continuing on the date of
such deposit;

     

    (3) Such
deposit shall not result in a breach or violation of, or constitute a Default or
Event of Default under, this Indenture or any other material agreement or
instrument to which the Company is a party or by which it is bound;

     

    (4) In the
case of an election under Section 1202, the
Company shall have delivered to the Trustee an Opinion of Counsel (subject to
customary exceptions and exclusions) to the effect that (x) the Company has
received from, or there has been published by, the Internal Revenue Service a
ruling or (y) since the Issue Date, there has been a change in the applicable
federal income tax law, in either case to the effect that, and based thereon
such opinion shall confirm to the effect that, the Holders of the Outstanding
Notes will not recognize income, gain or loss for federal income tax purposes as
a result of such Defeasance and will be subject to federal income tax on the
same amounts, in the same manner and at the same times as would have been the
case if such Defeasance had not occurred; provided that such Opinion of
Counsel need not be delivered if all Notes theretofore authenticated and
delivered (other than (i) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 306, and (ii)
Notes for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 403) not
theretofore delivered to the Trustee for cancellation have become due and
payable, will become due and payable at their Stated Maturity within one year,
or are to be called for redemption within one year under arrangements reasonably
satisfactory to the Trustee in the name, and at the expense, of the
Company;

     

    (5) In the
case of an election under Section 1203, the
Company shall have delivered to the Trustee an Opinion of Counsel (subject to
customary exceptions and exclusions) to the effect that the Holders of the
Outstanding Notes will not recognize income, gain or loss for federal income tax
purposes as a result of such Covenant Defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Covenant Defeasance had not occurred;
and

     

    (6) The
Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each to the effect that all conditions precedent provided
for in this Section
1204 relating to either the Defeasance under Section 1202 or the
Covenant Defeasance under Section 1203, as the
case may be, have been complied with.  In rendering such Opinion of
Counsel, counsel may rely on an Officer’s Certificate as to compliance with the
foregoing clauses (1), (2) and (3) of this Section 1204 or as to
any matters of fact.

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

    Section
1205. Deposited Money and U.S.
Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions.  Subject
to the provisions of the last paragraph of Section 403, all
money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee (or such other Person that would qualify to act as successor
Trustee under Article
VII, collectively and solely for purposes of this Section 1205, the
“Trustee”)
pursuant to Section
1204 in respect of the Defeased Notes shall be held in trust and applied
by the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent as the
Trustee may determine, to the Holders of such Notes of all sums due and to
become due thereon in respect of principal, premium, if any, and interest, but
such money need not be segregated from other funds except to the extent required
by law.

     

    The
Company shall pay and indemnify the Trustee and its agents and hold them
harmless against any tax, fee or other charge imposed on or assessed against the
U.S. Government Obligations deposited pursuant to Section 1204, or the
principal, premium, if any, and interest received in respect thereof, other than
any such tax, fee or other charge that by law is for the account of the Holders
of the Defeased Notes.

     

    Anything
in this Article
XII to the contrary notwithstanding, the Trustee shall deliver to the
Company from time to time, upon Company Request, any money or U.S. Government
Obligations held by it as provided in Section 1204 that, in
the opinion of a nationally recognized accounting or investment banking firm
expressed in a written certification thereof to the Trustee, are in excess of
the amount thereof that would then be required to be deposited to effect an
equivalent Defeasance or Covenant Defeasance.  Subject to Article VII, the
Trustee shall not incur any liability to any Person by relying on such
opinion.

     

    Section
1206. Reinstatement.  If
the Trustee or Paying Agent is unable to apply any money or U.S. Government
Obligations in accordance with Section 1202 or 1203, as the case may
be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the
obligations of the Company and each of the Subsidiary Guarantors under this
Indenture, the Notes and the Subsidiary Guarantees shall be revived and
reinstated as though no deposit had occurred pursuant to Section 1202 or 1203, as the case may
be, until such time as the Trustee or Paying Agent is permitted to apply all
such money and U.S. Government Obligations in accordance with Section 1202 or 1203, as the case may
be; provided, however, that if the Company
or any Subsidiary Guarantor makes any payment of principal, premium, if any, or
interest on any Note following the reinstatement of its obligations, the Company
or Subsidiary Guarantor, as the case may be, shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money and U.S.
Government Obligations held by the Trustee or Paying Agent.

     

    Section
1207. Repayment to the
Company.  The
Trustee shall pay to the Company upon Company Request any money held by it for
the payment of principal or interest that remains unclaimed for two
years.  After payment to the Company, Holders entitled to money must
look to the Company for payment as general creditors unless an applicable
abandoned property law designates another Person and all liability of the
Trustee or Paying Agent with respect to such money shall thereupon
cease.

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    ARTICLE
XIII 

    GUARANTEES

     

    Section
1301. Guarantees
Generally.

     

    (a) Guarantee of Each
Guarantor.  Each Guarantor, as primary obligor and not merely
as surety, will jointly and severally, irrevocably, fully and unconditionally
Guarantee, on an unsecured unsubordinated basis, the punctual payment when due,
whether at Stated Maturity, by acceleration or otherwise, of all monetary
obligations of the Company under this Indenture and the Notes, whether for
principal of or interest on the Notes, expenses, indemnification or otherwise
(all such obligations guaranteed by the Subsidiary Guarantors being herein
called the “Subsidiary
Guaranteed Obligations”).

     

    The
obligations of each Guarantor will be limited to the maximum amount as will,
after giving effect to all other contingent and fixed liabilities of such
Guarantor (including but not limited to any Guarantee by it of any Bank
Indebtedness) and after giving effect to any collections from or payments made
by or on behalf of any other Guarantor in respect of the obligations of such
other Guarantor under its Guarantee or pursuant to its contribution obligations
under this Indenture, result in the obligations of such Guarantor under the
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under
applicable law, or being void or unenforceable under any law relating to
insolvency of debtors.

     

    (b) Further Agreements of Each
Guarantor.  (i) Each Guarantor hereby agrees that (to the
fullest extent permitted by law) its obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of
this Indenture, the Notes or the obligations of the Company or any other
Guarantor to the Holders or the Trustee hereunder or thereunder, the absence of
any action to enforce the same, any waiver or consent by any Holder with respect
to any provisions hereof or thereof, any release of any other Guarantor, the
recovery of any judgment against the Company, any action to enforce the same,
whether or not a notation concerning its Guarantee is made on any particular
Note, or any other circumstance that might otherwise constitute a legal or
equitable discharge or defense of a Guarantor.

     

    (ii) Each
Guarantor hereby waives (to the fullest extent permitted by law) the benefit of
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands whatsoever
and covenants that (except as otherwise provided in Section 1303) its
Guarantee will not be discharged except by complete performance of the
obligations contained in the Notes, this Indenture and this
Guarantee.  Such Guarantee is a guarantee of payment and not of
collection.  Each Guarantor further agrees (to the fullest extent
permitted by law) that, as between it, on the one hand, and the Holders of Notes
and the Trustee, on the other hand, subject to this Article XIII, (1) the
maturity of the obligations guaranteed by its Guarantee may be accelerated as
and to the extent provided in Article VI for the
purposes of such Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations
guaranteed by such Guarantee, and (2) in 

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

    the event
of any acceleration of such obligations as provided in Article VI, such
obligations (whether or not due and payable) shall forthwith become due and
payable by such Guarantor in accordance with the terms of this Section 1301 for
the purpose of such Guarantee.  Neither the Trustee nor any other
Person shall have any obligation to enforce or exhaust any rights or remedies or
to take any other steps under any security for the Subsidiary Guaranteed
Obligations or against the Company or any other Person or any property of the
Company or any other Person before the Trustee is entitled to demand payment and
performance by any or all Subsidiary Guarantors of their obligations under their
respective Subsidiary Guarantees or under this Indenture.

     

    (iii) Until
terminated in accordance with Section 1303, each
Guarantee shall remain in full force and effect and continue to be effective
should any petition be filed by or against the Company for liquidation or
reorganization, should the Company become insolvent or make an assignment for
the benefit of creditors or should a receiver or trustee be appointed for all or
any significant part of the Company’s assets, and shall, to the fullest extent
permitted by law, continue to be effective or be reinstated, as the case may be,
if at any time payment and performance of the Notes are, pursuant to applicable
law, rescinded or reduced in amount, or must otherwise be restored or returned
by any obligee on such Notes, whether as a “voidable preference,” “fraudulent
transfer” or otherwise, all as though such payment or performance had not been
made.  In the event that any payment, or any part thereof, is
rescinded, reduced, restored or returned, the Notes shall, to the fullest extent
permitted by law, be reinstated and deemed reduced only by such amount paid and
not so rescinded, reduced, restored or returned.

     

    (c) Each
Subsidiary Guarantor that makes a payment or distribution under its Subsidiary
Guarantee shall have the right to seek contribution from the Company or any
nonpaying Subsidiary Guarantor that has also Guaranteed the relevant Subsidiary
Guaranteed Obligations in respect of which such payment or distribution is made,
so long as the exercise of such right does not impair the rights of the Holders
under the Subsidiary Guarantees.

     

    (d) Each
Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by this Indenture and that its
Guarantee, and the waiver set forth in Section 1305, are
knowingly made in contemplation of such benefits.

     

    (e) Each
Guarantor, pursuant to its Guarantee, also hereby agrees to pay any and all
reasonable out-of-pocket expenses (including reasonable counsel fees and
expenses) incurred by the Trustee or the Holders in enforcing any rights under a
Guarantee.

     

    Section
1302. Continuing
Guarantees.  (a)
Each Guarantee shall be a continuing Guarantee and shall (i) subject to Section 1303, remain
in full force and effect until payment in full of the principal amount of all
Outstanding Notes (whether by payment at maturity, purchase, redemption,
defeasance, retirement or other acquisition) and all other applicable
obligations then due and owing, (ii) be binding upon such Guarantor and (iii)
inure to the benefit of and be enforceable by the Trustee, the Holders and their
permitted successors, transferees and assigns.

     

    (b) The
obligations of each Guarantor hereunder shall continue to be effective or shall
be reinstated, as the case may be, if at any time any payment which would

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

    otherwise
have reduced or terminated the obligations of any Guarantor hereunder and under
its Guarantee (whether such payment shall have been made by or on behalf of the
Company or by or on behalf of a Guarantor) is rescinded or reclaimed from any of
the Holders upon the insolvency, bankruptcy, liquidation or reorganization of
the Company or any Guarantor or otherwise, all as though such payment had not
been made.

     

    Section
1303. Release of
Guarantees.  Notwithstanding
the provisions of Section 1302, a
Guarantee will be subject to termination and discharge under the circumstances
described in this Section
1303.  A Guarantor will automatically and unconditionally be
released from all obligations under its Guarantee, and such Guarantee shall
thereupon terminate and be discharged and of no further force or effect, (i) in
the case of a Subsidiary Guarantor, concurrently with any direct or indirect
sale or disposition (by merger or otherwise) of any Subsidiary Guarantor or any
interest therein not prohibited by the terms of this Indenture (including Section 411 and Section 501) by the
Company or a Restricted Subsidiary or any other transaction, following which
such Subsidiary Guarantor is no longer a Restricted Subsidiary of the Company,
(ii) at any time that such Guarantor is released from all of its obligations
under all of its Guarantees of payment by the Company of any Indebtedness of the
Company under the Senior Credit Facilities (it being understood that a release
subject to contingent reinstatement is still a release, and that if any such
Guarantee is so reinstated, such Guarantee shall also be reinstated); provided that the release of
obligations described in this clause (ii) shall not apply to the Indirect
Parent, (iii) upon the merger or consolidation of any Guarantor with and into
the Company or another Guarantor that is the surviving Person in such merger or
consolidation, or upon the liquidation of such Guarantor following or
contemporaneously with the transfer of all of its assets to the Company or
another Guarantor; provided that the release of
obligations described in this clause (iii) shall not apply to the Indirect
Parent, (iv) concurrently with a Subsidiary Guarantor becoming an Unrestricted
Subsidiary, (v) upon legal or covenant defeasance of the Company’s obligations,
or satisfaction and discharge of this Indenture, or (vi) subject to Section 1302(b), upon
payment in full of the aggregate principal amount of all Notes then
Outstanding.  In addition, the Company will have the right, upon 5
days’ notice to the Trustee, to cause any Subsidiary Guarantor that has not
guaranteed payment by the Company of any Indebtedness of the Company under the
Senior Credit Facilities to be unconditionally released from all obligations
under its Subsidiary Guarantee, and such Subsidiary Guarantee shall thereupon
terminate and be discharged and of no further force or effect.

     

    Upon any
such occurrence specified in this Section 1303, the
Trustee shall execute any documents reasonably required in order to evidence
such release, discharge and termination in respect of the applicable
Guarantee.

     

    Section
1304. [Reserved].

     

    Section
1305. Waiver of
Subrogation.  Each
Guarantor hereby irrevocably waives any claim or other rights that it may now or
hereafter acquire against the Company that arise from the existence, payment,
performance or enforcement of the Company’s obligations under the Notes and this
Indenture or such Guarantor’s obligations under its Subsidiary and this
Indenture, including any right of subrogation, reimbursement, exoneration,
indemnification, and any right to participate in any claim or remedy of any
Holder of Notes against the Company, whether or not such claim, remedy or right
arises in equity, or under contract, statute or common 

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

    law,
until this Indenture is discharged and all of the Notes are discharged and paid
in full.  If any amount shall be paid to any Guarantor in violation of
the preceding sentence and the Notes shall not have been paid in full, such
amount shall be deemed to have been paid to such Guarantor for the benefit of,
and held in trust for the benefit of, the Holders of the Notes, and shall
forthwith be paid to the Trustee for the benefit of such Holders to be credited
and applied upon the Notes, whether matured or unmatured, in accordance with the
terms of this Indenture.

     

    Section
1306. Notation Not
Required.  Neither
the Company nor any Guarantor shall be required to make a notation on the Notes
to reflect any Guarantee or any release, termination or discharge
thereof.

     

    Section
1307. Successors and Assigns of
Guarantors.  All
covenants and agreements in this Indenture by each Guarantor shall bind its
respective successors and assigns, whether so expressed or not.

     

    Section
1308. Execution and Delivery of
Guarantees.  The
Notes shall be guaranteed by the Indirect Parent and the Direct
Parent.  In addition, the Company shall cause each Restricted
Subsidiary that is required to become a Subsidiary Guarantor pursuant to Section 414, and each
Subsidiary of the Company that the Company causes to become a Subsidiary
Guarantor pursuant to Section 414, to
promptly execute and deliver to the Trustee a Supplemental Indenture
substantially in the form set forth in Exhibit E to this
Indenture, or otherwise in form and substance reasonably satisfactory to the
Trustee, evidencing its Subsidiary Guarantee on substantially the terms set
forth in this Article
XIII.  Concurrently therewith, the Company shall deliver to the
Trustee an Opinion of Counsel in form and substance reasonably satisfactory to
the Trustee to the effect that such Supplemental Indenture has been duly
authorized, executed and delivered by such Restricted Subsidiary and that,
subject to applicable bankruptcy, insolvency, fraudulent transfer, fraudulent
conveyance, reorganization, moratorium and other laws now or hereafter in effect
affecting creditors’ rights or remedies generally and to general principles of
equity (including standards of materiality, good faith, fair dealing and
reasonableness), whether considered in a proceeding at law or at equity, such
Supplemental Indenture is a valid and binding agreement of such Restricted
Subsidiary, enforceable against such Restricted Subsidiary in accordance with
its terms.

     

    Section
1309. Notices.  Notice
to any Guarantor shall be sufficient if addressed to such Guarantor in care of
the Company at the address, place and manner provided in Section
109.

     

    

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed, all as of the date first written above.

     

    
      

       

      
        	 
      	 
      	
                AVIS
      BUDGET CAR RENTAL, LLC

                 

              
	 
      	
                By

              	
                /s/
      Rochelle Tarlowe

              
	 
      	 
      	
                Name:           Rochelle
      Tarlowe

                Title:           Vice
      President and Treasurer

              

      

      

       

      
        	 
      	 
      	
                AVIS
      BUDGET FINANCE, INC.

                 

              
	 
      	
                By

              	
                /s/
      Rochelle Tarlowe

              
	 
      	 
      	
                Name:           Rochelle
      Tarlowe

                Title:           Vice
      President and Treasurer

              

      

      

       

      
        	 
      	 
      	
                AVIS
      BUDGET GROUP, INC.

                 

              
	 
      	
                By

              	
                /s/
      Rochelle Tarlowe

              
	 
      	 
      	
                Name:           Rochelle
      Tarlowe

                Title:           Vice
      President and Treasurer

              

      

      

       

      
        	 
      	 
      	
                AVIS
      BUDGET HOLDINGS, LLC

                 

              
	 
      	
                By

              	
                /s/
      Rochelle Tarlowe

              
	 
      	 
      	
                Name:           Rochelle
      Tarlowe

                Title:           Vice
      President and Treasurer

              

      

      

       

      
        	 
      	 
      	
                AB
      CAR RENTAL SERVICES, INC.

                ARACS
      LLC

                AVIS
      ASIA AND PACIFIC, LIMITED

                AVIS
      CAR RENTAL GROUP, LLC

                AVIS
      CARIBBEAN, LIMITED

                AVIS
      ENTERPRISES, INC.

                AVIS
      GROUP HOLDINGS, LLC

                AVIS
      INTERNATIONAL, LTD.

                AVIS
      OPERATIONS, LLC

                AVIS
      RENT A CAR SYSTEM, LLC

                PF
      CLAIMS MANAGEMENT, LTD.

                PR
      HOLDCO, INC.

                WIZARD
      CO., INC.

                WIZARD
      SERVICES, INC.

                 

              
	 
      	
                By

              	
                /s/
      Rochelle Tarlowe

              
	 
      	 
      	
                Name:           Rochelle
      Tarlowe

                Title:           Vice
      President and Treasurer

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	 
      	 
      	
                BGI
      LEASING, INC.

                BUDGET
      RENT A CAR SYSTEM, INC.

                BUDGET
      TRUCK RENTAL LLC

                RUNABOUT,
      LLC

                 

              
	 
      	
                By

              	
                /s/
      David B. Wyshner

              
	 
      	 
      	
                Name:           David
      B. Wyshner

                Title:           Executive
      Vice President, Chief Financial Officer and
  Treasurer

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	 
      	 
      	
                THE
      BANK OF NOVA SCOTIA TRUST

                COMPANY
      OF NEW YORK,

                as
      Trustee

                 

              
	 
      	
                By

              	
                /s/
      Warren A. Goshine

              
	 
      	 
      	
                Name:           Warren
      A. Goshine

                Title:           Vice
      President

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

     

    

    EXHIBIT
A

     

    Form of
Initial Note1

     

    

     

    AVIS
BUDGET CAR RENTAL, LLC

    AVIS
BUDGET FINANCE, INC.

     

    

     

    9 5/8%
Senior Notes due 2018

     

    CUSIP No.
_______________                                                     No. ___

    $______________

     

    Avis
Budget Car Rental, LLC, a limited liability company duly organized and existing
under the laws of the State of Delaware, and Avis Budget Finance, Inc., a
corporation duly organized and existing under the laws of the State of Delaware
(together, “the Company,” which term
includes their successors and assigns), promise to pay to CEDE & CO., or
registered assigns, the principal sum of $________________
([                                  ]
United States Dollars) [(or such lesser or greater amount as shall be
outstanding hereunder from time to time in accordance with Sections 312 and 313
of the Indenture referred to herein)]2 (the “Principal Amount”) on
March 15, 2018.  The Company promises to pay interest semi-annually in
cash on March 15 and September 15 of each year, commencing September 15, 2010,
at the rate of 9.625% per annum (subject to adjustment as provided below)3 until the Principal Amount is paid or made
available for payment.  [Interest on this Note will accrue from the
most recent date to which interest on this Note or any of its Predecessor Notes
has been paid or duly provided for or, if no interest has been paid, from the
Issue Date.]4  [Interest on this Note will accrue
(or will be deemed to have accrued) from the most recent date to which interest
on this Note or any of its Predecessor Notes has been paid or duly provided for
or, if no such interest has been paid, from ______, ______5.]6  Interest on the Notes shall be
computed on the basis of a 360-day year consisting of twelve 30-day
months.  The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Note (or one or more Predecessor Notes) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the March 1 or September 1 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment
Date.  Any such interest not so punctually paid or duly provided for
will forthwith cease to be payable to the Holder on such Regular Record Date and
may either be paid to the Person in whose name this Note (or one or more
Predecessor Notes) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Notes not more than 15 days nor less
than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    inconsistent
with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture.

     

    [The
Holder of this Note is entitled to the benefits of the Registration Rights
Agreement, dated March 10, 2010, among the Company, the Guarantors and the
initial purchasers named therein (the “Registration Rights
Agreement”).  Until (i) this Note has been exchanged for an
Exchange Security (as defined in the Registration Rights Agreement) in an
Exchange Offer (as defined in the Registration Rights Agreement); (ii) a Shelf
Registration Statement (as defined in the Registration Rights Agreement)
registering this Note under the Securities Act has been declared or becomes
effective and this Note has been sold or otherwise transferred by the Holder
thereof pursuant to and in a manner contemplated by such effective Shelf
Registration Statement; (iii) this Note is sold under circumstances in which any
legend borne by this Note relating to restrictions on transferability thereof,
under the Securities Act or otherwise, is removed by the Company or pursuant to
the Indenture referred to herein; or (iv) this Note is eligible to be sold
pursuant to Rule 144 under the Securities Act by a Person that is not an
“affiliate” (within the meaning of Rule 405 under the Securities Act) of the
Company or any Guarantor: From and including the date on which a Registration
Default (as defined below) shall occur to but excluding the date on which such
Registration Default has been cured, additional interest will accrue on this
Note until such time as all Registration Defaults have been cured at the rate of
(a) prior to the 91st day of such period (for so long as such period is
continuing), 0.25% per annum and (b) thereafter (so long as such period is
continuing), 0.50% per annum.  Any such additional interest shall not
exceed such respective rates for such respective periods, and shall not in any
event exceed 0.50% per annum in the aggregate, regardless of the number of
Registration Defaults that shall have occurred and be continuing.  Any
such additional interest shall be paid in the same manner and on the same dates
as interest payments in respect of this Note.  Following the cure of
all Registration Defaults, the accrual of such additional interest will
cease.  A Registration Default under clause (iii) or (iv) below will
be deemed cured upon consummation of the Exchange Offer in the case of a Shelf
Registration Statement required to be filed due to a failure to consummate the
Exchange Offer within the required time period.  For purposes of the
foregoing, each of the following events, as more particularly defined in the
Registration Rights Agreement, is a “Registration
Default”: (i) the Exchange Offer has not been consummated within 405 days
after the Issue Date; (ii) if a Shelf Registration Statement required by the
Registration Rights Agreement is not declared effective by the SEC on or before
the later of (1) 405 days after the Issue Date or (2) 90 days after the delivery
of a request to file a Shelf Registration Statement as provided for in the
Registration Rights Agreement; or (iii) if any Shelf Registration Statement
required by the Registration Rights Agreement is filed and declared effective,
and during the period the Company is required to use its reasonable best efforts
to cause the Shelf Registration Statement to remain effective, the Company shall
have suspended the Shelf Registration Statement or it ceases to be effective for
more than 75 days in any twelve-

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    month
period and be continuing to suspend the availability of the Shelf Registration
Statement.]7 8

     

    Payment
of the principal of (and premium, if any) and interest on this Note will be made
at the office of the applicable Paying Agent, or such other office or agency of
the Company maintained for that purpose; provided, however, that at the option
of the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Note
Register.

     

    Reference
is hereby made to the further provisions of this Note set forth on the attached
Additional Terms of the Notes, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     

    Unless
the certificate of authentication hereon has been executed by the Trustee
referred to herein by manual signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any
purpose.

     

    

      

    

      
      
        	
                1

              	
                Insert
      any applicable legends from Article
II.

              

      

    

      
      
        	
                2

              	
                Include
      only if the Note is issued in global
form.

              

      

    

      
      
        	
                3

              	
                Include
      only for Initial Note.

              

      

    

      
      
        	
                4

              	
                Include
      only for Original Notes.

              

      

    

      
      
        	
                5

              	
                Insert
      the Interest Payment Date immediately preceding the date of issuance of
      the applicable Additional Notes, or if the date of issuance of such
      Additional Notes is an Interest Payment Date, such date of
      issuance.

              

      

    

      
      
        	
                6

              	
                Include
      only for Additional Notes.

              

      

    

      
      
        	
                7

              	
                Include
      only for Initial Note when required by the Registration Rights
      Agreement.

              

      

    

      
      
        	
                8

              	
                For
      an Initial Additional Note, add any similar provision, if any, as may be
      agreed by the Company with respect to additional interest on such Initial
      Additional Note.

              

      

    

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

     

    AVIS
BUDGET CAR RENTAL, LLC

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

    AVIS
BUDGET FINANCE, INC.

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This is
one of the Notes referred to in the within-mentioned Indenture.

     

    THE BANK
OF NOVA SCOTIA TRUST COMPANY OF NEW YORK,

    as
Trustee

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

     

    Dated:

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Additional
Terms of the Notes

     

    This Note
is one of the duly authorized issue of 9 5/8% Senior Notes due 2018 of the
Company (herein called the “Notes”), issued under
an Indenture, dated as of March 10, 2010 (herein called the “Indenture,” which
term shall have the meanings assigned to it in such instrument), among the
Company, the Guarantors from time to time parties thereto (“the Guarantors”) and The
Bank of Nova Scotia Trust Company of New York, as Trustee (herein called the
“Trustee,”
which term includes any successor trustee under the Indenture), and reference is
hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, any
other obligor upon this Note, the Trustee and the Holders of the Notes and of
the terms upon which the Notes are, and are to be, authenticated and
delivered.  The terms of the Notes include those stated in the
Indenture and those made a part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended, as in effect from time to time (the “TIA”).  The
Notes are subject to all such terms, and Holders are referred to the Indenture
and the TIA for a statement of such terms.  Additional Notes may be
issued under the Indenture which will vote as a class with the Notes and
otherwise be treated as Notes for purposes of the Indenture.

     

    All terms
used in this Note that are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

     

    This Note
may hereafter be entitled to certain other Guarantees made for the benefit of
the Holders.  Reference is made to Article XIII of the Indenture for
terms relating to such Guarantees, including the release, termination and
discharge thereof.  Neither the Company nor any Guarantor shall be
required to make any notation on this Note to reflect any Guarantee or any such
release, termination or discharge.

     

    The Notes
will be redeemable, at the Company’s option, in whole or in part, at any time
and from time to time on or after March 15, 2014, and prior to maturity at the
applicable redemption price set forth below.  Such redemption may be
made upon notice mailed by first-class mail to each Holder’s registered address
in accordance with the Indenture.  The Company may provide in such
notice that payment of the redemption price and the performance of the Company’s
obligations with respect to such redemption may be performed by another
Person.  Any such redemption and notice may, in the Company’s
discretion, be subject to the satisfaction of one or more conditions precedent,
including but not limited to the occurrence of a Change of
Control.  The Notes will be so redeemable at the following redemption
prices (expressed as a percentage of principal amount), plus accrued and unpaid
interest, if any, to the relevant Redemption Date (subject to the right of
Holders of record on the relevant Regular Record Date to receive interest due on
the relevant Interest Payment Date), if redeemed during the 12-month period
commencing on March 15 of each of the years set forth below:

     

    
      	
              Period

            	
              Redemption Price

            
	
              2014                                                                                            

            	
              104.813%

            
	
              2015                                                                                            

            	
              102.406%

            
	
              2016
      and
      thereafter                                                                                            

            	
              100.000%

            
	 
      	 
      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
addition, at any time and from time to time on or prior to March 15, 2013, the
Company at its option may redeem Notes in an aggregate principal amount equal to
up to 35% of the original aggregate principal amount of Notes (including the
principal amount of any Additional Notes), with funds in an aggregate amount not
exceeding the aggregate proceeds of one or more Equity Offerings, at a
redemption price (expressed as a percentage of principal amount thereof) of
109.625%, plus accrued and unpaid interest, if any, to, but not including, the
Redemption Date (subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date);
provided, however, that an aggregate
principal amount of Notes equal to at least 65% of the original aggregate
principal amount of Notes (including the principal amount of any Additional
Notes) must remain outstanding after each such redemption.  The
Company may make such redemption upon notice mailed by first-class mail to each
Holder’s registered address in accordance with the Indenture (but in no event
more than 180 days after the completion of the related Equity
Offering).  The Company may provide in such notice that payment of the
redemption price and performance of the Company’s obligations with respect to
such redemption may be performed by another Person.  Any such notice
may be given prior to the completion of the related Equity Offering, and any
such redemption or notice may, at the Company’s discretion, be subject to the
satisfaction of one or more conditions precedent, including the completion of
the related Equity Offering.

     

    At any
time prior to March 15, 2014, Notes may also be redeemed or purchased (by the
Company or any other Person) in whole or in part, at the Company’s option, at a
price equal to 100% of the principal amount thereof plus the Applicable Premium
as of, and accrued but unpaid interest, if any, to, but not including, the
Redemption Date (subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment
Date).  Such redemption or purchase may be made upon notice mailed by
first-class mail to each Holder’s registered address in accordance with the
Indenture.  The Company may provide in such notice that payment of the
Redemption Price and performance of the Company’s obligations with respect to
such redemption or purchase may be performed by another Person.  Any
such redemption, purchase or notice may, at the Company’s discretion, be subject
to the satisfaction of one or more conditions precedent, including but not
limited to the occurrence of a Change of Control.

     

    The
Indenture provides that, upon the occurrence after the Issue Date of a Change of
Control, each Holder will have the right to require that the Company repurchase
all or any part of such Holder’s Notes at a purchase price in cash equal to 101%
of the principal amount thereof plus accrued and unpaid interest, if any, to,
but not including, the date of such repurchase (subject to the right of Holders
of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date); provided, however, that the Company
shall not be obligated to repurchase Notes in the event it has exercised its
right to redeem all the Notes as described above.

     

    The Notes
will not be entitled to the benefit of a sinking fund.

     

    The
Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Note or certain restrictive covenants and certain Events of
Default with respect to this Note, in each case upon compliance with certain
conditions set forth in the Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    If an
Event of Default with respect to the Notes shall occur and be continuing, the
principal of and accrued but unpaid interest on the Notes may be declared due
and payable in the manner and with the effect provided in the
Indenture.

     

    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Notes to be effected under the Indenture at any
time by the Company and the Trustee with the consent of the Holders of at least
a majority in principal amount of the Notes at the time Outstanding to be
affected.  The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the Notes at the time
Outstanding, on behalf of the Holders of all Notes, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences.  Any such consent or waiver by
the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this
Note.

     

    As
provided in and subject to the provisions of the Indenture, the Holder of this
Note shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Notes, the
Holders of not less than 30% in principal amount of the Notes at the time
Outstanding shall have made written request to the Trustee to pursue such remedy
in respect of such Event of Default as Trustee and offered the Trustee
reasonable security or indemnity against any loss, liability or expense, and the
Trustee shall not have received from the Holders of a majority in principal
amount of Notes at the time Outstanding a direction inconsistent with such
request, and shall have failed to institute any such proceeding, for 60 days
after receipt of such notice, request and offer of security or
indemnity.  The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal hereof
or any premium or interest hereon on or after the respective due dates expressed
herein.

     

    No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this
Note at the times, place and rate, and in the coin or currency, herein
prescribed.

     

    As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Note is registrable in the Note Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in
a Place of Payment, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Note Registrar duly
executed by, the Holder hereof or such Holder’s attorney duly authorized in
writing, and thereupon one or more new Notes of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

     

    The Notes
are issuable only in fully registered form without coupons in minimum
denominations of $2,000 and any integral multiple of $l,000 in excess
thereof.  As provided in 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes of like tenor of a
different authorized denomination, as requested by the Holder surrendering the
same.

     

    No
service charge shall be made for any such registration, transfer or exchange,
but the Company may require payment of a sum sufficient to cover any transfer
tax or other governmental charge payable in connection therewith.

     

    Prior to
due presentment of this Note for registration or transfer, the Company, any
other obligor in respect of this Note, the Trustee and any agent of the Company,
such other obligor or the Trustee may treat the Person in whose name this Note
is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Company, any other obligor upon this Note, the Trustee
nor any such agent shall be affected by notice to the contrary.

     

    No
director, officer, employee, incorporator, equity holder, member or stockholder,
as such, of the Company, any Guarantor or any Subsidiary of any thereof shall
have any liability for any obligation of the Company or any Guarantor under the
Indenture, the Notes or any Guarantee, or for any claim based on, in respect of,
or by reason of, any such obligation or its creation.  Each Holder, by
accepting this Note, hereby waives and releases all such
liability.  The waiver and release are part of the consideration for
issuance of the Notes.

     

    THE
INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.  THE TRUSTEE, THE COMPANY, ANY
OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE
HOLDERS, AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR
STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR
THE GUARANTEES.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    GUARANTEE

     

    For value
received, the undersigned hereby unconditionally guarantees, as principal
obligor and not only as a surety, to the Holder of this Note the cash payments
in United States dollars of principal of, premium, if any, and interest on this
Note (and including Additional Interest payable thereon) in the amounts and at
the times when due and interest on the overdue principal, premium, if any, and
interest, if any, of this Note, if lawful, and the payment or performance of all
other Obligations of the Company under the Indenture (as defined below) or the
Note, to the Holder of this Note and the Trustee, all in accordance with and
subject to the terms and limitations of this Note, Article XIII of the Indenture
and this Guarantee. This Guarantee will become effective in accordance with
Article XIII of the Indenture and its terms shall be evidenced therein. The
validity and enforceability of this Guarantee shall not be affected by the fact
that it is not affixed to any particular Note.

     

    Capitalized
terms used but not defined herein shall have the meanings ascribed to them in
the Indenture, dated as of March 10, 2010, among Avis Budget Car Rental, LLC, a
Delaware limited liability company, and Avis Budget Finance, Inc., a Delaware
corporation (together, “the Company”), the Guarantors from time to time parties
thereto and The Bank of Nova Scotia Trust Company of New York, as
Trustee.

     

    THIS
GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK.  EACH GUARANTOR HEREBY AGREES TO SUBMIT TO THE
JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH
OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THIS GUARANTEE.

     

    This
Guarantee is subject to release upon the terms set forth in the
Indenture.

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AVIS
BUDGET GROUP, INC.

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

    AVIS
BUDGET HOLDINGS, LLC

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

    AB CAR
RENTAL SERVICES, INC.

    ARACS
LLC

    AVIS ASIA
AND PACIFIC, LIMITED

    AVIS CAR
RENTAL GROUP, LLC

    AVIS
CARIBBEAN, LIMITED

    AVIS
ENTERPRISES, INC.

    AVIS
GROUP HOLDINGS, LLC

    AVIS
INTERNATIONAL, LTD.

    AVIS
OPERATIONS, LLC

    AVIS RENT
A CAR SYSTEM, LLC

    PF CLAIMS
MANAGEMENT, LTD.

    PR
HOLDCO, INC.

    WIZARD
CO., INC.

    WIZARD
SERVICES, INC.

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    BGI
LEASING, INC.

    BUDGET
RENT A CAR SYSTEM, INC.

    BUDGET
TRUCK RENTAL LLC

    RUNABOUT,
LLC

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [FORM OF
CERTIFICATE OF TRANSFER]

     

    FOR VALUE
RECEIVED the undersigned Holder hereby sell(s), assign(s) and transfer(s)
unto

     

     

    Insert
Taxpayer Identification No.

     

     

    (Please
print or typewrite name and address including zip code of assignee)

     

     

    
      

    

     

    
      

    

     

     

    the
within Note and all rights thereunder, hereby irrevocably constituting and
appointing

     

     

      
        

      

    

    

     

    attorney
to transfer such Note on the books of the Company with full power of
substitution in the premises.

     

    
      	
               
      

            	
              This
      Note is being sold, assigned and transferred (check
  one):

            

    

     

    
      	
               
      

            	
              [  ]
      (a)

            	
              to
      the Company;

            

    

     

    or

     

    
      	
               
      

            	
              [  ]
      (b)

            	
              to
      a person whom the Holder reasonably believes is a qualified institutional
      buyer within the meaning of Rule 144A under the Securities Act of 1933,
      purchasing for its own account or for the account of a qualified
      institutional buyer to whom notice is given that the resale, pledge or
      other transfer is being made in reliance on Rule 144A under the Securities
      Act of 1933;

            

    

     

    or

     

    
      	
               
      

            	
              [  ]
      (c)

            	
              in
      an offshore transaction in accordance with Regulation S under the
      Securities Act of 1933;

            

    

     

    or

     

    
      	
               
      

            	
              [  ]
      (d)

            	
              to
      an institution that is an “accredited investor” as defined in Rule
      501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act of
      1933 that is acquiring this Note for investment purposes and not for
      distribution;

            

    

     

    or

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              [  ]
      (e)

            	
              pursuant
      to any exemption from registration under the Securities Act of 1933
      provided by Rule 144 (if applicable) under the Securities Act of
      1933;

            

    

     

    or

     

    
      	
               
      

            	
              [  ]
      (f)

            	
              pursuant
      to an effective registration statement under the Securities Act of
      1933;

            

    

     

    or

     

    
      	
               
      

            	
              [  ]
      (g)

            	
              this
      Note is being transferred other than in accordance with (a), (b) or (c)
      above and documents are being furnished which comply with the conditions
      of transfer set forth in this Note and the
  Indenture.

            

    

     

    If none
of the foregoing boxes is checked, the Trustee or other Note Registrar shall not
be obligated to register this Note in the name of any Person other than the
Holder hereof unless and until the conditions to any such transfer of
registration set forth herein and in Section 313 of the Indenture shall have
been satisfied.

     

    Date:                                                      

     

      
        

      

    

    NOTICE:
The signature to this assignment must correspond with the name as written upon
the face of the within-mentioned instrument in every particular, without
alteration or any change whatsoever.

     

     

    Signature
Guarantee:                                                                                                        

     

     

      
        

      

       

    

    Signatures
must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    TO BE
COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED.

     

    The
undersigned represents and warrants that it is purchasing this Note for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended,
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

     

    
      	 
      	 
      
	
              Dated:                                                      

            	 
      
	 
      	
              NOTICE:
      To be executed by an executive
officer

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    OPTION OF
HOLDER TO ELECT PURCHASE

     

    If you
wish to have this Note purchased by the Company pursuant to Section 411 or 415
of the Indenture, check the box: [   ].

     

    If you
wish to have a portion of this Note purchased by the Company pursuant to Section
411 or 415 of the Indenture, state the amount (in principal amount)
below:

     

    $________________

     

     

    Date:                         

     

    
      
        

      
                  

     

    Your
Signature:                           

     

    
      
        

      
                                

     

    (Sign
exactly as your name appears on the other side of this Note)

     

    Signature
Guarantee:                                                                      

     

      
        

      

    

     

    Signatures
must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL NOTE

     

    The
following increases or decreases in this Global Note have been
made:

     

    
      	
              
                Date
      of Exchange

              

            	
              
                Amount
      of decreases in Principal Amount of this Global Note

              

            	
              
                Amount
      of increases in Principal Amount of this Global Note

              

            	
              
                Principal
      amount of this Global Note following such decreases or
      increases

              

            	
              
                Signature
      of authorized officer of Trustee or Notes
  Custodian

              

            
	 
      	 
      	 
      	 
      	 
      

    

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

     

    Form of
Exchange Note9

     

    AVIS
BUDGET CAR RENTAL, LLC

     

    AVIS
BUDGET FINANCE, INC.

     

    

     

    9 5/8%
Senior Notes due 2018

     

    CUSIP No.
_______________                                                              No.
___

     

    $______________

     

    Avis
Budget Car Rental, LLC, a limited liability company duly organized and existing
under the laws of the State of Delaware, and Avis Budget Finance, Inc., a
corporation duly organized and existing under the laws of the State of Delaware
(together, “the Company,” which term
includes their successors and assigns), promise to pay to ___________, or
registered assigns, the principal sum of $___________________
([                                ]
United States Dollars) [(or such lesser or greater amount as shall be
outstanding hereunder from time to time in accordance with Sections 312 and 313
of the Indenture referred to on the reverse hereof)]10 (the “Principal Amount”) on
March 15, 2018.  The Company promises to pay interest semi-annually in
cash on March 15 and September 15 of each year, commencing September 15, 2010,
at the rate of 9.625% per annum, except that interest accrued on this Note for
periods prior to the date on which the Initial Note was surrendered in exchange
for this Note will accrue at the rate or rates borne by such Initial Note from
time to time during such periods, until the Principal Amount is paid or made
available for payment.  [Interest on this Note will accrue from the
most recent date to which interest on this Note or any of its Predecessor Notes
has been paid or duly provided for or, if no interest has been paid, from the
Issue Date.]11  [Interest on this Note will accrue
(or will be deemed to have accrued) from the most recent date to which interest
on this Note or any of its Predecessor Notes has been paid or duly provided for
or, if no such interest has been paid, from ____________, ____12.]13  Interest on the Notes shall be
computed on the basis of a 360-day year consisting of twelve 30-day
months.  The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Note (or one or more Predecessor Notes) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the March 1 or September 1 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment
Date.  Any such interest not so punctually paid or duly provided for
will forthwith cease to be payable to the Holder on such Regular Record Date and
may either be paid to the Person in whose name this Note (or one or more
Predecessor Notes) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Notes not more than 15 days nor less
than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities
exchange on which the Notes may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said
Indenture.

     

    Payment
of the principal of (and premium, if any) and interest on this Note will be made
at the office of the applicable Paying Agent, or such other office or agency of
the Company maintained for that purpose; provided, however, that at the option
of the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Note
Register.

     

    Reference
is hereby made to the further provisions of this Note set forth on the attached
Additional Terms of the Notes, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     

    Unless
the certificate of authentication hereon has been executed by the Trustee
referred to herein by manual signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any
purpose.

     

    

      

    

      
      
        	
                9

              	
                Insert
      any applicable legends from Article
II.

              

      

    

      
      
        	
                10

              	
                Include
      only if the Note is issued in global
form.

              

      

    

      
      
        	
                11

              	
                Include
      only for Original Notes.

              

      

    

      
      
        	
                12

              	
                Insert
      the Interest Payment Date immediately preceding the date of issuance of
      the applicable Additional Notes, or if the date of issuance of such
      Additional Notes is an Interest Payment Date, such date of
      issuance.

              

      

    

      
      
        	
                13

              	
                Include
      only for Exchange Notes issued in the exchange for Additional
      Notes.

              

      

    

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

     

    AVIS
BUDGET CAR RENTAL, LLC

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

    AVIS
BUDGET FINANCE, INC.

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This is
one of the Notes referred to in the within-mentioned Indenture.

     

    THE BANK
OF NOVA SCOTIA TRUST COMPANY OF NEW YORK,

    as
Trustee

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

     

    Dated:

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Additional
Terms of the Notes

     

    This Note
is one of the duly authorized issue of 9 5/8% Senior Notes due 2018 of the
Company (herein called the “Notes”), issued under
an Indenture, dated as of March 10, 2010 (herein called the “Indenture,” which
term shall have the meanings assigned to it in such instrument), among the
Company, the Guarantors from time to time parties thereto (“the Guarantors”) and The
Bank of Nova Scotia Trust Company of New York, as Trustee (herein called the
“Trustee,”
which term includes any successor trustee under the Indenture), and reference is
hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, any
other obligor upon this Note, the Trustee and the Holders of the Notes and of
the terms upon which the Notes are, and are to be, authenticated and
delivered.  The terms of the Notes include those stated in the
Indenture and those made a part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended, as in effect from time to time (the “TIA”).  The
Notes are subject to all such terms, and Holders are referred to the Indenture
and the TIA for a statement of such terms.  Additional Notes may be
issued under the Indenture which will vote as a class with the Notes and
otherwise be treated as Notes for purposes of the Indenture.

     

    All terms
used in this Note that are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

     

    This Note
may hereafter be entitled to certain other Guarantees made for the benefit of
the Holders.  Reference is made to Article XIII of the Indenture for
terms relating to such Guarantees, including the release, termination and
discharge thereof.  Neither the Company nor any Guarantor shall be
required to make any notation on this Note to reflect any Guarantee or any such
release, termination or discharge.

     

    The Notes
will be redeemable, at the Company’s option, in whole or in part, at any time
and from time to time on or after March 15, 2014, and prior to maturity at the
applicable redemption price set forth below.  Such redemption may be
made upon notice mailed by first-class mail to each Holder’s registered address
in accordance with the Indenture.  The Company may provide in such
notice that payment of the redemption price and the performance of the Company’s
obligations with respect to such redemption may be performed by another
Person.  Any such redemption and notice may, in the Company’s
discretion, be subject to the satisfaction of one or more conditions precedent,
including but not limited to the occurrence of a Change of
Control.  The Notes will be so redeemable at the following redemption
prices (expressed as a percentage of principal amount), plus accrued and unpaid
interest, if any, to the relevant Redemption Date (subject to the right of
Holders of record on the relevant Regular Record Date to receive interest due on
the relevant Interest Payment Date), if redeemed during the 12-month period
commencing on March 15 of each of the years set forth below:

     

    
      	
              Period

            	
              Redemption Price

            
	
              2014                                                                                            

            	
              104.813%

            
	
              2015                                                                                            

            	
              102.406%

            
	
              2016
      and
      thereafter                                                                                            

            	
              100.000%

            
	 
      	 
      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    In
addition, at any time and from time to time on or prior to March 15, 2013, the
Company at its option may redeem Notes in an aggregate principal amount equal to
up to 35% of the original aggregate principal amount of Notes (including the
principal amount of any Additional Notes), with funds in an aggregate amount not
exceeding the aggregate proceeds of one or more Equity Offerings, at a
redemption price (expressed as a percentage of principal amount thereof) of
109.625%, plus accrued and unpaid interest, if any, to, but not including, the
Redemption Date (subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date);
provided, however, that an aggregate
principal amount of Notes equal to at least 65% of the original aggregate
principal amount of Notes (including the principal amount of any Additional
Notes) must remain outstanding after each such redemption.  The
Company may make such redemption upon notice mailed by first-class mail to each
Holder’s registered address in accordance with the Indenture (but in no event
more than 180 days after the completion of the related Equity
Offering).  The Company may provide in such notice that payment of the
redemption price and performance of the Company’s obligations with respect to
such redemption may be performed by another Person.  Any such notice
may be given prior to the completion of the related Equity Offering, and any
such redemption or notice may, at the Company’s discretion, be subject to the
satisfaction of one or more conditions precedent, including the completion of
the related Equity Offering.

     

    At any
time prior to March 15, 2014, Notes may also be redeemed or purchased (by the
Company or any other Person) in whole or in part, at the Company’s option, at a
price equal to 100% of the principal amount thereof plus the Applicable Premium
as of, and accrued but unpaid interest, if any, to, but not including, the
Redemption Date (subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment
Date).  Such redemption or purchase may be made upon notice mailed by
first-class mail to each Holder’s registered address in accordance with the
Indenture.  The Company may provide in such notice that payment of the
Redemption Price and performance of the Company’s obligations with respect to
such redemption or purchase may be performed by another Person.  Any
such redemption, purchase or notice may, at the Company’s discretion, be subject
to the satisfaction of one or more conditions precedent, including but not
limited to the occurrence of a Change of Control.

     

    The
Indenture provides that, upon the occurrence after the Issue Date of a Change of
Control, each Holder will have the right to require that the Company repurchase
all or any part of such Holder’s Notes at a purchase price in cash equal to 101%
of the principal amount thereof plus accrued and unpaid interest, if any, to,
but not including, the date of such repurchase (subject to the right of Holders
of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date); provided, however, that the Company
shall not be obligated to repurchase Notes in the event it has exercised its
right to redeem all the Notes as described above.

     

    The Notes
will not be entitled to the benefit of a sinking fund.

     

    The
Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Note or certain restrictive covenants and certain Events of
Default with respect to this Note, in each case upon compliance with certain
conditions set forth in the Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    If an
Event of Default with respect to the Notes shall occur and be continuing, the
principal of and accrued but unpaid interest on the Notes may be declared due
and payable in the manner and with the effect provided in the
Indenture.

     

    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Notes to be effected under the Indenture at any
time by the Company and the Trustee with the consent of the Holders of at least
a majority in principal amount of the Notes at the time Outstanding to be
affected.  The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the Notes at the time
Outstanding, on behalf of the Holders of all Notes, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences.  Any such consent or waiver by
the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this
Note.

     

    As
provided in and subject to the provisions of the Indenture, the Holder of this
Note shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Notes, the
Holders of not less than 30% in principal amount of the Notes at the time
Outstanding shall have made written request to the Trustee to pursue such remedy
in respect of such Event of Default as Trustee and offered the Trustee
reasonable security or indemnity against any loss, liability or expense, and the
Trustee shall not have received from the Holders of a majority in principal
amount of Notes at the time Outstanding a direction inconsistent with such
request, and shall have failed to institute any such proceeding, for 60 days
after receipt of such notice, request and offer of security or
indemnity.  The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal hereof
or any premium or interest hereon on or after the respective due dates expressed
herein.

     

    No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this
Note at the times, place and rate, and in the coin or currency, herein
prescribed.

     

    As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Note is registrable in the Note Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in
a Place of Payment, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Note Registrar duly
executed by, the Holder hereof or such Holder’s attorney duly authorized in
writing, and thereupon one or more new Notes of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

     

    The Notes
are issuable only in fully registered form without coupons in minimum
denominations of $2,000 and any integral multiple of $l,000 in excess
thereof.  As provided

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     in
the Indenture and subject to certain limitations therein set forth, the Notes
are exchangeable for a like aggregate principal amount of Notes of like tenor of
a different authorized denomination, as requested by the Holder surrendering the
same.

     

    No
service charge shall be made for any such registration, transfer or exchange,
but the Company may require payment of a sum sufficient to cover any transfer
tax or other governmental charge payable in connection therewith.

     

    Prior to
due presentment of this Note for registration or transfer, the Company, any
other obligor in respect of this Note, the Trustee and any agent of the Company,
such other obligor or the Trustee may treat the Person in whose name this Note
is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Company, any other obligor upon this Note, the Trustee
nor any such agent shall be affected by notice to the contrary.

     

    No
director, officer, employee, incorporator, equity holder, member or stockholder,
as such, of the Company, any Guarantor or any Subsidiary of any thereof shall
have any liability for any obligation of the Company or any Guarantor under the
Indenture, the Notes or any Guarantee, or for any claim based on, in respect of,
or by reason of, any such obligation or its creation.  Each Holder, by
accepting this Note, hereby waives and releases all such
liability.  The waiver and release are part of the consideration for
issuance of the Notes.

     

    THE
INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.  THE TRUSTEE, THE COMPANY, ANY
OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE
HOLDERS, AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR
STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR
THE GUARANTEES.

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    GUARANTEE

     

    For value
received, the undersigned hereby unconditionally guarantees, as principal
obligor and not only as a surety, to the Holder of this Note the cash payments
in United States dollars of principal of, premium, if any, and interest on this
Note (and including Additional Interest payable thereon) in the amounts and at
the times when due and interest on the overdue principal, premium, if any, and
interest, if any, of this Note, if lawful, and the payment or performance of all
other Obligations of the Company under the Indenture (as defined below) or the
Note, to the Holder of this Note and the Trustee, all in accordance with and
subject to the terms and limitations of this Note, Article XIII of the Indenture
and this Guarantee. This Guarantee will become effective in accordance with
Article XIII of the Indenture and its terms shall be evidenced therein. The
validity and enforceability of this Guarantee shall not be affected by the fact
that it is not affixed to any particular Note.

     

    Capitalized
terms used but not defined herein shall have the meanings ascribed to them in
the Indenture, dated as of March 10, 2010, among Avis Budget Car Rental, LLC, a
Delaware limited liability company, Avis Budget Finance, Inc., a Delaware
corporation (together, “the Company”), the Guarantors from time to time parties
thereto and The Bank of Nova Scotia Trust Company of New York, as
Trustee.

     

    THIS
GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK.  EACH GUARANTOR HEREBY AGREES TO SUBMIT TO THE
JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH
OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THIS GUARANTEE.

     

    This
Guarantee is subject to release upon the terms set forth in the
Indenture.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AVIS
BUDGET GROUP, INC.

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

    AVIS
BUDGET HOLDINGS, LLC

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

    AB CAR
RENTAL SERVICES, INC.

    ARACS
LLC

    AVIS ASIA
AND PACIFIC, LIMITED

    AVIS CAR
RENTAL GROUP, LLC

    AVIS
CARIBBEAN, LIMITED

    AVIS
ENTERPRISES, INC.

    AVIS
GROUP HOLDINGS, LLC

    AVIS
INTERNATIONAL, LTD.

    AVIS
OPERATIONS, LLC

    AVIS RENT
A CAR SYSTEM, LLC

    PF CLAIMS
MANAGEMENT, LTD.

    PR
HOLDCO, INC.

    WIZARD
CO., INC.

    WIZARD
SERVICES, INC.

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    BGI
LEASING, INC.

    BUDGET
RENT A CAR SYSTEM, INC.

    BUDGET
TRUCK RENTAL LLC

    RUNABOUT,
LLC

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [FORM OF
CERTIFICATE OF TRANSFER]

     

    FOR VALUE
RECEIVED the undersigned Holder hereby sell(s), assign(s) and transfer(s)
unto

     

     

    Insert
Taxpayer Identification No.

     

     

    (Please
print or typewrite name and address including zip code of assignee)

     

     

      
        

      

    

     

      
        

      

    

    

     

    the
within Note and all rights thereunder, hereby irrevocably constituting and
appointing

     

     

    
      

    

    

     

    attorney
to transfer such Note on the books of the Company with full power of
substitution in the premises.

     

    NOTICE:
The signature to this assignment must correspond with the name as written upon
the face of the within-mentioned instrument in every particular, without
alteration or any change whatsoever.

     

    Signature
Guarantee:                                                                                              

     

    
      
        

      
  

     

    Signatures
must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    OPTION OF
HOLDER TO ELECT PURCHASE

     

    If you
wish to have this Note purchased by the Company pursuant to Section 411 or 415
of the Indenture, check the box: [   ].

     

    If you
wish to have a portion of this Note purchased by the Company pursuant to Section
411 or 415 of the Indenture, state the amount (in principal amount)
below:

     

    $_______________

     

     

    Date:                                           

     

    Your
Signature:                                                           

     

    (Sign
exactly as your name appears on the other side of this Note)

     

    Signature
Guarantee:                                                                      

     

    Signatures
must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL NOTE

     

    The
following increases or decreases in this Global Note have been
made:

     

    
      	
              
                Date
      of Exchange

              

            	
              
                Amount
      of decreases in Principal Amount of this Global Note

              

            	
              
                Amount
      of increases in Principal Amount of this Global Note

              

            	
              
                Principal
      amount of this Global Note following such decreases or
      increases

              

            	
              
                Signature
      of authorized officer of Trustee or Notes
  Custodian

              

            
	 
      	 
      	 
      	 
      	 
      

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
C

     

     

    Form of Certificate of
Beneficial Ownership

     

    On or
after [_________________], 20[  ]

     

    THE BANK
OF NOVA SCOTIA TRUST

    COMPANY
OF NEW YORK

    One
Liberty Plaza

    23rd
Floor

    New York,
NY 10006

     

    Attention:
Corporate Trust Department

     

    
      	
               
      

            	
              Re:

            	
              Avis
      Budget Car Rental, LLC and Avis Budget Finance, Inc. (the
      “Company”)

            

    

     

    
      	
               
      

            	
              9 5/8% Senior
      Notes due 2018 (the “Notes”)

            

    

     

    Ladies
and Gentlemen:

     

    This
letter relates to $450 million principal amount of Notes represented by the
offshore [temporary] global note certificate (the “[Temporary] Regulation S
Global Note”).  Pursuant to Section 313(3) of the Indenture
dated as of March 10, 2010 relating to the Notes (the “Indenture”), we
hereby certify that (1) we are the beneficial owner of such principal amount of
Notes represented by the [Temporary] Regulation S Global Note and (2) we are
either (i) a Non-U.S. Person to whom the Notes could be transferred in
accordance with Rule 903 or 904 of Regulation S (“Regulation S”)
promulgated under the Securities Act of 1933, as amended (the “Act”) or (ii) a U.S.
Person who purchased securities in a transaction that did not require
registration under the Act.

     

    You, the
Company and counsel for the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.  Terms used in this
certificate have the meanings set forth in Regulation S.

     

    Very
truly yours,

     

    [Name of
Holder]

     

    By:                                                      

    Authorized
Signature

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
D

     

     

    Form of Regulation S
Certificate

     

    Regulation S
Certificate

     

    THE BANK
OF NOVA SCOTIA TRUST

    COMPANY
OF NEW YORK

    One
Liberty Plaza

    23rd
Floor

    New York,
NY 10006

     

    Attention:
Corporate Trust Department

     

    
      	
               
      

            	
              Re:

            	
              Avis
      Budget Car Rental, LLC and Avis Budget Finance, Inc. (the
      “Company”)

            

    

    
      	
               
      

            	
              9 5/8% Senior
      Notes due 2018 (the “Notes”)

            

    

     

    Ladies
and Gentlemen:

     

    In
connection with our proposed sale of $450 million aggregate principal amount of
Notes, we confirm that such sale has been effected pursuant to and in accordance
with Regulation S (“Regulation S”) under
the Securities Act of 1933, as amended (the “Securities Act”), and
accordingly, we hereby certify as follows:

     

    1. The offer
of the Notes was not made to a person in the United States (unless such person
or the account held by it for which it is acting is excluded from the definition
of “U.S. person” pursuant to Rule 902(k) of Regulation S under the circumstances
described in Rule 902(h)(3) of Regulation S) or specifically targeted at an
identifiable group of U.S. citizens abroad.

     

    2. Either
(a) at the time the buy order was originated, the buyer was outside the United
States or we and any person acting on our behalf reasonably believed that the
buyer was outside the United States or (b) the transaction was executed in, on
or through the facilities of a designated offshore securities market, and
neither we nor any person acting on our behalf knows that the transaction was
pre-arranged with a buyer in the United States.

     

    3. No
directed selling efforts have been made in the United States in contravention of
the requirements of Rule 903(a)(2) or Rule 904(a)(2) of Regulation S, as
applicable.

     

    4. The
proposed transfer of Notes is not part of a plan or scheme to evade the
registration requirements of the Securities Act.

     

    5. If we are
a dealer or a person receiving a selling concession or other fee or remuneration
in respect of the Notes, and the proposed transfer takes place before the end of
the distribution compliance period under Regulation S, or we are an officer or
director of the Company or a distributor, we certify that the proposed transfer
is being made in accordance with the provisions of Rules 903 and 904 of
Regulation S.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6. If the
proposed transfer takes place before the end of the distribution compliance
period under Regulation S, the beneficial interest in the Notes so transferred
will be held immediately thereafter through Euroclear (as defined in the
Indenture) or Clearstream (as defined in the Indenture).

     

    7. We have
advised the transferee of the transfer restrictions applicable to the
Notes.

     

    You, the
Company and counsel for the Company are entitled to rely upon this Certificate
and are irrevocably authorized to produce this Certificate or a copy hereof to
any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby.  Terms used in
this certificate have the meanings set forth in Regulation S.

     

    Very
truly yours,

     

    [NAME of
SELLER]

     

    By:                                                      

    Name:

    Title:

    Address:

     

    Date of
this Certificate: _____________________ __, 20__

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
E

     

     

    Form of Supplemental
Indenture in Respect of Subsidiary Guarantee

     

    SUPPLEMENTAL
INDENTURE, dated as of [_________] (this “Supplemental
Indenture”), among [name of Subsidiary Guarantor(s)] (the “Subsidiary
Guarantor(s)”), Avis Budget Car Rental, LLC, a limited liability company
duly organized and existing under the laws of the State of Delaware, and Avis
Budget Finance, Inc., a corporation duly organized and existing under the laws
of the State of Delaware (together, the “Company,” which term
includes their successors and assigns), each other then existing Guarantor under
the Indenture referred to below (the “Existing
Guarantors”), and The Bank of Nova Scotia Trust Company of New York, as
trustee (“the Trustee”) under the
Indenture referred to below.

     

    WITNESSETH:

     

    WHEREAS,
the Company, any Existing Guarantors and the Trustee have heretofore become
parties to an Indenture, dated as of March 10, 2010 (as amended, supplemented,
waived or otherwise modified, the “Indenture”),
providing for the issuance of 9 5/8% Senior Notes due 2018 of the Company
(the “Notes”);

     

    WHEREAS,
Section 1308 of the Indenture provides that the Company is required to cause the
Subsidiary Guarantors to execute and deliver to the Trustee a supplemental
indenture pursuant to which the Subsidiary Guarantors shall guarantee the
Company’s Subsidiary Guaranteed Obligations under the Notes pursuant to a
Subsidiary Guarantee on the terms and conditions set forth herein and in Article
XIII of the Indenture;

     

    WHEREAS,
each Subsidiary Guarantor desires to enter into such supplemental indenture for
good and valuable consideration, including substantial economic benefit in that
the financial performance and condition of such Subsidiary Guarantor is
dependent on the financial performance and condition of the Company, the
obligations hereunder of which such Subsidiary Guarantor has guaranteed, and on
such Subsidiary Guarantor’s access to working capital through the Company’s
access to revolving credit borrowings under the Senior Credit Agreement;
and

     

    WHEREAS,
pursuant to Section 901 of the Indenture, the parties hereto are authorized to
execute and deliver this Supplemental Indenture to amend the Indenture, without
the consent of any Holder;

     

    NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Subsidiary
Guarantors, the Company, the Existing Guarantors and the Trustee mutually
covenant and agree for the benefit of the Holders of the Notes as
follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1. Defined
Terms.  As used in this Supplemental Indenture, terms defined
in the Indenture or in the preamble or recital hereto are used herein as therein
defined.  The words “herein,” “hereof’ and “hereby” and other words of
similar import used in this Supplemental Indenture refer to this Supplemental
Indenture as a whole and not to any particular Section hereof.

     

    2. Agreement to
Guarantee.  [The] [Each] Subsidiary Guarantor hereby agrees,
jointly and severally with [all] [any] other Subsidiary Guarantors and
irrevocably, fully and unconditionally, to guarantee the Subsidiary Guaranteed
Obligations under the Indenture and the Notes on the terms and subject to the
conditions set forth in Article XIII of the Indenture and to be bound by (and
shall be entitled to the benefits of) all other applicable provisions of the
Indenture as a Subsidiary Guarantor.

     

    3. Termination, Release and
Discharge.  [The] [Each] Subsidiary Guarantor’s Subsidiary
Guarantee shall terminate and be of no further force or effect, and [the] [each]
Subsidiary Guarantor shall be released and discharged from all obligations in
respect of such Subsidiary Guarantee, as and when provided in Section 1303 of
the Indenture.

     

    4. Parties.  Nothing
in this Supplemental Indenture is intended or shall be construed to give any
Person, other than the Holders and the Trustee, any legal or equitable right,
remedy or claim under or in respect of [the] [each] Subsidiary Guarantor’s
Subsidiary Guarantee or any provision contained herein or in Article XIII of the
Indenture.

     

    5. Governing
Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  THE
TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR
ACCEPTANCE OF THE NOTES) THE HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF ANY
UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE
CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
SUPPLEMENTAL INDENTURE.

     

    6. Ratification of Indenture;
Supplemental Indentures Part of Indenture.  Except as expressly
amended hereby, the Indenture is in all respects ratified and confirmed and all
the terms, conditions and provisions thereof shall remain in full force and
effect.  This Supplemental Indenture shall form a part of the
Indenture for all purposes, and every Holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby.  The Trustee makes
no representation or warranty as to the validity or sufficiency of this
Supplemental Indenture or as to the accuracy of the recitals to this
Supplemental Indenture.

     

    7. Counterparts.  The
parties hereto may sign one or more copies of this Supplemental Indenture in
counterparts, all of which together shall constitute one and the same
agreement.

     

    8. Headings.  The
Section headings herein are for convenience of reference only and shall not be
deemed to alter or affect the meaning or interpretation of any provisions
hereof.

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed as of the date first above written.

     

    [NAME OF
SUBSIDIARY GUARANTOR(S)],

    as
Subsidiary Guarantor

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

    AVIS
BUDGET GROUP, INC.

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

    AVIS
BUDGET HOLDINGS, LLC

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

    THE BANK
OF NOVA SCOTIA TRUST COMPANY OF NEW YORK,

    as
Trustee

    

    By:  __________________________

    
      	
              Name:

            	 
      
	
              Title:

            	 
      

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
F

     

    [Form of Certificate from
Acquiring Institutional Accredited Investors]

     

    Certificate from Acquiring
Institutional Accredited Investor

     

    THE BANK
OF NOVA SCOTIA TRUST

    COMPANY
OF NEW YORK

    One
Liberty Plaza

    23rd
Floor

    New York,
NY 10006

     

    Attention:
Corporate Trust Department

     

    
      	
               
      

            	
              Re:

            	
              Avis
      Budget Car Rental, LLC and Avis Budget Finance, Inc. (the “Company”)

            

    

    
      	
               
      

            	
              9 5/8% Senior
      Notes due 2018 (the “Notes”)

            

    

     

    
      	
               
      

            	
              Ladies
      and Gentlemen:

            

    

     

    In
connection with our proposed sale of $450 million aggregate principal amount of
Notes, we confirm that:

     

    1. We
understand that any subsequent transfer of the Notes is subject to certain
restrictions and conditions set forth in the Indenture dated as of March 10,
2010 relating to the Notes (the “Indenture”) and the
undersigned agrees to be bound by, and not to resell, pledge or otherwise
transfer the Notes except in compliance with, such restrictions and conditions
and the Securities Act of 1933, as amended (the “Securities
Act”).

     

    2. We
understand that the Notes have not been registered under the Securities Act or
any other applicable securities law, and that the Notes may not be offered, sold
or otherwise transferred except as permitted in the following
sentence.  We agree, on our own behalf and on behalf of any accounts
for which we are acting as hereinafter stated, that if we should offer, sell,
transfer, pledge, hypothecate or otherwise dispose of any Notes within two years
after the original issuance of the Notes, we will do so only (A) to the Company,
(B) inside the United States to a “qualified institutional buyer” in compliance
with Rule 144A under the Securities Act, (C) inside the United States to an
institutional “accredited investor” (as defined below) that, prior to such
transfer, furnishes to you a signed letter substantially in the form of this
letter, (D) outside the United States to a foreign person in compliance with
Rule 904 of Regulation S under the Securities Act, (E) pursuant to the exemption
from registration provided by Rule 144 under the Securities Act (if available),
or (F) pursuant to an effective registration statement under the Securities Act,
and we further agree to provide to any person purchasing any of the Notes from
us a notice advising such purchaser that resales of the Notes are restricted as
stated herein and in the Indenture.

     

    3. We
understand that, on any proposed transfer of any Notes prior to the later of the
original issue date of the Notes and the last date the Notes were held by an
affiliate of the Company pursuant to paragraphs 2(C), 2(D) and 2(E) above, we
will be required to furnish to you and the Company such certifications, legal
opinions and other information as you and the Company may reasonably require to
confirm that the proposed transfer complies with the foregoing
restrictions.  We further understand that the Notes purchased by us
will bear a legend to the foregoing effect.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4. We are an
institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act) and have such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Notes, and we and any accounts for which we are
acting are acquiring the Notes for investment purposes and not with a view to,
or offer or sale in connection with, any distribution in violation of the
Securities Act, and we are each able to bear the economic risk of our or its
investment.

     

    5. We are
acquiring the Notes purchased by us for our own account or for one or more
accounts (each of which is an institutional “accredited investor”)
as to each of which we exercise sole investment discretion.

     

    You and
the Company are entitled to rely upon this letter and are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

     

    Very
truly yours,

     

    (Name of
Transferee)

     

    By                                                                

     

          Authorized
Signature

     
 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
G

     

    The Agreements in Existence
on the Issue Date and Identified under “Certain relationships and related
transactions” of the Company’s Offering Memorandum, dated March 5,
2010

     

     

    
      	
               
      

            	
              1.

            	
              Separation
      and Distribution Agreement, dated as of July 27, 2006 (as amended,
      modified or supplemented in accordance with its terms), among Avis Budget
      Group, Inc., Realogy Corporation, Wyndham Worldwide Corporation and
      Travelport Inc.

            

    

     

     

    
      	
               
      

            	
              2.

            	
              Tax
      Sharing Agreement, dated as of July 28, 2006 (as amended, modified or
      supplemented in accordance with its terms), Avis Budget Group, Inc.,
      Realogy Corporation, Wyndham Worldwide Corporation and Travelport
      Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]