Document:

EX-10.8

 Exhibit 10.8 

 

			
	 

	  	CLIFFORD CHANCE LLP
		  	  
 EXECUTION VERSION

 FINCAR FLEET B.V. 
 AS DUTCH FLEETCO 
 AVIS BUDGET AUTOVERMIETUNG GMBH & CO. KG

 AS GERMAN OPCO 
 AND 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

AS FLEETCO SECURITY AGENT 
  

 
 MASTER GERMAN
FLEET PURCHASE 
 AGREEMENT 
  

 

 CONTENTS 

 

							
	Clause	  	 	Page	  
			
	1.	 	Definitions and Interpretation	  	 	2	  
			
	2.	 	Common Terms	  	 	3	  
		
	Part 1 Sale and Transfer of Title from German OpCo to Dutch FleetCo	  	 	3	  
			
	3.	 	Offer and Acceptance and Transfer of Title to the Vehicles	  	 	3	  
			
	4.	 	Purchase Price	  	 	6	  
		
	Part 2 Sale and Transfer of Title from Dutch FleetCo to German OpCo	  	 	8	  
			
	5.	 	Offer and Acceptance and Retransfer of Title to the Vehicles	  	 	8	  
			
	6.	 	Repurchase Price	  	 	10	  
		
	Part 3 Miscellaneous Provisions	  	 	13	  
			
	7.	 	Liability of German OpCo	  	 	13	  
			
	8.	 	Representations by German OpCo	  	 	13	  
			
	9.	 	Covenants of German Opco	  	 	15	  
			
	10.	 	Default by German OpCo	  	 	17	  
			
	11.	 	Non-Recourse	  	 	18	  
			
	12.	 	Non-Petition	  	 	18	  
			
	13.	 	Obligations as Corporate Obligations	  	 	19	  
			
	14.	 	Set-Off	  	 	19	  
			
	15.	 	Representation	  	 	19	  
			
	16.	 	Negotiation/Renewal of Vehicle Manufacturer Buy-Back Agreements and Vehicle Dealer Buy-Back Agreements	  	 	20	  
			
	17.	 	German Act on Rendering Legal Services (Rechtsdienstleistungsgesetz)	  	 	20	  
			
	18.	 	Amendment	  	 	21	  
			
	19.	 	Severability	  	 	21	  
			
	20.	 	Governing Law and Jurisdiction	  	 	21	  
			
	21.	 	Language	  	 	21	  
			
	22.	 	Confidentiality	  	 	22	  
			
	23.	 	Recission or Nullification of this Agreement	  	 	23	  
		
	Schedule 1 Form of Purchase Offer and Lease Request	  	 	24	  
		
	Annex 1 Part 1 - Details of Vehicles	  	 	28	  
		
	Part 2 – Lease Request	  	 	29	  
		
	Annex 2 Payment Account Details	  	 	30	  
		
	Schedule 2 Form of Repurchase Offer and Lease Termination Notice	  	 	31	  
		
	Annex 1 Details of Vehicles	  	 	34	  
		
	Schedule 3 Extended Retention of Title, Put Option and Direct payment Instruction	  	 	35	  

							
		
	Schedule 4 Form of Director’s Certificate Regarding Vehicle Manufacturer Agreements and Vehicle Dealer Agreements	  	 	38	  
		
	Schedule 5 Form of VAT Certificate	  	 	40	  

 THIS MASTER GERMAN FLEET PURCHASE AGREEMENT (the “Agreement”) is made on
5 March 2013. 
 BETWEEN: 
  

	(1)	FINCAR FLEET B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The
Netherlands having its official seat (statutaire zetel) in Amsterdam, The Netherlands and its office at Rapenburgerstraat 175B, 1011 VM Amsterdam, The Netherlands registered with the Dutch Trade Register of the Chamber of Commerce under
number 55227732 (“Dutch FleetCo”); 

  

	(2)	AVIS BUDGET AUTOVERMIETUNG GMBH & CO. KG, a limited partnership (Kommanditgesellschaft) with a limited liability company (Gesellschaft mit
beschränkter Haftung) as its general partner (Komplementär) established under the laws of Germany, having its business address at Zimmersmühlenweg 21, 61440 Oberursel, Germany and registered with the Commercial Register
(Handelsregister) of the Local Court (Amtsgericht) of Bad Homburg under HRA 3033 (“German OpCo”); and 

  

	(3)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, in its capacity as FleetCo Security Agent for the FleetCo Secured Creditors (the “FleetCo Security
Agent”), 

 (each, a “Party” and, together, the “Parties”). 

WHEREAS 
  

	(A)	German OpCo has, from time to time, purchased and may, from time to time, purchase Vehicles from Vehicle Manufacturers and/or Vehicle Dealers pursuant to Vehicle
Manufacturer Agreements and Vehicle Dealer Agreements. 

  

	(B)	German OpCo wishes from time to time to sell certain of such Vehicles to Dutch FleetCo, whereby it is the intention of the Parties to agree that legal title, including
any expectancy/inchoate rights (Anwartschaftsrechte) of such Vehicles shall be transferred to Dutch FleetCo in accordance with this Agreement. The Parties wish to record the terms of such sale and transfer of Vehicles hereunder.

  

	(C)	German OpCo wishes from time to time to be able to repurchase the Vehicles from Dutch FleetCo, whereby it is the intention of the Parties to agree that legal title and
any expectancy/inchoate rights (Anwartschaftsrechte) of such Vehicles, subject to the conditions set out in this Agreement, shall be transferred from Dutch FleetCo (as authorised by the FleetCo Security Agent in accordance with the German
Security Transfer Agreement) to German OpCo, and then to the relevant Vehicle Manufacturer, Vehicle Dealer or a third party in accordance with this Agreement and the relevant Vehicle Manufacturer Agreement, Vehicle Dealer Agreement or any other
on-sale agreement, as the case may be. The Parties wish to record the terms of such repurchase and transfer of the Vehicles hereunder. 

  
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	(D)	Pursuant to the terms of the Master German Fleet Lease Agreement entered into between German OpCo, Dutch FleetCo and the FleetCo Security Agent, Dutch FleetCo will from
time to time lease back such Vehicles to German OpCo. 

  

	(E)	The Vehicles sold and transferred in accordance with this Agreement will be the subject of a German Security Transfer Agreement dated on or about the date hereof
entered into between, inter alios, Dutch FleetCo and the FleetCo Security Agent (the “German Security Transfer Agreement”). The Parties are aware of the security transfer of the Vehicles thereunder and acknowledge the
provisions of such German Security Transfer Agreement. 

 NOW IT IS HEREBY AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

  

	 	1.1.1	Unless otherwise defined in this Agreement or the context requires otherwise, capitalised words and expressions used in this Agreement have the meanings ascribed to
them in the Master Definitions Agreement dated on or about the date hereof, and entered into by, amongst others, the Issuer, the Issuer Security Trustee and the Transaction Agent (the “Master Definitions Agreement”) (as the same may
be amended, varied or supplemented from time to time). 

  

	 	1.1.2	In this Agreement the following definition is also used: 

 “Related Rights” means all rights present and future, actual and contingent of German OpCo against the relevant Vehicle Manufacturer or Vehicle Dealer (as applicable) arising out of, or
in connection with, any covenants, undertakings, representations, warranties and guarantees in favour of German OpCo under the relevant Vehicle Purchasing Agreements and all rights present and future, actual and contingent of German OpCo against the
relevant Vehicle Manufacturer under law. 
  

	1.2	Construction 

 The
provisions of clause 2 (Principles of Interpretation and Construction) of the Master Definitions Agreement shall apply herein as if set out in full herein. 
  

	1.3	Interpretation 

  

	 	1.3.1	Terms used in this Agreement including such terms defined in the Master Definitions Agreement but referred to in this Agreement shall be interpreted under Dutch or,
respectively, where applicable, German law as further specified in this Agreement. 

  

	 	1.3.2	Where a German legal term has been used herein, such German legal term (and not the English legal term or concept to which it relates) shall be authoritative for the
purpose of construction. 

  

	 	1.3.3	Where a Dutch legal term has been used herein, such Dutch legal term (and not the English legal term or concept to which it relates) shall be authoritative for the
purpose of construction. 

  
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	1.4	Inconsistencies with other Transaction Documents 

 If there is any inconsistency between the definitions given in this Agreement and those given in the Master Definitions Agreement or any other Transaction Document, the definitions set out in this
Agreement will prevail. 
  

	2.	COMMON TERMS 

  

	2.1	Incorporation of Common Terms 

 The Common Terms shall be incorporated by reference into this Agreement except that Clause 27 (Non-Petition and Limited Recourse) and Clause 12 (Confidentiality) of the Framework Agreement
shall not be incorporated herein. 
  

	2.2	Conflict with Common Terms 

If there is any conflict between the Common Terms as incorporated by reference into this Agreement and the other provisions of this
Agreement, the provisions of the incorporated Common Terms shall prevail to the fullest extent permitted by applicable law. For the purpose of this Agreement the Common Terms shall be governed, read and construed in accordance with Dutch law.

 PART 1 
 SALE AND TRANSFER OF TITLE FROM GERMAN OPCO TO DUTCH 
 FLEETCO

  

	3.	OFFER AND ACCEPTANCE AND TRANSFER OF TITLE TO THE VEHICLES 

  

	3.1	German OpCo may from time to time offer: 

  

	 	3.1.1	to sell to Dutch FleetCo (which includes a request to lease back the same vehicles from Dutch FleetCo under the Master German Fleet Lease Agreement) vehicles (together
with all Related Rights) which German OpCo has previously purchased from a Vehicle Manufacturer or Vehicle Dealer pursuant to a relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement (including, but not limited to, German OpCo Existing
Fleet Vehicles); and 

  

	 	3.1.2	to unconditionally and irrevocably transfer directly to Dutch FleetCo, legal title (übereignen) to such vehicles, any expectancy/inchoate rights
(Anwartschaftsrechte) and all Related Rights relating to such vehicles (each, a “Purchase Offer and Lease Request”). Each Party acknowledges that Dutch FleetCo has agreed to transfer title, any expectancy/inchoate rights
(Anwartschaftsrechte) and all Related Rights relating to the Vehicles to the FleetCo Security Agent in accordance with the German Security Transfer Agreement. Each sale and transfer shall be on a vehicle-by-vehicle basis.

  
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	3.2	Each Purchase Offer and Lease Request shall: 

  

	 	3.2.1	be made by German OpCo substantially in accordance with the form set out in Schedule 1 hereto and in Schedule 2 to the Master German Fleet Lease Agreement (the forms of
which are identical); 

  

	 	3.2.2	as a minimum, specify the details set forth in Schedule 1 Annex 1 hereto; and 

 

	 	3.2.3	be delivered (including electronic delivery) to Dutch FleetCo by German OpCo with a copy to the FleetCo Security Agent, the Central Servicer and the Transaction Agent.

  

	3.3	Upon receipt of a Purchase Offer and Lease Request by Dutch FleetCo from German OpCo, Dutch FleetCo may accept such offer on the earlier of: 

 

	 	3.3.1	the due date for payment of the Onward Purchase Price under Clauses 4.1 and 4.2, as specified in the Purchase Offer and Lease Request; and 

 

	 	3.3.2	within two (2) Business Days upon receipt of the relevant Purchase Offer and Lease Request 

by duly countersigning and delivering (including by way of electronic delivery) such Purchase Offer and Lease Request to German OpCo, the
FleetCo Security Agent and the Transaction Agent (each, a “Purchase and Lease Confirmation”), provided that the agreement set out in Clause 3.4.1 and Clause 3.4.3 shall (i) not become effective if a Master Lease
Termination Event has occurred and is continuing on the date that such Purchase and Lease Confirmation is delivered and/or (ii) the conditions precedent in clause 6.1 of the Master German Fleet Lease Agreement have not been satisfied or waived,
subject in each case to a waiver of such conditions by Dutch FleetCo. For the avoidance of doubt, the agreement set out in Clause 3.4.2 is not subject to these conditions. 

 

	3.4	The Parties agree that each Purchase Offer and Lease Request accepted by a Purchase and Lease Confirmation within the period specified in Clause 3.3 shall constitute

  

	 	3.4.1	an individual purchase agreement between German OpCo and Dutch FleetCo for the sale by German OpCo to Dutch FleetCo and the purchase by Dutch FleetCo of the Vehicles
specified in such Purchase and Lease Confirmation; 

  

	 	3.4.2	an agreement relating to the transfer of all of German OpCo’s existing and future rights (including any expectancy/inchoate rights (Anwartschaftsrechte))
and title (Eigentum) to the Vehicles (Einigung über den Eigentumsübergang) as well as, in each case if and to the extent applicable, (i) an agreement to assign to Dutch FleetCo all claims for return of the Vehicles
specified in such Purchase and Lease Confirmation which German OpCo has against any person who is in possession of such Vehicle (Abtretung des Herausgabeanspruchs) or (ii) where German OpCo is in possession of such Vehicles an agreement
to create constructive possession (Besitzkonstitut) of Dutch FleetCo in each case in respect of the Vehicles specified in such Purchase and Lease Confirmation; and 

  
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	 	3.4.3	an agreement in respect of a lease of Vehicles to German OpCo according to the terms of the Master German Fleet Lease Agreement in respect of the Vehicles specified in
the relevant Purchase Offer and Lease Request. 

 On receipt of such Purchase and Lease Confirmation, such Purchase
and Lease Confirmation, together with such Purchase Offer and Lease Request shall constitute an individual purchase and lease agreement in respect of each vehicle (each, an “Individual Purchase and Lease Agreement”), in each case
subject to the terms and conditions set out in this Agreement and the Master German Fleet Lease Agreement. The terms of the lease in respect of each Vehicle are set out in the Master German Fleet Lease Agreement and, for the avoidance of doubt, are
subject to the conditions precedent set out therein. The effectiveness of each agreement referred to in Clause 3.4.1 to Clause 3.4.3 is independent and abstract from each other. 

 

	3.5	In the event that Dutch FleetCo has received notice of an amendment or cancellation to be made in respect of a Purchase Offer and Lease Request as proposed by German
OpCo under the Master German Fleet Lease Agreement by no later than the relevant Lease Commencement Date in respect of the relevant Vehicle, Dutch FleetCo may accept such amendment or cancellation by notice to German OpCo as soon as reasonably
practicable following receipt of the corresponding proposal from German OpCo. The Individual Purchase and Lease Agreement will be amended or cancelled in accordance with the amendment or cancellation as proposed by German OpCo and accepted by Dutch
FleetCo. 

  

	3.6	German OpCo acknowledges that Dutch FleetCo has transferred all its existing and future rights (including any expectancy/inchoate rights (Anwartschaftsrechte))
and title (Eigentum) to the Vehicles (as transferred to it hereunder) to the FleetCo Security Agent in accordance with the German Security Transfer Agreement. If German OpCo has transferred an expectancy/inchoate right
(Anwartschaftsrecht) in respect of any Vehicle to Dutch FleetCo hereunder, German OpCo acknowledges that title to such Vehicles shall pass directly to the FleetCo Security Agent as soon as the Initial Purchase Price (plus applicable VAT and
Charge Costs) in respect of the relevant transfer of title of the relevant Vehicle has been paid. German OpCo shall assign all Related Rights to Dutch FleetCo and German OpCo acknowledges that Dutch FleetCo has simultaneously assigned the same to
the FleetCo Security Agent, and the Dutch FleetCo shall accept such assignment as provided herein. 

  

	3.7	German OpCo shall be the immediate possessor (unmittelbarer Besitzer) or, in the case of Vehicles which are not in the immediate possession (unmittelbarer
Besitz) of German OpCo, constructive possessor (mittelbarer Besitzer). Following (a) delivery of the relevant Vehicles by the Vehicle Manufacturer or Vehicle Dealer or (b) in case of German OpCo Existing Fleet Vehicles,
acceptance of a Purchase Offer and Lease Request by Dutch FleetCo, German OpCo shall hold such Vehicles (including the German OpCo Existing Fleet Vehicles) on custody for Dutch FleetCo in accordance with the Master German Fleet Lease Agreement and
thereby creating constructive possession (mittelbarer Besitz) for Dutch FleetCo. German OpCo acknowledges that Dutch FleetCo has created a further immediate possession relationship (Besitzmittlungsverhältnis) in favour of the
FleetCo Security Agent under the German Security Transfer Agreement. 

  
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	3.8	By transmitting a Purchase Offer and Lease Request, German OpCo offers to assign to Dutch FleetCo, all claims for return (Herausgabeanspruch) of the relevant
Vehicles specified in such Purchase Offer and Lease Request against any person who is in possession of a Vehicle. By countersigning the relevant Purchase Offer and Lease Request, Dutch FleetCo accepts such assignment. German OpCo acknowledges that
Dutch FleetCo has transferred all such claims to the FleetCo Security Agent in accordance with the German Security Transfer Agreement. 

  

	3.9	By transmitting a Purchase Offer and Lease Request, German OpCo further offers to assign its claims to receive the German Vehicle Documents against the relevant Vehicle
Manufacturer or Vehicle Dealer from whom the Vehicles, specified in such Purchase Offer and Lease Request, have been purchased to Dutch FleetCo. By countersigning the relevant Purchase Offer and Lease Request, Dutch FleetCo accepts such assignment.

  

	3.10	Without undue delay (unverzüglich) upon becoming aware thereof, German OpCo and/or Dutch FleetCo shall notify the Transaction Agent and the FleetCo Security
Agent of any event or circumstance which might prejudice or affect the transfer of title to or expectancy/inchoate right (Anwartschaftsrecht) of the Vehicles and all Related Rights from German OpCo to Dutch FleetCo and from Dutch FleetCo to
the FleetCo Security Agent or if the title to or expectancy/inchoate right (Anwartschaftsrecht) of the FleetCo Security Agent of such Vehicles and/or Related Rights might be prejudiced or affected in any way. If the transfer of title of the
Vehicles is subject to a retention of title (Eigentumsvorbehalt), including, but not limited to an extended retention of title (verlängerter Eigentumsvorbehalt), of the relevant Vehicle Manufacturer or Vehicle Dealer under the
relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement, (i) the FleetCo Security Agent expressly recognises such retention of title, and German OpCo is entitled to assign its claim for the Onward Purchase Price payable by Dutch
FleetCo under Clause 4.1 of this Agreement (Purchase Price) to the relevant Vehicle Manufacturer or Vehicle Dealer (as the case may be) for security purposes. If the transfer of title is subject to an extended retention of title
(verlängerter Eigentumsvorbehalt), German OpCo is authorised by the relevant Vehicle Manufacturer or Vehicle Dealer (as the case may be) to transfer legal title of the Vehicle to Dutch FleetCo pursuant to Section 185 Para 1 of the
German Civil Code. 

  

	3.11	German OpCo and Dutch FleetCo acknowledge that the FleetCo Security Agent holds legal title to the Vehicles for the benefit of the FleetCo Secured Creditors pursuant to
the provisions of the German Security Transfer Agreement and the German Trust Agreement. 

  

	4.	PURCHASE PRICE 

  

	4.1	The purchase price payable by Dutch FleetCo to German OpCo for each Vehicle and all applicable Related Rights to be purchased by it pursuant to an Individual Purchase
and Lease Agreement shall be the relevant Onward Purchase Price. 

  

	4.2	Except in the case of a German OpCo Existing Fleet Vehicle, the due date for payment of the relevant Onward Purchase Price shall be the date specified in the respective
Purchase Offer and Lease Request. In the case of a German OpCo Existing Fleet Vehicle, the due date for payment of the relevant Onward Purchase Price shall be the Initial Funding Date. 

  
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	4.3	German OpCo shall pay to Dutch FleetCo (i) an amount equal to the VAT due to the Vehicle Manufacturers or Vehicle Dealers in respect of the Initial Purchase Price
and Charge Costs payable by German OpCo under the relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement (the “VAT Component”), and (ii) an amount equal to the Charge Costs due to the Vehicle Manufacturers or
Vehicle Dealers payable by German OpCo under the relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement (the “Charge Costs Component”), in each case no later than on the due date for payment of the Onward Purchase Price
as specified in the related Individual Purchase and Lease Agreement. The VAT Component and Charge Costs Component will be paid in accordance with the German Trust Agreement. 

 

	4.4	After Dutch FleetCo has received the VAT Component and the Charge Costs Component, Dutch FleetCo shall pay such VAT Component and the Charge Costs Component according
to the instruction of German OpCo to the relevant Vehicle Manufacturer or Vehicle Dealer. Dutch FleetCo shall simultaneously pay the Onward Purchase Price to the relevant Vehicle Manufacturer or Vehicle Dealer in order to fulfil its own payment
obligation as regards the Onward Purchase Price. For this purpose German OpCo has assigned its claim in respect of the Onward Purchase Price to the relevant Vehicle Manufacturer or Vehicle Dealer. These payments shall concurrently discharge the
respective obligation of German OpCo to the Vehicle Manufacturer or Vehicle Dealer to pay the Initial Purchase Price (plus applicable VAT and Charge Costs) for the relevant Vehicle under the relevant Vehicle Manufacturer Agreement or Vehicle Dealer
Agreement. Dutch FleetCo shall specify the Vehicles in relation to which the Onward Purchase Price, the VAT Component and the Charge Costs Component is paid pursuant to this Clauses 4.4. German OpCo shall in each Purchase Offer and Lease Request
notify Dutch FleetCo of the account of the relevant Vehicle Manufacturer or Vehicle Dealer to which payments shall be made. 

  

	4.5	Following the payment by Dutch FleetCo of the Onward Purchase Price, the VAT Component and the Charge Cost Component to the relevant Vehicle Manufacturer or Vehicle
Dealer, Dutch FleetCo (or the Central Servicer on its behalf) shall provide evidence of such payment to the Transaction Agent and the FleetCo Security Agent in the form of a copy of Dutch FleetCo’s bank statements in respect of the Dutch
FleetCo German Transaction Account to the extent that such statements are not available to the FleetCo Security Agent and the Transaction Agent online. 

  

	4.6	In respect of the German OpCo Existing Fleet Vehicles, Dutch FleetCo shall pay the Onward Purchase Price to German OpCo in respect of such Vehicles.

  

	4.7	Following the payment by Dutch FleetCo of the Onward Purchase Price to German OpCo in respect of the German OpCo Existing Fleet Vehicles, Dutch FleetCo (or the Central
Servicer on its behalf) shall provide evidence of such payment to the Transaction Agent and the FleetCo Security Agent in the form of a copy of Dutch FleetCo’s bank statements in respect of the Dutch FleetCo German Transaction Account.

  
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 PART 2 
 SALE AND TRANSFER OF TITLE FROM DUTCH FLEETCO TO GERMAN 
 OPCO

  

	5.	OFFER AND ACCEPTANCE AND RETRANSFER OF TITLE TO THE VEHICLES 

  

	5.1	German OpCo may from time to time (and shall, upon the expiry of the Lease Term in respect of Vehicles which have not previously been repurchased by German OpCo prior
to such date) offer to: 

  

	 	5.1.1	purchase from Dutch FleetCo (which shall include a termination notice in respect of the lease of the relevant vehicles pursuant to the Master German Fleet Lease
Agreement) Vehicles (together with all Related Rights) which German OpCo has previously purchased from a Vehicle Manufacturer or Vehicle Dealer pursuant to a relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement and sold to Dutch
FleetCo pursuant to each Purchase and Lease Confirmation, and concurrently, 

  

	 	5.1.2	transfer legal title (together with all Related Rights) from Dutch FleetCo directly to German OpCo (übereignen) to the Vehicles which are subject to an
Individual Purchase and Lease Agreement subject to the conditions and requirements set out in this Clause 5 (each, a “Repurchase Offer and Lease Termination Notice”). 

 

	5.2	German OpCo acknowledges that the FleetCo Security Agent has authorised Dutch FleetCo to agree to such sale and transfer in accordance with the German Security Transfer
Agreement. 

  

	5.3	Each Repurchase Offer and Lease Termination Notice shall: 

  

	 	5.3.1	be made by German OpCo substantially in accordance with the form set out in Schedule 2 hereto, 

 

	 	5.3.2	as a minimum, specify the details set forth in Schedule 2 Annex 1 hereto, and 

 

	 	5.3.3	be delivered (including electronic delivery) to Dutch FleetCo by German OpCo with a copy to the FleetCo Security Agent and the Transaction Agent.

  

	5.4	Upon receiving a Repurchase Offer and Lease Termination Notice from German OpCo, and subject to Clause 10, Dutch FleetCo is obliged to accept such offer on the earlier
of: 

  

	 	5.4.1	the due date for payment of the OpCo Repurchase Price under Clause 6.2; and 

 

	 	5.4.2	within two (2) Business Days of receipt of the relevant Repurchase Offer and Lease Termination Notice 

by duly countersigning and delivering (including by way of electronic delivery) such Repurchase Offer and Lease Termination Notice to
German OpCo (each, a “Repurchase and Lease Termination Confirmation”). 

  
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	5.5	Following receipt by Dutch FleetCo of the full amount of a Casualty Payment in respect of a Casualty pursuant to clause 13.1 of the Master German Fleet Lease Agreement,
German OpCo shall submit a Repurchase Offer and Lease Termination Notice to Dutch FleetCo in respect of such Casualty and Dutch FleetCo shall accept such offer. Clause 6 of this Agreement and any reference to payment of the OpCo Repurchase Price in
the Individual Repurchase and Lease Termination Agreement shall not apply to such Individual Repurchase and Lease Termination Agreement in respect of the Casualty. 

 

	5.6	The Parties agree that each Repurchase Offer and Lease Termination Notice accepted by a Repurchase and Lease Termination Confirmation within the period specified in
Clause 5.4 shall constitute: 

  

	 	5.6.1	an individual purchase agreement between German OpCo and Dutch FleetCo for the purchase by German OpCo from Dutch FleetCo and the sale by Dutch FleetCo of the Vehicles
specified in such Repurchase Offer and Lease Termination Notice; 

  

	 	5.6.2	subject to the full and irrevocable receipt of the OpCo Repurchase Price by Dutch FleetCo (Eigentumsvorbehalt), an agreement relating to the transfer of all of
Dutch FleetCo’s existing and future rights (including any expectancy/inchoate rights (Anwartschaftsrechte)) and title (Eigentum) to the Vehicles (Einigung über den Eigentumsübergang) as well as, in each case if
and to the extent applicable, (i) an agreement to assign to German OpCo all claims for return of the Vehicles specified in such Repurchase Offer and Lease Termination Notice against any person who is in possession of such Vehicle (Abtretung
des Herausgabeanspruchs) or (ii) an agreement to create constructive possession (Besitzkonstitut) of German OpCo in respect of the Vehicles specified in such Repurchase Offer and Lease Termination Notice; and

  

	 	5.6.3	an agreement relating to the termination of the lease of Vehicles to German OpCo in respect of the Vehicles specified in the relevant Repurchase Offer and Lease
Termination Notice in accordance with the Master German Fleet Lease Agreement. 

 Such Repurchase and Lease
Termination Confirmation together with the related Repurchase Offer and Lease Termination Notice shall constitute an individual repurchase and lease termination agreement (each, an “Individual Repurchase and Lease Termination
Agreement”) in respect of the specified Vehicles, in each case subject to the terms and conditions set out in this Agreement and the Master German Fleet Lease Agreement. 

 

	5.7	The Parties further agree that: 

  

	 	5.7.1	the transfer of title to each Vehicle sold pursuant to Clause 5.6.1 is subject to the full and irrevocable payment of the related OpCo Repurchase Price in respect of
such Vehicle to Dutch FleetCo according to the terms of the Individual Repurchase and Lease Termination Agreement (Eigentumsvorbehalt). 

  
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	 	5.7.2	If German OpCo has not paid the OpCo Repurchase Price to Dutch FleetCo in respect of the relevant Vehicle when due, Dutch FleetCo (i) shall notify the FleetCo
Security Agent and the Transaction Agent of any such non-payment, and (ii) is entitled to request in writing the return of the relevant Vehicle from German OpCo, provided that Dutch FleetCo has requested the payment of the OpCo Repurchase Price
within a reasonable period following the default by German OpCo. Any costs related to a return of the relevant Vehicle to Dutch FleetCo shall be borne by German OpCo. 

 

	 	5.7.3	German OpCo shall treat any Vehicle which is subject to the retention of title set out in Clause 5.7.1 with the care of a prudent merchant. Any maintenance and
inspection work shall be conducted by German OpCo at its own cost. 

  

	 	5.7.4	German OpCo is entitled to use the Vehicle which is subject to the retention of title set out in Clause 5.7.1 in accordance with the provisions of the Master German
Fleet Lease Agreement and to on-sell its expectancy/inchoate right in respect of such Vehicle to any third party, including to a Vehicle Manufacturer, Vehicle Dealer or a member of the Avis Europe Group. German OpCo is not entitled to transfer full
title to such Vehicle to any third party. 

  

	 	5.7.5	German OpCo hereby assigns its claim to payment of the purchase price against the purchaser of the expectant right arising from any on-sale of such expectant right to
Dutch FleetCo for security purposes in order to secure Dutch FleetCo’s claim against German OpCo pursuant to Clause 5 below. Dutch FleetCo accepts such assignment. 

 

	 	5.7.6	Dutch FleetCo is entitled to invoke such assigned claim directly against the end-purchaser of the Vehicle. German OpCo will notify Dutch FleetCo, the FleetCo Security
Agent and the Transaction Agent of the name of the relevant end-purchaser and will, as soon as reasonably practicable (i) notify such end-purchaser of the assignment of the claim for the benefit of Dutch FleetCo and use reasonable endeavours to
procure acknowledgement by such end-purchaser thereof and (ii) disclose the retention of title as set out under Clause 5.7.1 to any end-purchaser German OpCo will provide all information and documents required by Dutch FleetCo in order to claim
payment of the assigned claim. 

  

	 	5.7.7	In the case of an attachment of the Vehicle which is subject to the retention of title set out in Clause 5.7.1 by any third party, German OpCo shall indicate to such
third party the ownership of Dutch FleetCo in respect of such Vehicle and notify Dutch FleetCo, the FleetCo Security Agent and the Transaction Agent thereof without any undue delay. 

 

	6.	REPURCHASE PRICE 

  

	6.1	The repurchase price payable by German OpCo for each Vehicle and all Related Rights to be purchased by it pursuant to an Individual Repurchase and Lease Termination
Agreement shall be the relevant OpCo Repurchase Price. 

  

	6.2	The due date for payment of the relevant OpCo Repurchase Price shall be the date specified in the respective Repurchase Offer and Lease Termination Notice.

  
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 Programme Vehicles 

 

	6.3	German OpCo shall procure that the relevant Vehicle Manufacturer or Vehicle Dealer (as applicable) pays the Vehicle Manufacturer Repurchase Price which includes, for
the avoidance of doubt, any VAT directly into the Dutch FleetCo German Transaction Account. The payment of the Vehicle Manufacturer Repurchase Price into the Dutch FleetCo German Transaction Account shall discharge the obligation of the relevant
Vehicle Manufacturer or Vehicle Dealer (as applicable) to pay to German OpCo the Vehicle Manufacturer Repurchase Price as German OpCo has assigned its related claim to Dutch FleetCo pursuant to Clause 5.7.5. Simultaneously, the payment of the
Vehicle Manufacturer Repurchase Price into the Dutch FleetCo German Transaction Account shall discharge the obligation of German OpCo to pay the OpCo Repurchase Price which excludes, for the avoidance of doubt, any VAT to Dutch FleetCo with respect
to such Vehicles to the extent the amount of the Vehicle Manufacturer Repurchase Price (excluding VAT) paid into the Dutch FleetCo German Transaction Account equals the OpCo Repurchase Price with respect to such Vehicles. To the extent the Net Book
Value with respect to such Vehicles exceeds the amount of the Vehicle Manufacturer Repurchase Price (excluding VAT) paid into the Dutch FleetCo German Transaction Account by the relevant Vehicle Manufacturer or Vehicle Dealer (as applicable), German
OpCo shall pay the difference to Dutch FleetCo with respect to such Vehicles and to the extent that the Net Book Value with respect to such Vehicles is less than the amount of Vehicle Manufacturer Repurchase Price (excluding VAT) paid into the Dutch
FleetCo German Transaction Account, Dutch FleetCo shall pay the difference to German OpCo, in each case such amount to be paid by the relevant party no later than the Business Day immediately following the date on which the Vehicle Manufacturer
Repurchase Price has been received by Dutch FleetCo. 

  

	6.4	After having received the applicable amount of VAT in respect of the Vehicle Manufacturer Repurchase Price from the relevant Vehicle Manufacturer or Vehicle Dealer (as
applicable) (the VAT element of the Vehicle Manufacturer Repurchase Price, the “VAT Amount”), Dutch FleetCo shall pay such VAT Amount to German OpCo no later than the Business Day immediately following the date on which such VAT
Amount has been received in order for German OpCo to fulfil its respective obligation to pay the applicable amount of VAT to the Tax Authorities. Each of the Parties acknowledges that the claim of German OpCo against Dutch FleetCo in respect of the
VAT Amount as set out in this Clause 6.4 has been pledged to Dutch FleetCo in accordance with the Dutch FleetCo German VAT Pledge and that the receivables secured by such pledge have in turn been pledged, charged and/or assigned by Dutch FleetCo by
way of security to the FleetCo Security Agent. 

 Non-Programme Vehicles 

 

	6.5	 German OpCo shall procure that the relevant Vehicle Manufacturer, Vehicle Dealer or any other third party purchaser (as applicable) pays the Third
Party Purchase Price which includes, for the avoidance of doubt, any VAT, directly into the Dutch FleetCo German Transaction Account. The payment of the Third Party Purchase Price into the Dutch FleetCo German Transaction Account shall discharge the
obligation of the relevant Vehicle Manufacturer, Vehicle Dealer or any other third party purchaser (as applicable) to pay to German OpCo the Third Party Purchase Price as German OpCo has assigned its related claim to Dutch FleetCo pursuant to Clause
5.7.5. 

  
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Simultaneously, the payment of the Third Party Purchase Price into the Dutch FleetCo German Transaction Account shall discharge the obligation of German OpCo to pay the OpCo Repurchase Price
which excludes, for the avoidance of doubt, any VAT to Dutch FleetCo with respect to such Vehicles to the extent the amount of the Third Party Purchase Price (excluding VAT) paid into the Dutch FleetCo German Transaction Account equals the OpCo
Repurchase Price with respect to such Vehicles. To the extent the OpCo Repurchase Price exceeds the amount of the Third Party Purchase Price (excluding VAT) paid into the Dutch FleetCo German Transaction Account by the relevant Vehicle Manufacturer,
Vehicle Dealer or any other third party purchaser (as applicable), German OpCo shall pay the difference to Dutch FleetCo with respect to such Vehicles and to the extent that the OpCo Repurchase Price is less than the amount of Third Party Purchase
Price (excluding VAT) paid into the Dutch FleetCo German Transaction Account, Dutch FleetCo shall pay the difference to German OpCo, in each case such amount to be paid by the relevant party no later than the Business Day immediately following the
date on which the Third Party Purchase Price has been received by Dutch FleetCo. 

  

	6.6	After having received the applicable amount of VAT in respect of the Third Party Purchase Price from the relevant Vehicle Manufacturer, Vehicle Dealer or any other
third party purchaser (as applicable) (the VAT component of the Third Party Purchase Price, the “Third Party Purchase Price VAT Amount”), Dutch FleetCo shall pay such Third Party Purchase Price VAT Amount to German OpCo no later
than the Business Day immediately following the date on which such Third Party Purchase Price VAT Amount has been received in order for German OpCo to fulfil its respective obligation to pay the applicable amount of VAT to the Tax Authorities. Each
of the Parties acknowledges that the claim of German OpCo against Dutch FleetCo in respect of the Third Party Purchase Price VAT Amount as set out in this clause 6.6 has been pledged to Dutch FleetCo in accordance with the Dutch FleetCo German VAT
Pledge and that the receivables secured by such pledge have in turn been pledged, charged and/or assigned by Dutch FleetCo by way of security to the FleetCo Security Agent 

Excess Damage Charges/Excess Mileage Charges 
  

	6.7	Each of Dutch FleetCo and German OpCo acknowledges that each Programme Vehicle is subject to the terms and conditions of a Vehicle Manufacturer Agreement or Vehicle
Dealer Agreement entered into between German OpCo and the relevant Vehicle Manufacturer or Vehicle Dealer (as such may be amended or novated from time to time) pursuant to which, German OpCo may be liable for Excess Damage Charges and/or Excess
Mileage Charges. German OpCo acknowledges and agrees to make any payments required to the Vehicle Manufacturer or Vehicle Dealers should German OpCo’s use of a Vehicle which is or was the subject of a lease hereunder exceed the prescribed
mileage limit or result in German OpCo’s non-compliance with the damage and missing equipment provisions (if any) of the relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement. 

 

	6.8	To the extent that any Excess Damage Charges and/or Excess Mileage Charges are paid or payable by German OpCo to the Vehicle Manufacturer or Vehicle Dealer (or deducted
or deductible from the Vehicle Manufacturer Repurchase Price with respect to such Programme Vehicle), the OpCo Repurchase Price payable by German OpCo to Dutch FleetCo under this Clause 6 shall not be affected by such Excess Damage Charges and/or
Excess Mileage Charges. 

  
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 PART 3 
 MISCELLANEOUS PROVISIONS 
  

	7.	LIABILITY OF GERMAN OPCO 

German OpCo shall be liable to Dutch FleetCo for the fulfilment of any obligation of German OpCo vis-à-vis the relevant
Vehicle Manufacturer or Vehicle Dealer which, if not met, would put at risk the repurchase between German OpCo and Dutch FleetCo, the Put Option or the exercise by Dutch FleetCo of its rights described in Clause 10. 

 

	8.	REPRESENTATIONS BY GERMAN OPCO 

 German OpCo hereby makes the following representations and warranties to Dutch FleetCo and the FleetCo Security Agent (for its own benefit and for the benefit of the FleetCo Secured Creditors) on the
Effective Date, and (with reference to the facts and circumstances then subsisting) shall make such representations and warranties on the date of each Purchase Offer and Lease Agreement and (to the extent applicable) on the date of each Repurchase
Offer and Lease Termination Request: 
  

	 	(a)	German OpCo is a legal entity duly incorporated in Germany and is validly existing under the laws of the Federal Republic of Germany; 

 

	 	(b)	German OpCo has power, authority and capacity to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and
delivery of this Agreement as well as the transactions contemplated hereby and it has the power to own its assets and carry on its business as it is being conducted and it is duly qualified and is authorised to do business; 

 

	 	(c)	The execution, delivery and performance by German OpCo of this Agreement and the consummation of the transactions contemplated hereunder do not and will not:

  

	 	(i)	conflict in any material respect with or result in any violation of the provisions of its constitutional documents; 

 

	 	(ii)	conflict in any material respect with or result in a breach of or default under any agreement or instrument binding upon it or any of its assets in such manner or to
such extent as to have or be reasonably likely to have a Material Adverse Effect; or 

  

	 	(iii)	subject to the Reservations, result in any breach or violation or of any applicable law, statute, order, rule, regulation, injunction or decree of any court or
governmental agency or body of the Federal Republic of Germany or any political subdivision thereof having jurisdiction over it or any of its properties or assets; 

  
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	 	(d)	German OpCo has title (Eigentum) or expectancy/inchoate rights (Anwartschaftsrechte; i.e., the acquisition of title is solely subject to payment of
the purchase price) to the relevant Vehicles and title to the Related Rights which are subject to a Purchase Offer and Lease Request free and clear of any third party security (except to the extent that this arises as a matter of law (gesetzliche
Pfandrechte)), and has not effected any prior sale, assignment, conveyance, transfer, pledge or disposal of any Vehicle and/or Related Rights and has not granted any option (except as provided for under the relevant Vehicle Manufacturer
Agreements or Vehicle Dealer Agreements) in relation thereto or any security interest therein (other than, to the extent not waived, as provided by statutory law); 

 

	 	(e)	No Insolvency Event has occurred in relation to German OpCo; 

  

	 	(f)	The sale of each of the Vehicles to Dutch FleetCo and the transfer of legal title or expectancy/inchoate rights (Anwartschaftsrechte) to Dutch FleetCo and the
transfer of legal title or expectancy/inchoate rights (Anwartschaftsrechte) by Dutch FleetCo to the FleetCo Security Agent (i) does not violate the relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement or (ii) in the
event that (i) does not apply, the relevant Vehicle Manufacturer or Vehicle Dealer has explicitly consented to such sale; 

  

	 	(g)	subject to the Reservations, all Authorisations required: 

  

	 	(i)	to enable it lawfully to enter into, exercise its rights and comply with its obligations hereunder; and 

 

	 	(ii)	to make this Agreement admissible in evidence in Germany, 

 have been obtained or effected (save for, in the case of (ii) that admissibility in evidence or a document in any court may require the translation of such document into the language used at such
court which might be different from the language of such document) and are in full force and effect, provided that such Authorisations are only required to the extent that failure to obtain or effect those Authorisations has or is reasonably
likely to have a Material Adverse Effect in respect of German OpCo; 
  

	 	(h)	all Authorisations necessary for the conduct of its business, trade and ordinary activities have been obtained or effected and are in full force and effect provided
that such Authorisations are only required to the extent that failure to obtain or effect those Authorisations has or is reasonably likely to have a Material Adverse Effect in respect of German OpCo; 

 

	 	(i)	its centre of main interests is located in its jurisdiction of incorporation; 

 

	 	(j)	subject to the Reservations, the choice of German law and Dutch law, respectively as the governing laws of this Agreement will be recognised and enforced in its
jurisdiction of incorporation; 

  
 - 14 -

	 	(k)	subject to the Reservations, any judgment obtained in relation to this Agreement in The Netherlands will be recognised and enforced in its jurisdiction of
incorporation; 

  

	 	(l)	other than as disclosed from time to time, no Vehicle Manufacturer Agreement or Vehicle Dealer Agreement to which German OpCo is a party contains a prohibition on the
assignment of its rights; and 

  

	 	(m)	other than as disclosed from time to time, the Put Option in each Vehicle Manufacturer Agreement or Vehicle Dealer Agreement to which German OpCo is party is governed
by German law. 

  

	9.	COVENANTS OF GERMAN OPCO 

German OpCo hereby unconditionally and irrevocably undertakes to Dutch FleetCo and the FleetCo Security Agent (for its own benefit and for
the benefit of the FleetCo Secured Creditors) that it shall: 
  

	 	(a)	comply, in all material respects, with the laws, acts, rules, regulations, orders, decrees and directions of any governmental authority in the Federal Republic of
Germany to the extent that the same apply to its business. German OpCo shall not be responsible for ensuring that any Vehicle Manufacturer or Vehicle Dealer complies with any laws, acts, rules, regulations, orders, decrees and directions applicable
to it; 

  

	 	(b)	at its own expense, perform all acts and execute any documents reasonably requested by Dutch FleetCo and/or the FleetCo Security Agent and/or Transaction Agent or which
may be required by any applicable law to fully transfer legal title to the FleetCo Security Agent or to evidence, perfect, maintain, preserve, protect and enforce the interest of the FleetCo Security Agent in the Vehicles and the Related Rights;

  

	 	(c)	without undue delay upon becoming aware thereof, notify Dutch FleetCo, the FleetCo Security Agent and the Transaction Agent of any FleetCo security (other than any
security created pursuant to the FleetCo German Security Documents) and other than as otherwise provided for in this Agreement over the Vehicles. 

  

	 	(d)	 prior to the expiry of a Vehicle Manufacturer Buy-Back Agreement or a Vehicle Dealer Buy-Back Agreement, commence negotiations with the relevant
Vehicle Manufacturer or Vehicle Dealer to renew such Vehicle Manufacturer Buy-Back Agreement or Vehicle Dealer Buy-Back Agreement (where a renewal of such Vehicle Manufacturer Buy-Back Agreement or Vehicle Dealer Buy-Back Agreement is sought) and,
in circumstances where entry into a Vehicle Manufacturer Buy-Back Agreement or a Vehicle Dealer Buy-Back Agreement with a new Vehicle Manufacturer or Vehicle Dealer is sought (subject to the conditions below), negotiate (by way of arranging for the
appointment of external legal counsel by Dutch FleetCo to the extent legally required) the terms of such new Vehicle Manufacturer Buy-Back Agreement or Vehicle Dealer Buy-Back Agreement in accordance with Clause 16 (Negotiation/Renewal of Vehicle
Manufacturer Buy-Back Agreement and 

  
 - 15 -

	 	
Vehicle Dealer Buy-Back Agreements) of this Agreement) and notify Dutch FleetCo as soon as practicable upon it becoming aware of a termination of the relevant Vehicle Manufacturer Buy-Back
Agreement or Vehicle Dealer Buy-Back Agreement; 

  

	 	(e)	without undue delay after receipt of the same, and subject to any confidentiality restrictions on German OpCo or Dutch FleetCo, deliver to Dutch FleetCo, the Central
Servicer, the FleetCo Security Agent, the Liquidation Agent and the Transaction Agent copies of each Vehicle Manufacturer Agreement or Vehicle Dealer Agreement (including any agreement which amends or supplements such Vehicle Manufacturer Agreements
or Vehicle Dealer Agreements); 

  

	 	(f)	without undue delay upon becoming aware thereof, notify Dutch FleetCo, the FleetCo Security Agent and the Transaction Agent of a failure to observe or perform any
covenant, condition, agreement or provision under this Agreement or that any representation or warranty made or repeated by German OpCo in this Agreement is inaccurate or incorrect or is breached or is false or misleading as of the date of the
making thereof or when repeated; 

  

	 	(g)	without undue delay upon becoming aware thereof, notify Dutch FleetCo and the FleetCo Security Agent of anything which at any time prior to payment by Dutch FleetCo of
the Onward Purchase Price for a Vehicle has or may have rendered, or will or may render, untrue or incorrect in any respect any representation and warranty by German OpCo in this Agreement as if it had been made or given at such time with reference
to the facts and circumstances then subsisting; 

  

	 	(h)	not consent to a transfer or assignment of the Vehicle Manufacturer’s obligation or Vehicle Dealer’s obligation (as the case may be), by the Vehicle
Manufacturer or the Vehicle Dealer (as applicable) to repurchase the relevant Vehicle under the Put Option included in the relevant Vehicle Manufacturer Agreement or the Vehicle Dealer Agreement to a third party unless German OpCo has received Dutch
FleetCo’s prior written consent to such transfer or assignment; and 

  

	 	(i)	 provide a VAT certificate substantially in the form set out in Schedule 5 to Dutch FleetCo (together with a copy to the FleetCo Security Agent and the
Transaction Agent) on the 15th day of each month,
following the period specified in the VAT certificate, confirming that it has paid any VAT that has become due and payable prior to the date of receipt of such certificate to the relevant Tax Authorities; 

  
 - 16 -

	 	(j)	ensure that the terms of any buy–back commitment assumed by a Vehicle Manufacturer and/or Vehicle Dealer under a Vehicle Manufacturer Buy-Back Agreement and/or
Vehicle Dealer Buy-Back Agreement: 

  

	 	(i)	shall not be subject to any conditions, other than: 

  

	 	(A)	compliance with buy–back procedures or processes (which include, for instance and without limitation, any minimum or maximum holding periods);

  

	 	(B)	buy–back standard conditions in relation to the state and/or mileage of the relevant Vehicles (provided that Vehicles which have been stolen and found again are,
in general, not repurchased by a Vehicle Manufacturer and/or Vehicle Dealer); and 

  

	 	(ii)	shall not provide that the buy–back commitment is conditional upon any minimum vehicle purchase volume by, or the solvency of, German OpCo .

  

	10.	DEFAULT BY GERMAN OPCO 

  

	10.1	Following the occurrence of an Event of Default by German OpCo under any Transaction Document to which it is a party, Dutch FleetCo may (in addition to the rights and
remedies it has under the Master German Fleet Lease Agreement): 

  

	 	10.1.1	give notice to German OpCo to exercise its Put Option under a Vehicle Manufacturer Buy-Back Agreement or Vehicle Dealer Buy-Back Agreement specifying the Vehicles that
will be sold by Dutch FleetCo directly to the Vehicle Manufacturers or Vehicle Dealers; and/or 

  

	 	10.1.2	terminate this Agreement with immediate effect and notify German OpCo of such termination. 

 

	10.2	Following the giving of a notice under clause 10.1.1 above: 

  

	 	10.2.1	German OpCo shall no longer be entitled to sell Vehicles to Dutch FleetCo pursuant to this Agreement without the need for any further action by Dutch FleetCo or the
FleetCo Security Agent; 

  

	 	10.2.2	German OpCo shall no longer be entitled to repurchase Vehicles from Dutch FleetCo pursuant to this Agreement (provided that, for the Vehicles which are not included in
the notice of Dutch FleetCo to exercise its Put Option pursuant to clause 10.1.1 above, German OpCo shall continue to have the right to repurchase such Vehicles until Dutch FleetCo serves the notice to exercise its Put Option) without the need for
any further action by Dutch FleetCo or the FleetCo Security Agent; and 

  

	 	10.2.3	German OpCo is no longer entitled to exercise its own put option right in respect of a Vehicle under the Vehicle Manufacturer Buy-Back Agreement or Vehicle Dealer
Buy-Back Agreement to the extent that German OpCo’s own put option right has not yet been fully settled. 

  
 - 17 -

	11.	NON-RECOURSE 

  

	11.1	Each Party hereto agrees that: 

  

	 	11.1.1	Enforcement of Security: only the FleetCo Security Agent may enforce the Security in respect of Dutch FleetCo in accordance with, and subject to the terms of,
the relevant FleetCo Deed of Charge and the relevant FleetCo Security Document, and only the FleetCo Security Agent may institute proceedings against Dutch FleetCo as it may think fit to enforce the rights of the FleetCo Secured Creditors against
Dutch FleetCo, whether the same arise under general law, this Agreement or the other Transaction Documents or otherwise and none of the other FleetCo Secured Creditors shall be entitled to proceed directly against Dutch FleetCo, unless the FleetCo
Security Agent, having become bound to proceed in accordance with the terms of this Agreement, fails or neglects to do so; 

  

	 	11.1.2	Insufficient Recoveries: if, or to the extent that, after the Dutch FleetCo German Secured Property has been as fully as practicable realised and the proceeds
thereof (in part in the case of proceeds of the Dutch FleetCo Share Pledge) have been applied in accordance with the applicable FleetCo Priority of Payments, such proceeds are insufficient to pay or discharge amounts due from Dutch FleetCo to the
FleetCo Secured Creditors in full for any reason, Dutch FleetCo will have no liability to pay or otherwise make good any such insufficiency, except to the extent that the corresponding claim results from gross negligence or wilful misconduct of
Dutch FleetCo or the breach of an obligation of Dutch FleetCo or any of its agents the performance of which is essential to the proper performance of this Agreement and the compliance with which the Parties could be expected to rely upon; and

  

	 	11.1.3	the obligations of Dutch FleetCo hereunder will be the limited recourse obligations of Dutch FleetCo payable solely in accordance with the Transaction Documents and no
Party shall have any recourse to any of the directors, officers, employees, shareholders or Affiliates of Dutch FleetCo with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any transactions
contemplated hereby. 

  

	12.	NON-PETITION 

  

	12.1	Each Party hereto hereby unconditionally and irrevocably agrees with and acknowledges that until the expiry of twenty-four (24) months and one (1) day after
the termination of this Agreement and any other Transaction Documents to which Dutch FleetCo is a party: 

  

	 	12.1.1	Subject to clause 11.1.1, it shall not have the right to take or join any person in taking any steps against Dutch FleetCo for the purpose of obtaining payment of any
amount due from Dutch FleetCo or in connection with the commencement of legal proceedings (howsoever described) to recover any amount owed to it by Dutch FleetCo under this Agreement or any other Transaction Documents to which Dutch FleetCo is party
(other than serving a written demand on Dutch FleetCo for payment subject to the terms of this Agreement or any other Transaction Documents to which Dutch FleetCo is a party and solely for the purpose of avoiding forfeiture of right);

  

	 	12.1.2	neither it nor any person on its behalf shall be entitled to initiate or join any person in initiating, any Insolvency Proceedings against Dutch FleetCo; and

  
 - 18 -

	 	12.1.3	it shall not take any step in connection with the appointment of an insolvency officer or any similar officer in relation to Dutch FleetCo or any of its assets
whatsoever. 

  

	13.	OBLIGATIONS AS CORPORATE OBLIGATIONS 

  

	13.1	No recourse against shareholders and others 

 No Party shall have any recourse against nor shall any personal liability attach to any shareholder, officer, agent, employee or director of Dutch FleetCo or German OpCo, in its capacity as such, by any
proceedings or otherwise, in respect of any obligation, covenant, or agreement of Dutch FleetCo or German OpCo contained in this Agreement, provided that the aforementioned limitations shall not apply in respect of liabilities for damages
caused intentionally or by gross negligence or wilful misconduct. 
  

	13.2	No liability for obligations of Dutch FleetCo 

 The Parties, other than Dutch FleetCo, shall not have any liability for the obligations of Dutch FleetCo under the Relevant Transaction Documents solely by reason of this Agreement, and nothing in this
Agreement shall constitute the giving of a guarantee, an indemnity or the assumption of a similar obligation by any of such other parties in respect of the performance by Dutch FleetCo of such obligations. 

 

	14.	SET-OFF 

 German OpCo
hereby acknowledges and agrees that it shall not be entitled to, and unconditionally and irrevocably agrees that it shall not, set off against any amount owed by it to Dutch FleetCo any claims it may have against Dutch FleetCo, unless such claims
against which such set off is to be made have become finally adjudicated or remained uncontested by Dutch FleetCo. 
  

	15.	REPRESENTATION 

 In
making, delivering (which includes, for the avoidance of doubt, electronic delivery), receiving and/or accepting declarations pursuant to this Agreement, Dutch FleetCo and German OpCo may be represented by a duly authorised third party service
provider acting in the name and on behalf of Dutch FleetCo or German OpCo, respectively. The Parties hereto agree that (i) each Party so represented shall deliver to the respective other Party an original document granting a power of attorney
in respect of such representation or the original of the relevant servicing contract containing such power of attorney, when or prior to the first declaration made, delivered (which includes, for the avoidance of doubt, electronic delivery),
received and/or accepted on behalf of it, (ii) each Party so represented shall notify the respective other Party of any amendments of such power of attorney without undue delay, (iii) Dutch FleetCo may only be represented by third party
service providers incorporated in, and acting from, a jurisdiction other than Germany, and (iv) each Party shall procure that its respective third party servicer shall not sub-delegate its authority to any other person. 

  
 - 19 -

	16.	NEGOTIATION/RENEWAL OF VEHICLE MANUFACTURER BUY-BACK AGREEMENTS AND VEHICLE DEALER BUY-BACK AGREEMENTS 

 

	16.1	Negotiation and Renewal of Vehicle Manufacturer Agreements and Vehicle Dealer Agreements 

 

	 	16.1.1	From 1 January 2013, upon the negotiation of Vehicle Manufacturer Agreements or Vehicle Dealer Agreements by German OpCo in accordance with paragraph (d) of
Clause 9 of this Agreement, German OpCo shall use its best endeavours to ensure that provisions substantially the same as those set out in Schedule 3 shall be included in the relevant Vehicle Manufacturer Agreements or Vehicle Dealer Agreements and
shall promptly notify the FleetCo Security Agent and the Transaction Agent if there is any material deviation from the provision set out in Schedule 3. 

  

	 	16.1.2	Annually, German OpCo shall prepare and deliver to Dutch FleetCo, the FleetCo Security Agent, the Liquidation Agent and the Transaction Agent a certificate (the
“Certificate”) signed by a director of German OpCo in the form of Schedule 5 (Form of Director’s Certificate Regarding Vehicle Manufacturer Agreements and Vehicle Dealer Agreements) confirming that each Vehicle
Manufacturer Agreement and/or Vehicle Dealer Agreement entered into or renewed by German OpCo during the twelve (12) month period ending on the most recent delivery of the Certificate includes provisions substantially the same as those set out
in Schedule 3 and also a list of Buy-Back Minimum Principles that have not been incorporated into the relevant Vehicle Manufacturer Agreement and/or Vehicle Dealer Agreement. 

 

	16.2	Changes to a Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement 

German OpCo shall deliver to the FleetCo Security Agent (with a copy to the Transaction Agent) and Dutch FleetCo promptly, following the
receipt of any proposed changes to any existing Vehicle Dealer Buy-Back Agreement and/or Vehicle Manufacturer Buy-Back Agreement (other than in respect of the Commercial Terms), a notice setting out the principal terms of such proposed changes. If
the proposed material changes do not relate to the Commercial Terms and are reasonably likely to have a Material Adverse Effect on Dutch FleetCo, German OpCo shall not agree to such proposed changes. 

 

	17.	GERMAN ACT ON RENDERING LEGAL SERVICES  

 (RECHTSDIENSTLEISTUNGSGESETZ) 
 Nothing in this
Agreement including this Clause shall be construed so as to constitute an obligation of German OpCo to perform any actions which it would not be entitled to render pursuant to the provisions of the German Act on Rendering Legal Services
(Rechtsdienstleistungsgesetz). In the event that any service stipulated to be performed pursuant to the terms hereof should constitute such an action, German OpCo shall only be obliged to arrange for a person or entity which is registered
with the relevant authorities or otherwise entitled to provide the relevant services, and shall refrain from giving any instruction in respect of such services to such person or entity. It is understood and agreed that, in such a case, only the
party to which such services are being provided, and not German OpCo, shall instruct and/or direct the service provider. 

  
 - 20 -

	18.	AMENDMENT 

 This Agreement
shall not be amended without the prior consent of the Parties hereto. 
  

	19.	SEVERABILITY 

 Without
prejudice to any other provision hereof, if one or more provisions hereof is or becomes invalid, illegal or unenforceable in any respect in any jurisdiction or with respect to any party, or if any party becomes aware of any omission hereto of any
terms which were intended to be included in this Agreement, such invalidity, illegality or unenforceability in such jurisdiction or with respect to such party or parties or such omission shall not, to the fullest extent permitted by applicable law,
render invalid, illegal or unenforceable such provision or provisions in any other jurisdiction or with respect to any other party or parties hereto. Such invalid, illegal or unenforceable provision or such omission shall be replaced by the parties
with a provision which comes as close as reasonably possible to the commercial intentions of the invalid, illegal or unenforceable or omitted provision. 
  

	20.	GOVERNING LAW AND JURISDICTION 

 This Agreement and all non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, the laws of The Netherlands, provided that Clauses 3.1.2,
3.4.2, 3.6 to and including 3.11, 5.2, 5.4, 5.6.2, 5.7.1, 5.7.2, 5.7.3, 5.7.5, 8(d), 8(e), 8(f) and 17 shall be governed by the laws of Germany (excluding its conflict of law rules and the United Nations Conventions on the International Sale of
Goods (CISC)). 
 With respect to any suit, action or proceedings relating to this Agreement, each Party irrevocably
submits to the exclusive jurisdiction of the competent court of Amsterdam, The Netherlands. 
 If a Party to this Agreement is
represented by (an) attorney(s) in connection with the execution of this Agreement or any agreement or document pursuant hereto, and the relevant power of attorney is expressed to be governed by Dutch law, such choice of law is hereby accepted by
the other Parties to this Agreement, in accordance with Article 14 of the Hague Convention on the Law Applicable to Agency of 14 March 1978. 
  

	21.	LANGUAGE 

 This Agreement
is executed in the English language and the English language shall be the authoritative text, unless otherwise provided for in paragraph (c) of Clause 1.1.1 hereof. 

  
 - 21 -

	22.	CONFIDENTIALITY 

  

	22.1	Confidentiality of information 

Subject to the provisions of Clause 22.2 (Disapplication of confidentiality provisions) each Party hereto agrees that it shall keep
all Confidential Information confidential and it shall not disclose any such information to any person whatsoever. 
  

	22.2	Disapplication of confidentiality provisions 

 The Parties hereto shall use all reasonable endeavours to prevent any disclosure referred to in Clause 22.1 (Confidentiality of information) provided however that the provisions of Clause 22.1
(Confidentiality of information) shall not apply: 
  

	 	22.2.1	to the disclosure of any information insofar as such disclosure is expressly permitted by any relevant Transaction Document; 

 

	 	22.2.2	to the disclosure of any information to the Central Servicer to enable it to update the Approved Model from time to time; 

 

	 	22.2.3	to the disclosure of any information already known to the recipient otherwise than as a result of entering into this Agreement and any of the relevant Permanent
Transaction Documents; 

  

	 	22.2.4	to the disclosure of any information with the consent of Dutch FleetCo or German OpCo; 

 

	 	22.2.5	to the disclosure of any information which is or becomes public knowledge otherwise than as a result of the conduct of the recipient; 

 

	 	22.2.6	to the extent that the recipient is required or requested to disclose the same by any court of a competent jurisdiction or any governmental, banking, taxation or other
regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; 

  

	 	22.2.7	to the extent that the recipient needs to disclose the same for the negotiation, exercise, protection or enforcement of any of its rights under any of the Vehicle
Manufacturer Agreements or Vehicle Dealer Agreements or Permanent Transaction Documents or for the purpose of discharging their duties or obligations under or in connection with the relevant Transaction Documents executed by the FleetCo Security
Agent, to such persons as require to be informed of such information for such purposes or in connection with transferring or purporting to transfer their rights and obligations to a successor party or trustee; 

 

	 	22.2.8	to the extent that the recipient is required for operational reasons to disclose the same to any of its employees, provided that, before any such disclosure, such party
shall make the relevant employees aware of its obligations of confidentiality under this Agreement and shall at all times procure compliance with such obligations by such employees; 

 

	 	22.2.9	to the disclosure of any information to the FleetCo Security Agent and their professional advisors and the Rating Agencies (if any) respectively who receive the same
under a duty of confidentiality. 

  
 - 22 -

	23.	RECISSION OR NULLIFICATION OF THIS AGREEMENT 

 To the fullest extent possible each Party to this Agreement waives any right it may have to rescind (ontbinden) or nullify (vernietigen) or request the rescission or nullification of, this
Agreement. 

  
 - 23 -

 SCHEDULE 1 
 FORM OF PURCHASE OFFER AND LEASE REQUEST 
  

	From:	Avis Budget Autovermietung GmbH & Co. KG (“German OpCo”) 

[if represented by a third party, insert: represented by [insert name] on the basis of a power of attorney dated [insert
date]] 
  

	To:	FinCar Fleet B.V. (“Dutch FleetCo”) 

 [if represented by a third party, insert: represented by [insert name] on the basis of a power of attorney dated [insert date]] 

Copy to: Crédit Agricole Corporate and Investment Bank (“FleetCo Security Agent”), 9 quai du Président Paul Doumer, 92920
Paris, La Défense Cadex, France. 
 Dear Sirs, 
  

	1.	Reference is made to the Master German Fleet Purchase Agreement dated on or about 5 March 2013 (as amended, restated or modified from time to time) entered
into between, inter alios, Dutch FleetCo and German OpCo (the “Master German Fleet Purchase Agreement”) as well as to the Master German Fleet Lease Agreement dated on or about 5 March 2013 (as amended, restated or
modified from time to time) and entered into between, inter alios, Dutch FleetCo and German OpCo (the “Master German Fleet Lease Agreement”). 

 

	2.	Terms not defined herein shall have the same meanings ascribed to them in the Master German Fleet Purchase Agreement or the Master German Fleet Lease Agreement,
as applicable. 

  

	3.	This document constitutes a Purchase Offer and Lease Request within the terms of the Master German Fleet Purchase Agreement and the Master German Fleet Lease
Agreement. 

  

	4.	Purchase and Transfer of Title 

  

	4.1	We herewith submit to Dutch FleetCo a Purchase Offer and Lease Request for Dutch FleetCo to purchase certain vehicles (together with all Related Rights) specified in
Annex 1 (Details of Vehicles) to this Purchase Offer and Lease Request, in each case at the applicable Onward Purchase Price specified herein. Details of the account(s) into which the applicable Onward Purchase Price (plus applicable VAT
received from German OpCo) payable for the Vehicles specified in Annex 1 (Details of Vehicles) hereto (and Related Rights) shall be paid as set out in Annex 2 (Payment Account Details) hereto. 

 

	4.2	Concurrently, we herewith submit to Dutch FleetCo a Purchase Offer and Lease Request for Dutch FleetCo to acquire all of German OpCo’s existing and future rights
(including any expectancy/inchoate rights (Anwartschaftsrechte) and title (Eigentum)) in respect of each of the Vehicles (together with all Related Rights) specified in Annex 1 (Details of Vehicles) to this Purchase Offer and
Lease Request. 

  
 - 24 -

	4.3	We hereby further offer to assign to you any Related Rights and any claims for return (Abtretung der Herausgabeansprüche) against any person who
is in possession of such Vehicles. We are, however, entitled to exercise any Related Right notwithstanding the assignment of any Related Right to you. We hereby agree that German OpCo shall hold possession of such Vehicles (either immediate
possession (unmittelbarer Besitz) or constructive possession (mittelbarer Besitz) on custody for you free of charge (unentgeltliche Verwahrung)) such that we shall be obliged to surrender (herausgeben) such Vehicles to
you upon your demand, in each case only without undue delay (unverzüglich) upon expiry of any lease agreement relating to the relevant Vehicles then having been made with third parties in the ordinary course of our business.

  

	4.4	Moreover, we herewith offer to assign our claims to receive the German Vehicle Documents against the relevant immediate possessor thereof (including, without
limitation, pursuant to the German Custody Agreement). 

  

	5.	Lease Request pursuant to Master German Fleet Lease Agreement 

 We herewith offer to you to lease to us in accordance with the terms of the Master German Fleet Lease Agreement the Vehicles purchased according to this Purchase Offer and Lease Request as further
specified in Annex 1 hereto. 
  

	6.	We hereby confirm that each of the representations and warranties set out in Clause 8 (Representations by German OpCo) of the Master German Fleet Purchase
Agreement is or (as the case may be) remains true and correct at the date hereof by reference to the facts and circumstances currently subsisting. 

  

	7.	We hereby confirm that each of the conditions precedent to lease set out in clause 6.1 of the Master German Fleet Lease Agreement is satisfied or will be
satisfied on the Lease Commencement Date. [If some conditions precedent are waived, certify this is the case.] 

  

	8.	If Dutch FleetCo wishes to accept this Purchase Offer and Lease Request, please sign, date and return the enclosed copy of this Purchase Offer and Lease Request
to Zimmersmühlenweg 21, 61437 Oberursel, Germany (Attention: Fleet Accounting Department) by way of Dutch FleetCo’s acknowledgement and acceptance of this Purchase Offer and Lease Request, which signed acknowledgement and acceptance shall
constitute the Purchase and Lease Confirmation. 

  

	9.	The Purchase and Lease Confirmation shall constitute: 

  

	9.1	an agreement relating to the purchase of the vehicles; 

  

	9.2	an agreement relating to transfer of all of German OpCo’s existing and future rights (including any expectancy/inchoate rights (Anwartschaftsrechte)) and
title (Eigentum) to the Vehicles (Einigung über den Eigentumsübergang); 

  

	9.3	in each case if and to the extent applicable, (i) an agreement to assign to Dutch FleetCo all claims for return of the Vehicles specified in Annex 1 hereto which
German OpCo has against any person who is in possession of such Vehicle (Abtretung der Herausgabeansprüche) or (ii) an agreement to create constructive possession (Besitzkonstitut) of Dutch FleetCo in respect of the Vehicles
specified in Annex 1 hereto, and 

  
 - 25 -

	9.4	an agreement in respect of a lease of Vehicles to German OpCo according to the terms of the Master German Fleet Lease Agreement in respect of such Vehicles purchased by
Dutch FleetCo according to the Master German Fleet Purchase Agreement. 

  

	10.	On receipt of such Purchase and Lease Confirmation, such Purchase and Lease Confirmation, together with this Purchase Offer and Lease Request shall constitute
the Individual Purchase and Lease Agreement relating to the Vehicles specified in Annex 1 hereto and the Related Rights relating to such Vehicles. 

  

	11.	This letter and all non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, the laws of The
Netherlands, except for Clauses 4.2, 5.3, 5.4, 9.2 and 9.3 which shall be governed by the laws of Germany. 

  

	12.	Exclusive place of jurisdiction is the competent court of Amsterdam, The Netherlands. 

 Yours faithfully 
 Avis Budget Autovermietung GmbH & Co. KG 

[if represented by a third party, insert: represented by [insert name] on the basis of a power of attorney dated [insert
date]] 
  

									
	 By:
	 	  
	 		 	 By:
	 	  

 [ON COPY] 
 *************************************************************************** 
 We hereby
acknowledge and accept the terms of the Purchase Offer and Lease Request set out above and in Annex 1 hereto in relation to the Vehicles referred to therein and accept to acquire all of German OpCo’s existing and future rights and title to the
Vehicles, as set out above and to lease the Vehicles to German OpCo according to the terms of the Master German Fleet Lease Agreement. 

Dutch FleetCo 
 [if represented by a
third party, insert: represented by [insert name] on the basis of a power of attorney dated [insert date]] 
  

									
	 By:
	 	  
	 		 	 By:
	 	  

  
 - 26 -

			
	Place/Date:	  	[—]
		
	Copy to:	  	Avis Europe plc, Avis Budget House, Park Road, Bracknell, Berkshire, RG12 2EW.
		
		  	FleetCo Security Agent and Transaction Agent, 9 quai du Président Paul Doumer, 92920 Paris, La Défense Cadex, France.

  
 - 27 -

 ANNEX 1 
 Part 1 - Details of Vehicles 
  

	1.	Name/Address of Vehicle Manufacturer / Vehicle Dealer 

 [—] 
  

	2.	Vehicle model and year 

 [—] 
  

	3.	Number of vehicles 

 [—] 
  

	4.	Vehicle Manufacturer Agreement or Vehicle Dealer Agreement pursuant to which Vehicle or German OpCo Existing Fleet Vehicle was purchased by German OpCo

 [—] 

 

	5.	Vehicle Identification Number (Fahrzeugidentifizierungsnummer) 

 [—] 
  

	6.	Onward Purchase Price 

 [—] 
  

	7.	Due date for payment of Onward Purchase Price 

 [—] 
  

	8.	Expected date of delivery (if applicable) 

 [—] 
  

	9.	Initial Purchase Price 

 [—] 
  

	10.	Vehicle Manufacturer Repurchase Price 

 [—] 

  
 - 28 -

 Part 2 – Lease Request1 
  

	1.	Onward Purchase Price 

 [—] 
  

	2.	OpCo Repurchase Price 

 [—] 
  

	3.	Lease Commencement Date 

 [—] 
  

	4.	Programme / Non-Programme Vehicle 

[—] 
  

	5.	Estimated Lease Expiration
Date2 

[—] 
  

 

	1 	To be further adjusted as applicable. 

	2 	For Programme Vehicles, the maximum holding period as calculated in accordance with the relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement, subject to
a maximum period of 12 months from the Lease Commencement Date. For Non-Programme Vehicles, 12 months from the Lease Commencement Date. 

  
 - 29 -

 ANNEX 2 
 Payment Account Details 

  
 - 30 -

 SCHEDULE 2 
 FORM OF REPURCHASE OFFER AND LEASE TERMINATION NOTICE 
  

	From:	Avis Budget Autovermietung GmbH & Co. KG (“German OpCo”) 

[if represented by a third party, insert: represented by [insert name] on the basis of a power of attorney dated [insert
date]] 
  

	To:	FinCar Fleet B.V. (“Dutch FleetCo”) 

 [if represented by a third party, insert: represented by [insert name] on the basis of a power of attorney dated [insert date]] 

Copy to: Crédit Agricole Corporate and Investment Bank (“FleetCo Security Agent” and as “Transaction Agent”), 9
quai du Président Paul Doumer, 92920 Paris, La Défense Cadex, France. 
 Dear Sirs, 

 

	1.	Reference is made to the Master German Fleet Purchase Agreement dated on or about 5 March 2013 (as amended, restated or modified from time to time) entered
into between, inter alios, Dutch FleetCo and German OpCo (the “Master German Fleet Purchase Agreement”) as well as to the Master German Fleet Lease Agreement dated on or about 5 March 2013 (as amended, restated or
modified from time to time) and entered into between, inter alios, Dutch FleetCo and German OpCo (the “Master German Fleet Lease Agreement”). 

 

	2.	Terms not defined herein shall have the same meanings ascribed to them in the Master German Fleet Purchase Agreement or the Master German Fleet Lease Agreement,
as applicable. 

  

	3.	This document constitutes a Repurchase Offer and Lease Termination Notice within the terms of the Master German Fleet Purchase Agreement and the Master German
Fleet Lease Agreement. 

  

	4.	Repurchase and Retransfer of Title 

  

	4.1	We herewith submit to Dutch FleetCo a Repurchase Offer and Lease Termination Notice for German OpCo to repurchase all of Dutch FleetCo’s Vehicles (together with
all Related Rights) specified in Annex 1 (Details of Vehicles) to this Repurchase Offer and Lease Termination Notice. 

  

	4.2	We herewith submit to Dutch FleetCo a Repurchase Offer and Lease Termination Notice for German OpCo to acquire all of Dutch FleetCo’s existing and future rights
(including any expectancy/inchoate rights (Anwartschaftsrechte) and title (Eigentum)) in respect of each of the Vehicles (together with all Related Rights) specified in Annex 1 (Details of Vehicles) to this Repurchase Offer and
Lease Termination Notice, subject to the full and irrevocable payment of the applicable OpCo Repurchase Price specified herein to Dutch FleetCo (Eigentumsvorbehalt). 

  
 - 31 -

	5.	We hereby further submit to Dutch FleetCo the offer to assign to German OpCo any Related Rights and any claims for return (Abtretung der
Herausgabeansprüche) against any person who is in possession of such Vehicles. 

  

	6.	Lease Termination pursuant to the Master German Fleet Lease Agreement 

 We herewith agree that the lease of vehicles to German OpCo in respect of the Vehicles specified in Annex 1 hereto shall be terminated. 

 

	7.	We hereby confirm that each of the representations and warranties set out in Clause 8 (Representations by German OpCo) of the Master German Fleet Purchase
Agreement is or (as the case may be) remains true and correct at the date hereof by reference to the facts and circumstances currently subsisting. 

  

	8.	If Dutch FleetCo wishes to accept this Repurchase Offer and Lease Termination Notice, please sign, date and return the enclosed copy of this Repurchase Offer and
Lease Termination Notice to Zimmersmühlenweg 21, 61437 Oberursel, Germany (Attention: Fleet Accounting Department) by way of Dutch FleetCo’s acknowledgement and acceptance of this Repurchase Offer and Lease Termination Notice, which signed
acknowledgement and acceptance shall constitute the Repurchase and Lease Termination Confirmation. 

  

	9.	The Repurchase and Lease Termination Confirmation shall constitute: 

 

	9.1	an agreement relating to the purchase of Vehicles; 

  

	9.2	an agreement relating to the transfer of all of Dutch FleetCo’s existing and future rights (including any expectancy/inchoate rights (Anwartschaftsrechte))
and title (Eigentum) to the Vehicles (Einigung über den Eigentumsübergang) subject to the full and irrevocable payment of the OpCo Repurchase Price; 

 

	9.3	in each case if and to the extent applicable, (i) an agreement to assign to German OpCo all claims for return of the Vehicles specified in Annex 1 hereto against
any person who is in possession of such Vehicle (Abtretung der Herausgabeansprüche) or (ii) an agreement to create constructive possession (Besitzkonstitut) of German OpCo in respect of the Vehicles specified in Annex 1
hereto; and 

  

	9.4	an agreement relating to the termination of the lease of Vehicles to German OpCo in respect of the Vehicles specified in Annex 1 hereto. 

 

	10.	On receipt of such Repurchase and Lease Termination Confirmation, such Repurchase and Lease Termination Confirmation, together with this Repurchase Offer and
Lease Termination Notice shall, constitute the Individual Repurchase and Lease Termination Agreement relating to the Vehicles specified in Annex 1 hereto and the Related Rights relating to such Vehicles. 

 

	11.	This letter and all non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, the laws of The
Netherlands, except for clauses 4.2, 5, 9.2 and 9.3 which shall be governed by the laws of Germany. 

  

	12.	Exclusive place of jurisdiction is Amsterdam, The Netherlands. 

  
 - 32 -

 Yours faithfully 
 Avis Budget Autovermietung GmbH & Co. KG 
 [if represented by a third
party, insert: represented by [insert name] on the basis of a power of attorney dated [insert date]] 
  

									
	By:	 	  
	  		  	By:	  	  

 [ON COPY] 
 *************************************************************************** 
 We hereby
acknowledge and accept the terms of the Repurchase Offer and Lease Termination Notice set out above and in Annex 1 hereto in relation to the Vehicles referred to therein and accept to sell and to transfer to German OpCo all of our existing and
future rights and title to the Vehicles, as set out above. We further agree that the lease to German OpCo of Vehicles specified in Annex 1 hereto is terminated. 
 Dutch FleetCo 
 [if represented by a third party, insert: represented by [insert
name] on the basis of a power of attorney dated [insert date]] 
  

									
	By:	 	  
	  		  	By:	  	  

  

			
	Place/Date:	  	[—]
		
	Copy to:	  	Avis Europe plc, Avis Budget House, Park Road, Bracknell, Berkshire, RG12 2EW.
		
		  	FleetCo Security Agent and Transaction Agent, 9 quai du Président Paul Doumer, 92920 Paris, La Défense Cadex, France. 

  
 - 33 -

 ANNEX 1 
 Details of Vehicles 
  

	1.	Name/Address of Vehicle Manufacturer / Vehicle Dealer 

 [—] 
  

	2.	Vehicle model and year 

 [—] 
  

	3.	Number of vehicles 

 [—] 
  

	4.	Vehicle Manufacturer Agreement or Vehicle Dealer Agreement pursuant to which Vehicle or German OpCo Existing Fleet Vehicle was purchased by German OpCo

 [—] 

 

	5.	Vehicle Identification Number (Fahrzeugidentifizierungsnummer) 

 [—] 
  

	6.	OpCo Repurchase Price 

 [—] 
  

	7.	Due date for payment of OpCo Repurchase Price 

 [—] 

  
 - 34 -

 SCHEDULE 3 
 EXTENDED RETENTION OF TITLE, PUT OPTION AND DIRECT PAYMENT 
 INSTRUCTION

 Part A: Extended retention of title, FleetCo Put Option and Direct Payment Instruction 

 

	1.	Extended retention of title 

 An extended retention of title provision shall be included in the relevant Vehicle Purchasing Agreement. 
  

	2.	Put Option 

 Pursuant to
Clause [—] ([Repurchase Obligation/Right to Tender/Put Option (Rückkaufsverpflichtung/Andienungsrecht/Put Option)]) German OpcO has certain rights against the Vehicle Supplier (such
rights of German OpCo are referred to as the “Put Option”). 
 The Put Option clause is expected to be in
substantially the following form: 
 By means of a genuine contract for the benefit of a third party pursuant to Sections 328 et
seq. of the German Civil Code, the Parties agree that Dutch FleetCo shall be entitled to all the same rights which German OpCo may have under the Put Option (such rights of Dutch FleetCo under this Clause are referred to as the “FleetCo Put
Option”). Section 335 of the German Civil Code shall not apply in respect of the FleetCo Put Option and Dutch FleetCo shall be entitled to exercise the FleetCo Put Option in its sole discretion, in its own name and in its own right,
i.e. its rights under the FleetCo Put Option shall not derive from and shall not go beyond the Put Option of German OpCo. Dutch FleetCo may exercise the FleetCo Put Option in respect of any Vehicle which it owns or which it is otherwise entitled to
dispose of at the time when the exercise of the FleetCo Put Option is intended to occur in respect of that Vehicle. 
 The
exercise of the FleetCo Put Option by Dutch FleetCo is subject to the following two conditions: 
  

	 	1.	The Vehicle in respect of which the FleetCo Put Option is exercised has been purchased by Dutch FleetCo from German OpCo pursuant to the German Master Fleet Purchase
Agreement and such Vehicle has also been leased by Dutch FleetCo to German OpCo pursuant to the German Master Lease Agreement; and 

  

	 	2.	a Default, howsoever described, has occurred with respect to German OpCo under any contractual relationship between German OpCo and Dutch FleetCo and such Default and
the intention of Dutch FleetCo to exercise the FleetCo Put Option has been notified by Dutch FleetCo to the Vehicle Supplier and German OpCo (the “Option Notice”). “Default” means, for the purpose of this Clause,
that a default of German OpCo has occurred under any contractual relationship between German OpCo and Dutch FleetCo which entitles Dutch FleetCo to terminate the related contract by Dutch FleetCo (the “Conditions”).

  
 - 35 -

 German OpCo is no longer entitled to exercise the Put Option once, cumulatively (1) the
Conditions have occurred and are continuing and (2) Dutch FleetCo has given the Option Notice in accordance with the foregoing paragraph. If an Option Notice is received (Zugang) by the Vehicle Supplier after the receipt (Zugang)
of the notice of German OpCo by which it exercises its Put Option in respect of a Vehicle and such Put Option has not been yet fully settled, such Put Option shall be void and the relevant Vehicle shall be subject to the FleetCo Put Option. For the
avoidance of doubt, any already fully settled Put Option shall not be affected by the exercise of the FleetCo Put Option. In any event, only either the Put Option or the FleetCo Put Option may be exercised with respect to any particular Vehicle.

 The Parties further agree that the FleetCo Put Option is fully independent of German OpCo’s Put Option and any amendments
as well as any objections deriving from the contractual relationship between German OpCo and Vehicle Suppliers shall neither negatively affect nor be asserted against the FleetCo Put Option. Hence, Section 334 of the German Civil Code shall not
apply. [The Vehicle Supplier shall be entitled to set-off its claims under the relevant [VPA] (but not under any other agreement) against German OpCo with respect to a certain Vehicle against Dutch FleetCo’s claim for payment of the repurchase
price with respect to such Vehicle.]3 This Clause [—] shall survive any termination of this Agreement. Dutch FleetCo may freely assign its rights under this Clause [—] to FleetCo Security Trustee at any
time. 
  

	3.	Direct Payment Instruction 

 Payment Instructions 
 The parties agree that German OpCo shall instruct [OEM] to
pay the repurchase price (including any applicable VAT) in respect of the Vehicles purchased by [OEM] from German OpCo directly to an account of Dutch FleetCo. Such payment from [OEM] to Dutch FleetCo shall discharge the obligation of [OEM] to pay
the repurchase price to German OpCo (including any applicable VAT) as well as the obligation of German OpCo to pay the repurchase price (in respect of which VAT is not payable) to Dutch FleetCo according to the Master Fleet Purchase Agreement
between German OpCo and Dutch FleetCo. German OpCo is obliged to set out such payment instructions and the relevant account details of Dutch FleetCo in the relevant invoice to [OEM]. 

 

	Part B:	Minimum Buy-Back Principles 

 Confidentiality 
 Avis shall be entitled to disclose any term of the
[VPA] in connection with any proposed issue of securities and/or other form of financing which is secured, whether directly or indirectly, on any Vehicle to be purchased by Avis or the rights, interests or benefits of Avis under the [VPA] (a
“Finance Transaction”): 
 (a) to any affiliate of Avis or Dutch FleetCo or any issuer, guarantor, funding
provider (being a bank lender or otherwise, security trustee, lead manager or arranger (or any person appointed in a similar role), rating agency, servicer, monoline insurer 

 
  

	3 	 Such set-off right shall not be included, if the current VPA provides for a prohibition of set-off, i.e. an OEM/vehicle supplier shall not be put in a
better position by introducing the Put Option. 

  
 - 36 -

 
or any other person providing credit support or credit or liquidity enhancement for a proposed Finance Transaction or any person to whom or for whose benefit Dutch FleetCo assigns, pledges or
transfers any rights as well as their agents, professional advisers and Affiliates; and 
 (b)(other than in relation to any
commercial terms including purchase price, repurchase price, any requirement in relation to the number of Vehicles required to be purchased by Avis pursuant to the [VPA], discounts, depreciation, payment terms, bonus arrangements, refurbishment
costs, over mileage penalties (as the case may be)), pursuant to any offering document, or investor presentation or any other marketing materials prepared in connection with a proposed Finance Transaction. 

  
 - 37 -

 SCHEDULE 4 
 FORM OF DIRECTOR’S CERTIFICATE REGARDING VEHICLE 
 MANUFACTURER
AGREEMENTS AND VEHICLE DEALER AGREEMENTS 
 To: 
 FinCar Fleet B.V. 
 Rapenburgerstraat 175B 

1011 VM Amsterdam 
 The Netherlands 

(“Dutch FleetCo”) 

Crédit Agricole Corporate and Investment Bank  
 9 quai du Président Paul Doumer 
 92920 Paris La Défense Cedex, 

France 
 (the “FleetCo Security
Agent” and “Transaction Agent”) 
 Pursuant to clause 16.1.2 of the Master German Fleet Purchase Agreement, the
undersigned,                             , a Director of Avis Budget Autovermietung GmbH & Co. KG
(“German OpCo”), hereby certifies that: 
  

	(a)	Appendix A hereto contains a complete list of all Vehicle Manufacturer Agreements and Vehicle Dealer Agreements entered into or renewed by German OpCo during the
calendar year [—]; and 

  

	(b)	the undersigned hereby certifies that all Vehicle Manufacturer Agreements and Vehicle Dealer Agreements listed in Appendix A include provisions substantially the same
as those set out in Schedule 3 of the Master German Fleet Purchase Agreement and where the Vehicle Manufacturer Agreements and Vehicle Dealer Agreements do not contain such provisions, those Vehicle Manufacturer Agreements and Vehicle Dealer
Agreements are listed in Appendix B. 

 IN WITNESS WHEREOF, the undersigned has executed this certificate this
     day of         , 20    . 
  

	
	  

	[Name]
	Director of Avis Budget Autovermietung GmbH & Co. KG

  
 - 38 -

 Appendix A 
 Appendix B 

  
 - 39 -

 SCHEDULE 5 
 FORM OF VAT CERTIFICATE 
 [On the letterhead of German OpCo]

  

			
	To: FinCar Fleet B.V.	 	
                            
                [insert date]

 Copy to: Credit Agricole Corporate and Investment Bank (“FleetCo Security Agent” and as
“Transaction Agent”) 
 Avis Budget Autovermietung GmbH & Co. KG (“German OpCo” ) under a master
German fleet purchase agreement entered into between German OpCo, Fincar Fleet B.V. and Crédit Agricole Corporate and Investment Bank (together the “Parties” and each of a “Party”) (the “Master German
Fleet Purchase Agreement” as amended and restated from time to time) hereby confirms that with regard to the period from [—] to [—] under
any VAT (Umsatzsteuer) advance tax returns (Umsatzsteuervoranmeldung) either: 
  

	 	a)	no VAT was payable, on the grounds of the input VAT claim exceeding the output VAT obligation (Vorsteuerüberschuss) of German OpCo; or

  

	 	b)	in relation to the VAT pre-assessment period (Voranmeldungszeitraum) of [insert the respective calendar month in accordance with Clause 9 of the Master German
Fleet Purchase Agreement], German OpCo fully paid the respective VAT prepayment (Vorauszahlung) to the German tax authorities and in particular, but notwithstanding the treatment of cross-border supplies (if any) which are generally
VAT-exempt in accordance with Section 4 No. 1 of the German VAT Act, VAT embedded in the Vehicle Manufacturer Repurchase Price or Third Party Repurchase Price, as applicable, (each of defined in the Master Definition Agreement, entered
into between, amongst others the Parties on or about 5 March 2013) generated in this pre-assessment period (Voranmeldungszeitraum) was included in the VAT prepayment (Vorauszahlung) by German OpCo. 

 

			
	By:	 	  

 for and on behalf Avis Budget Autovermietung GmbH & Co. KG 

  
 - 40 -

 SIGNATURE PAGE 

MASTER GERMAN FLEET PURCHASE AGREEMENT 
 AVIS BUDGET AUTOVERMIETUNG GMBH & CO. KG 
 as German OpCo 

 

									
	By:	 	 /s/ Benno Gassner
	 		 	By:	 	  

	Name:	 	Benno Gassner	 		 	Name:	 	
	Title:	 	Director Finance	 		 	Title:	 	

 acting on behalf of Avis Budget Autovermietung Verwaltungsgesellschaft mbH as the general partner of Avis Budget
Autovermietung GmbH & Co. KG 
 FINCAR FLEET B.V. 
 as Dutch FleetCo 
  

											
		 	By:	 	 /s/ P.D. Haverkamp Idema
	 		 	By:	 	 /s/ J.J. van Ginkel

		 	Name:	 	P.D. Haverkamp Idema	 		 	Name:	 	J.J. van Ginkel
		 		 	[Managing Director / Proxyholder A]	 		 		 	[Managing Director / Proxyholder B]

 CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 
 as FleetCo Security Agent 
  

			
	By:	 	 /s/ Edith Lusson

	Name:	 	Edith Lusson
	Title:	 	Managing Director

  
 - 41 -EX-10.9

 Exhibit 10.9 

 

			
	

	 	CLIFFORD CHANCE LLP
		 	EXECUTION VERSION

 FINCAR FLEET B.V., SUCURSAL EN ESPAÑA 

AS LESSOR 
 AVIS
ALQUILE UN COCHE, S.A. 
 AS LESSEE 
 AND 
 CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

AS FLEETCO SECURITY AGENT 
  

 
 SPANISH MASTER
LEASE AGREEMENT 
  
  

 

 CONTENTS 

 

							
	Clause	 	 	  	Page	 
			
	1.	 	Definitions	  	 	2	  
	2.	 	Principles of Interpretation	  	 	2	  
	3.	 	Common Terms	  	 	3	  
	4.	 	Request for Lease	  	 	4	  
	5.	 	Lease Term	  	 	5	  
	6.	 	Vehicle Schedules and Conditions to Lease	  	 	6	  
	7.	 	Delivery of Vehicles	  	 	8	  
	8.	 	Use of Vehicles and Sub–Leasing	  	 	8	  
	9.	 	Non Disturbance and Access	  	 	10	  
	10.	 	Nature of Lease	  	 	11	  
	11.	 	Transfer of Risk	  	 	11	  
	12.	 	Lessee’s Unconditional Obligations	  	 	11	  
	13.	 	Rent	  	 	14	  
	14.	 	Casualties and Non-Eligible Vehicles	  	 	14	  
	15.	 	Programme Vehicle Special Default Payments	  	 	15	  
	16.	 	Lessee Right to Terminate a Programme Vehicle Lease Prior to the Programme Minimum Term	  	 	16	  
	17.	 	Fees, Traffic Penalties and Fines	  	 	16	  
	18.	 	Prepayments and Late Payments	  	 	17	  
	19.	 	Payment Mechanics	  	 	18	  
	20.	 	Tax Gross-Up	  	 	19	  
	21.	 	VAT and Stamp Taxes	  	 	19	  
	22.	 	Indemnities	  	 	20	  
	23.	 	Covenants of the Lessee	  	 	22	  
	24.	 	Representations and Warranties	  	 	26	  
	25.	 	Redesignation Events	  	 	28	  
	26.	 	Limitations on Redesignation	  	 	29	  
	27.	 	Redesignation Mechanics	  	 	29	  
	28.	 	Termination	  	 	30	  
	29.	 	Rejected Vehicles	  	 	32	  
	30.	 	Return/Redelivery of Vehicles	  	 	33	  
	31.	 	Sale of Vehicles	  	 	34	  
	32.	 	No Representation or Warranty by Lessor	  	 	36	  
	33.	 	Limitation of Liability of Lessor and of the FleetCo Security Agent	  	 	36	  

  
 - i -

							
	34.	 	Assistance of the Spanish Servicer	  	 	37	  
	35.	 	No Waiver	  	 	37	  
	36.	 	Contradictory Instructions	  	 	37	  
	37.	 	Assignment and Security	  	 	37	  
	38.	 	Volume Premium	  	 	37	  
	39.	 	Obligations as corporate obligations	  	 	38	  
	40.	 	FleetCo Security Agent has no responsibility	  	 	38	  
	41.	 	Time of the Essence	  	 	38	  
	42.	 	Change of FleetCo Security Agent	  	 	38	  
	43.	 	Insufficient Recoveries	  	 	39	  
	44.	 	Amendment	  	 	39	  
	45.	 	Governing Law	  	 	39	  
	46.	 	Jurisdiction	  	 	39	  
	47.	 	Governing language	  	 	39	  
	48.	 	Execution	  	 	39	  
	Schedule 1 Form of Master Lease Extension Agreement	  	 	40	  
	Schedule 2 Form of Vehicle Request Notice	  	 	41	  
	Schedule 3 Form of Vehicle Schedule	  	 	42	  
	Schedule 4 Condition Precedent Documents	  	 	45	  

  
 - ii -

 THIS AGREEMENT is made on 5 March 2013 
 BETWEEN: 
  

	(1)	 FINCAR FLEET B.V., SUCURSAL EN ESPAÑA, the Spanish branch of FINCAR FLEET B.V. (a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid) incorporated under the laws of Netherlands) with registered address at Avenida Manoteras, no 32, 28050 Madrid, Spain and Spanish fiscal identification number W0037096E and registered at the
Mercantile Registry in Madrid under volume 28809, page 190, section 8th and sheet M-518708, first entry. (the “Lessor”); 

  

	(2)	AVIS ALQUILE UN COCHE, S.A. (registered at the Mercantile Registry of Madrid under volume 2552, page 68, sheet number M-44527, inscription 265a and with CIF
number A28152767), a company incorporated in Spain with its principal place of business in Spain, whose registered office is at (the “Lessee”); and 

 

	(3)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK a bank incorporated pursuant to the laws of France with registered office in 9 quai du Président Paul
Doumer, 92920 Parigi, la Défense Cedex (France), registered with the Registre du Commerce et des Sociétés de Nanterre with number 304.187.701, in its capacity as security trustee (the “FleetCo Security Agent”).

 INTRODUCTION: 
  

	(A)	The Lessor purchases, subject to certain conditions being satisfied, Vehicles from certain Vehicle Manufacturers or Vehicle Dealers. 

 

	(B)	The Lessor has agreed to lease Vehicles to the Lessee under this Agreement on the terms and subject to the conditions set out in this Agreement.

  

	(C)	The Lessee will use Vehicles leased to it for its vehicle rental business located in Spain for use primarily within such jurisdiction and ancillary purposes, and is
permitted to sub-lease Vehicles, on the terms and subject to the limits and conditions set out in this Agreement. 

  

	(D)	The Lessor will enter into a servicing agreement (the “Spanish Servicing Agreement”) with the Lessee pursuant to which the Lessee has agreed or will
agree to act as servicer (the “Spanish Servicer”) to provide certain administrative services to the Lessor in respect of, amongst other things, the Vehicles as further described in the Spanish Servicing Agreement.

  

	(E)	Dutch FleetCo will also enter into a Public Deed (“póliza”) of Pledge over Vehicles and a Third Party Holding Agreement in relation to the
Public Deed of Pledge over Vehicles in order to secure its obligations in relation to the Spanish Vehicle Fleet in favour of the FleetCo Secured Creditors. 

 THE PARTIES AGREE as follows: 

  
 - 1 -

 SECTION A 
 DEFINITIONS AND INTERPRETATION 
  

	1.	DEFINITIONS 

  

	1.1	Unless otherwise defined in this Agreement or the context requires otherwise, capitalised words and expressions used in this Agreement have the meanings ascribed to
them in the Master Definitions Agreement dated on or about the date hereof, and entered into by, amongst others, the Issuer, the Issuer Security Trustee and the Transaction Agent (the “Master Definitions Agreement”) (as the same may
be amended, varied or supplemented from time to time) and shall be governed by Spanish law when used in this Agreement. 

  

	1.2	If there is any inconsistency between the definitions given in this Agreement and those given in the Master Definitions Agreement or any other Transaction Document, the
definitions set out in this Agreement will prevail. 

  

	2.	PRINCIPLES OF INTERPRETATION 

  

	2.1	Construction of words 

The provisions of clause 2 (Principles of Interpretation and Construction) of the Master Definitions Agreement shall apply herein
as if set out in full herein. 
  

	2.2	Principles of law 

 If any
obligations of a party to this Agreement or provisions of this Agreement are subject to or contrary to any mandatory principles of applicable law, compliance with such obligations and/or provisions of this Agreement shall be deemed to be subject to
such mandatory principles (or waived) to the extent necessary to be in compliance with such law. 
  

	2.3	Meaning of “sub-lease” 

 In this Agreement, the term “sub-lease” means any underlease, sub-lease, licence, mandate or rental agreement in relation to the use of a Vehicle between the Lessee, as lessor, and a
sub-lessee (or equivalent), as lessee. 
  

	2.4	Performance of the Spanish Servicer 

 The Lessee agrees and acknowledges that the Spanish Servicer may perform certain of the obligations of the Lessor hereunder, as set out in the Spanish Servicing Agreement, and such performance shall
discharge the relevant obligations to the same extent as if the Lessor had performed them. 
  

	2.5	Lessor’s capacity 

Each of the Lessee and the Lessor agrees that the role of the Lessee as Third Party Holder shall prevail over the role of the same as
Lessee and that the terms of the Third Party Holding Agreement shall prevail over the terms of this Agreement in the event of any conflict or discrepancy arising. 

  
 - 2 -

	2.6	For all purposes, the Lessee hereby acknowledges and agrees that the Lessor is not a manufacturer, repairer or servicing agent in respect of any Vehicle.

  

	3.	COMMON TERMS 

  

	3.1	Incorporation of Common Terms 

 The Common Terms shall be incorporated by reference into this Agreement. 
  

	3.2	Conflict with Common Terms 

If there is any conflict between the Common Terms as incorporated by reference into this Agreement and the other provisions of this
Agreement, the provisions of the incorporated Common Terms shall prevail to the fullest extent permitted by applicable law. For the purpose of this Agreement the Common Terms shall be governed, read and construed in accordance with Spanish law.

  
 - 3 -

 SECTION B 
 LEASE 
  

	4.	REQUEST FOR LEASE 

  

	4.1	Vehicle Request Notice 

  

	 	4.1.1	The Lessee may from time to time, at its sole discretion, send a Vehicle Request Notice to the Lessor copied to the Spanish Servicer. 

 

	 	4.1.2	Each Vehicle Request Notice shall specify the Vehicle Manufacturer or the Vehicle Dealer, the model, the model year, the expected date of delivery to the Lessee’s
premises and the number of Vehicles that the Lessee wishes to lease (which shall relate to Vehicles that the Lessor is able to purchase under a Vehicle Manufacturer Agreement or the Vehicle Dealer Agreement). 

 

	4.2	Purchase of Vehicles and agreement to lease 

  

	 	4.2.1	If the Lessor, subject to Clause 6.2 (Conditions precedent to lease) but otherwise in its absolute discretion, accepts a Vehicle Request Notice from the Lessee
by countersigning the relevant Vehicle Request Notice, it will be required to purchase Vehicles and the Lessor agrees that it (or the Spanish Servicer on its behalf) will, subject to receiving sufficient funding under the Transaction Documents and
sub-clause 4.2.2, make the relevant Vehicle orders to purchase such Vehicles in accordance with the terms of the relevant Vehicle Dealer Buy-Back Agreement, Vehicle Manufacturer Buy-Back Agreement, Vehicle Dealer Purchase Agreement or Vehicle
Manufacturer Purchase Agreement. 

  

	 	4.2.2	If the Lessor (or the Spanish Servicer on its behalf) agrees to purchase Vehicles in accordance with the terms of the relevant Vehicle Dealer Buy-Back Agreement,
Vehicle Manufacturer Buy-Back Agreement, Vehicle Dealer Purchase Agreement or Vehicle Manufacturer Purchase Agreement to fulfil a Vehicle Request Notice accepted in accordance with sub-clause 4.2.1, the Lessee shall lease as from the relevant
Lease Commencement Date the Vehicles so ordered subject to and in accordance with the terms set out in this Agreement. 

  

	 	4.2.3	The Lessor undertakes for the benefit of the FleetCo Security Agent that it shall not accept any Vehicle Request Notices received after the occurrence of a Master Lease
Termination Event where such Master Lease Termination Event has not been waived by or remedied to the satisfaction of the FleetCo Security Agent. The Lessor is entitled to (and shall, unless the FleetCo Security Agent specifies otherwise) reject any
Vehicle Request Notice which has been delivered prior to the occurrence of a Master Lease Termination Event in circumstances where (a) the corresponding Vehicles order has yet to be made by the Lessor, and (b) a Master Lease Termination
Event has occurred after delivery of a Vehicle Request Notice and such Master Lease Termination Event is continuing. 

  
 - 4 -

	 	4.2.4	If the Lessor does not or cannot accept a Vehicle Request Notice, it shall promptly notify the Lessee in writing thereof and the Lessor shall not incur any Liability
whatsoever if it does not or cannot accept a Vehicle Request Notice. 

  

	4.3	Amendment and cancellation of Vehicle Request Notices 

  

	 	4.3.1	Subject to sub-clause 4.3.2 and Clause 6.4 (Indemnity), and provided that no Master Lease Termination Event has occurred and is continuing, the Lessee may
at any time and at its sole discretion amend or cancel any of the Vehicle Request Notices it has delivered to the Lessor in accordance with Clause 4.1 (Vehicle Request Notice). The Lessor shall only be obliged to accept such amendment or
cancellation to the extent that it is permitted to amend or cancel the corresponding Vehicle order under the relevant Vehicle Dealer Buy-Back Agreement, Vehicle Manufacturer Buy-Back Agreement, Vehicle Dealer Purchase Agreement or Vehicle
Manufacturer Purchase Agreement. 

  

	 	4.3.2	If the Lessee proposes to cancel or amend any of the Vehicle Request Notices in accordance with sub-clause 4.3.1, it shall send a notice in writing to the Lessor,
copied to the Spanish Servicer, by no later than the relevant Lease Commencement Date identifying the Vehicle Request Notice concerned and specifying the amendments and/or cancellation it proposes to make to that Vehicle Request Notice.

  

	5.	LEASE TERM 

  

	5.1	Lease Term 

  

	 	5.1.1	The term of the lease granted hereunder in relation to any Vehicle shall be the applicable Lease Term and each Vehicle leased hereunder will be leased by the Lessor to
the Lessee with effect from the relevant Lease Commencement Date, subject to and in accordance with the terms of this Agreement, including satisfaction of the conditions precedent set out in Clause 06.2 (Conditions precedent to lease) in
relation to the relevant Vehicle. A lease in respect of a Vehicle hereunder will expire and automatically terminate at the end of the Lease Term provided that such lease may be renewed in accordance with Clause 5.2 (Extension of
Lease). 

  

	 	5.1.2	The Lessee expressly acknowledges that the Lease Commencement Date and associated Lease Term may commence prior to the date of physical delivery of a Vehicle to the
Lessee and that the Lease Expiration Date and the expiry of the Lease Term may end after the date of physical redelivery of a Vehicle to the Lessor. 

  

	5.2	Extension of Lease 

  

	 	5.2.1	 Subject to sub-clause 5.2.2 and the other terms of this Agreement, any lease of Vehicles hereunder can be extended/renewed by execution of the
Lessor and the Lessee of a Master Lease Extension Agreement in substantially the form set out in Schedule 1 (Form of Master Lease Extension Agreement) on or before the Master Lease Scheduled Expiry Date or within 5 (five) Business

  
 - 5 -

	 	
Days after the Master Lease Scheduled Expiry Date, in which circumstance the lease of the relevant Vehicle will expire on the immediately following Master Lease Scheduled Expiry Date (and,
notwithstanding any provision herein to the contrary, such lease shall have remained in full force and effect during such 5 (five) Business Day period following the relevant Master Lease Scheduled Expiry Date). 

 

	 	5.2.2	The Lessor may only enter into a Master Lease Extension Agreement if no Master Lease Termination Event has occurred and is continuing. 

 

	 	5.2.3	The Master Lease Extension Agreement shall become effective on the date stated therein (subject to the deemed extension provision in sub-clause 5.2.1).

  

	 	5.2.4	The Lessee shall provide a copy of each Master Lease Extension Agreement to the Transaction Agent, the FleetCo Security Agent and the Liquidation Agent.

  

	6.	VEHICLE SCHEDULES AND CONDITIONS TO LEASE 

  

	6.1	Vehicle Schedules 

Subject to the satisfaction of the conditions in Clause 6.2.1 (Conditions precedent to lease), if the Lessor has ordered Vehicles
in order to fulfil an accepted Vehicle Request Notice and provided that the relevant Vehicle Request Notice has not been cancelled in full in accordance with Clause 4.3 (Amendment and cancellation of Vehicle Request Notices), then
following the delivery to the Lessor (or the Spanish Servicer on its behalf) of the relevant Vehicles in accordance with the relevant Vehicle Dealer Buy-Back Agreement, Vehicle Manufacturer Buy-Back Agreement, Vehicle Dealer Purchase Agreement or
Vehicle Manufacturer Purchase Agreement, as the case may be, the Lessor (or the Spanish Servicer on its behalf) will deliver to the Lessee (with a copy to the FleetCo Security Agent and the Transaction Agent) a duly completed and duly executed
Vehicle Schedule in relation to all the Vehicles by the fifth (5) Business Day following the last day of the week during which the Lease Commencement Date for the relevant Vehicles has occurred and the Lessee shall sign such Vehicle Schedule.
Among other things, each Vehicle Schedule shall evidence, in respect of all Vehicles referred to therein, the relevant individual leases for each Vehicle. 
  

	6.2	Conditions precedent to lease 

  

	 	6.2.1	The agreement of the Lessor to lease any Vehicle to the Lessee hereunder is subject to: 

 

	 	(a)	all conditions precedent listed in sub-clause 6.2.2 being satisfied (to the satisfaction of the Lessor and the FleetCo Security Agent) or waived (with or without
conditions) by the Lessor and the FleetCo Security Agent on the delivery of a duly completed and executed Vehicle Request Notice; 

  

	 	(b)	all conditions precedent listed in sub-clause 6.2.2 being satisfied (to the satisfaction of the Lessor and the FleetCo Security Agent) or waived (with or without
conditions) by the Lessor and the FleetCo Security Agent on the relevant Lease Commencement Date; and 

  
 - 6 -

	 	(c)	receipt by the Lessor and the FleetCo Security Agent of the documents listed in Schedule 4 (Condition Precedent Documents) prior to or on the date of this
Agreement, in each case, in a form satisfactory to the Lessor and the FleetCo Security Agent. 

  

	 	6.2.2	For the purposes of sub-clauses 6.2.1(a) and 6.2.1(b), the conditions precedent are: 

 

	 	(a)	(i) no Potential Master Lease Termination Event or (ii) no Master Lease Termination Event shall have occurred and be continuing or would result from the delivery
of such Vehicle Request Notice or leasing of such Vehicle; 

  

	 	(b)	the Master Lease End Date has not occurred; 

  

	 	(c)	the Lessee’s representations and warranties in Clause 24 (Representations and Warranties) are true and correct in all material respects by reference to
the facts and circumstances existing at the time when such representations and warranties are deemed to be made; and 

  

	 	(d)	the relevant Vehicle is an Eligible Vehicle. 

  

	6.3	Representation and warranty as to conditions precedent 

 The Lessee hereby agrees that: 
  

	 	6.3.1	on each day that it submits a Vehicle Request Notice, the Lessee shall be deemed to represent and warrant to the Lessor that the conditions precedent referred to in
sub-clause 6.2.1(a) are fulfilled unless written notice to the contrary is provided by the Lessee to the Lessor and the FleetCo Security Agent prior to the date on which the representation and warranty is deemed to be made; and

  

	 	6.3.2	on each Lease Commencement Date, the Lessee shall be deemed to represent and warrant to the Lessor that the conditions precedent referred to in sub-clause 6.2.1(b)
are fulfilled unless written notice to the contrary is provided by the Lessee to the Lessor and the FleetCo Security Agent prior to the date on which the representation and warranty is deemed to be made. 

 

	6.4	Indemnity 

 The Lessee
shall indemnify the Lessor in respect of any Liabilities which the Lessor may suffer in circumstances where the Lessor has ordered a Vehicle or Vehicles following the receipt of a Vehicle Request Notice and (i) the Lessee has cancelled or
amended the aforementioned Vehicle Request Notice in accordance with Clause 4.3 (Amendment and cancellation of Vehicle Request Notice) and/or (ii) the Lessor has accepted a Vehicle Request Notice but subsequently is made aware of a
Master Lease Termination Event and rejects such notice, and/or (iii) a lease is not entered into by the date on which the Lessor pays the purchase price for such Vehicle or Vehicles (including, without limitation, where a lease is not entered
into because the conditions precedent in Clause 6.2 (Conditions precedent to lease) are not satisfied). 

  
 - 7 -

	7.	DELIVERY OF VEHICLES 

  

	7.1	The Lessor shall deliver (or procure the delivery of) the relevant Vehicles which are the subject of a Vehicle Request Notice to the drop location specified by the
Lessee to the Lessor before such delivery (and confirmed in the relevant Vehicle Schedule) and such delivery (and any subsequent transportation to the premises of the Lessee) shall be at the Lessee’s expense (and the Lessee shall promptly
reimburse the Lessor for such costs and expenses upon receipt of an invoice from the Lessor in respect of the same) to the extent that such costs have not been included in the Capitalised Cost of such Vehicle. 

 

	7.2	In addition, all deliveries to be made in accordance with this Clause 6 shall be made (i) together with the keys and all relevant title and registration
documentation in its possession (or in possession of any of its agent appointed for this purpose) relating to the relevant Vehicle; and (ii) free and clear of any Security Interest (other than any retention of title to the benefit of the Lessor
provided pursuant to the relevant Vehicle Dealer Buy Back Agreement, Vehicle Manufacturer Buy Back Agreement, Vehicle Dealer Purchase Agreement or Vehicle Manufacturer Purchase Agreement (if applicable)). 

 

	7.3	The Lessor shall not be responsible for any Liabilities (including any loss of profit) arising from any delay in the delivery of, or failure to deliver, any Vehicle to
the Lessee pursuant to any Vehicle Request Notice. 

  

	8.	USE OF VEHICLES AND SUB–LEASING 

  

	8.1	Use of Vehicles 

  

	 	8.1.1	During the Lease Term of a Vehicle, the Lessee may use the Vehicles for the following purposes: 

 

	 	(a)	without prejudice to the uses specified in paragraphs (b) to (e), in the ordinary course of the Lessee’s vehicle rental business or for use by the
Lessee’s employees in activities related to such business; 

  

	 	(b)	to use as a Service Vehicle; 

  

	 	(c)	to sub-lease to persons, other than Affiliates of the Avis Europe Group established in Spain, for use in the ordinary course of such persons’ own vehicle rental
business, or for the use by such persons’ employees in activities related to such business; or 

  

	 	(d)	to sub-lease to Affiliates of the Avis Europe Group established in Spain for use by such Affiliates in their own businesses or by its employees in their personal
activities or activities related to such business in Spain; or 

  

	 	(e)	to sub-lease to Affiliates of the Avis Europe Group or third parties located in a jurisdiction other than Spain for use by such Affiliates or third parties in their own
businesses or by their employees in their personal activities or activities related to such business. 

  
 - 8 -

	 	8.1.2	the Lessee may not use any Vehicle for any purpose not set out in the above sub-clause 8.1.1 without obtaining prior written consent from the Lessor and the FleetCo
Security Agent. 

  

	8.2	Conditions to Sub-leases 

  

	 	8.2.1	The Lessee shall ensure that the Vehicles used as Service Vehicles pursuant to Clause 8.1.1. (b) and/or sub-leased pursuant to 8.1.1 (c) to (e) shall at
all times comply with the Concentration Limits. 

  

	 	8.2.2	The Lessee may only grant a sub-lease under Clause 8.1 (Use of Vehicles) if the following conditions (or, in the case of sub-leases to be granted under
sub-clauses 8.1.1(a) or 8.1.1(b), subject only to the conditions specified in paragraphs (a), (b) and (f)) are satisfied at the time such sub-lease is entered into: 

 

	 	(a)	the sub-lease must not conflict in any material respect with a lease granted to the Lessee under this Agreement; 

 

	 	(b)	the lease term of the sub-lease of any Vehicle may not extend beyond the Lease Term applicable to such Vehicle (which, for the avoidance of doubt, may not exceed 12
months) and the sub-lease shall terminate upon termination of this Agreement; 

  

	 	(c)	the sub-lease documentation shall expressly: 

  

	 	(i)	acknowledge the Lessor’s ownership of the Vehicles and (where applicable) that security over the Vehicles has been granted in favour of the FleetCo Secured
Creditors (and shall not result in a change of registration of the ownership of the Vehicles or a change of registration at the registry in the Relevant Jurisdiction of the Lessee to a different registry); 

 

	 	(ii)	be stated to be subject to the Lessor’s rights in respect of the Vehicles (including a right of inspection consistent with Clause 9 (Non Disturbance and
Access)); and 

  

	 	(iii)	acknowledge the Lessor’s right of repossession; 

  

	 	(d)	in the case of a sub-lease granted pursuant to sub-clause 8.1.1(c) or 8.1.1(d), the Vehicles are sub-leased to persons established in the Lessee’s Relevant
Jurisdiction; 

  

	 	(e)	 the sub-lease shall not permit any further sub-leasing other than in the ordinary course of the relevant sub-lessor’s own vehicle rental business
or the use by such sub-lessor’s employees in activities related to such businesses provided that where an Affiliate of the Avis Europe Group to which the Lessee has sub-leased a Vehicle pursuant to sub-clause 8.1.1(d) or 8.1.1(e)
wishes to sub-lease such Vehicle to a 

  
 - 9 -

	 	
third party for use by such third party’s own vehicle rental business or for use by such third party’s employees in activities related to such business (i) such further sub-lease
shall comply with the conditions specified in clause 8.2.2 (or, in the case of sub-leases granted under sub clauses 8.1.1(a) or 8.1.1(b), only with the conditions specified in paragraphs 8.2.2. (a), (b) and (f)), and (ii) the relevant Vehicle
is further sub-leased to a person located in the same jurisdiction as the relevant Affiliate or the Lessee; 

  

	 	(f)	no sub-lease shall involve any transfer of title or proprietary interest in the Vehicle and the sub-lease shall not in any way discharge or diminish any of the
Lessee’s obligations to the Lessor under this Agreement and the Lessee shall remain primarily liable for the performance of all its obligations under this Agreement to the same extent as if such sub-lease had not occurred, including any
re–registration requirements (if any) arising from termination or expiry of the sub-lease; 

  

	 	(g)	no Potential Master Lease Termination Event or Master Lease Termination Event has occurred and is continuing or would result from the sub-leasing of the Vehicle;

  

	 	(h)	to the knowledge of the Lessee at the time of the granting of the sub-lease or at the time of the undertaking by the Lessee to grant the sub-lease, no Insolvency Event
exists in respect of the sub-lessee; and 

  

	 	(i)	to the knowledge of the Lessee the sub-lease shall not render any of the Transaction Documents to which the Lessor is a party illegal. 

 

	9.	NON DISTURBANCE AND ACCESS 

  

	9.1	The Lessor undertakes that, provided that there is no Master Lease Termination Event which has occurred and is continuing and subject to Clause 30.3
(Repossession of Vehicles), it shall not, through its own acts, interfere with the quiet enjoyment, possession and use of a Vehicle leased to the Lessee hereunder for so long as the Lessee or any sub-lessee possesses such Vehicle in
accordance with the terms of this Agreement. 

  

	9.2	If a Master Lease Termination Event is continuing and is not remedied or waived by the Lessor and the FleetCo Security Agent, without prejudice to the Lessor’s or
the FleetCo Security Agent’s rights under Clause 28 (Termination), the Lessor, FleetCo Security Agent or any professional adviser to the Lessor or the FleetCo Security Agent retains the right, but not the duty, to inspect such
Vehicles which are at any of the premises of the Lessee (from time to time) and which have been leased by the Lessor to the Lessee during normal business hours without disturbing the ordinary conduct of the Lessee’s business and subject to
reasonable advance notice. The Lessor, FleetCo Security Agent and their advisors or agents shall not incur any liability or obligation by reason of making or not making any such inspection. 

  
 - 10 -

	10.	NATURE OF LEASE 

 The
Lessee and the Lessor acknowledge that the relationship between the Lessor and the Lessee pursuant to this Agreement shall be only that of lessor and lessee and that any lease of Vehicles granted pursuant to this Agreement shall be an operating
lease governed by Spanish law and ownership over the Vehicles will at all times remain in the Lessor. The Lessee shall not acquire by virtue of this Agreement any rights in, or option to purchase any Vehicles leased to it whatsoever other than the
right of possession and use as provided by this Agreement and any lease granted pursuant hereto. 
  

	11.	TRANSFER OF RISK 

 As of
the relevant Lease Commencement Date, and until the later of (i) the Lease Expiration Date or (ii) such time at which the Lessee and the relevant sub-lessee (if any) no longer possesses such Vehicle and the risk of loss, damage, theft,
taking, destruction, attachment, seizure, confiscation or requisition with respect to such Vehicle has been transferred to any third party, the Lessee assumes and bears (as between the Lessor and the Lessee) the risk of loss, damage, theft, taking,
destruction, attachment, seizure, confiscation or requisition with respect to such Vehicle, however caused or occasioned, and all other risks and liabilities relating to the Vehicle. 

 

	12.	LESSEE’S UNCONDITIONAL OBLIGATIONS 

  

	12.1	Obligation to pay Rent 

Without prejudice to the provisions of Clause 18.1 (Prepayments), the Lessee’s obligation to pay all Rent and other sums
hereunder shall be absolute and unconditional and shall not be subject to any contingency whatsoever, including without limitation: 
  

	 	12.1.1	any abatement, recoupment or other right which either party may have against each other, set–off, counterclaim, deduction or reduction for any reason whatsoever
(save where such deduction or reduction is required under any Requirement of Law in which case Clause 20 (Tax Gross Up) shall apply); 

  

	 	12.1.2	the unavailability of the Vehicle for any reason, including delayed or late delivery from a Vehicle Manufacturer and/or Vehicle Dealer, OpCo or another FleetCo, any
lack or invalidity of title or any other defect in title, merchantability, fitness for purpose, condition, design, or operation of any kind or nature of the Vehicle, or the ineligibility of the Vehicle for any particular use, or for registration or
documentation under the laws of any relevant jurisdiction, or the destruction of, or damage to, the Vehicle; 

  

	 	12.1.3	any failure or delay on the part of any party hereto, whether with or without fault on its part, in performing or complying with any further terms or conditions of this
Agreement; 

  

	 	12.1.4	any Insolvency Event in relation to the Lessor or the Lessee; 

  
 - 11 -

	 	12.1.5	any failure on the part of any sub-lessee to perform or comply with any of the terms of any sub-lease arrangement entered into with the Lessee (including, without
limitation, any failure to pay rent under such sub-lease arrangement); 

  

	 	12.1.6	any lack of due authorisation of or other invalidity in relation to this Agreement; 

 

	 	12.1.7	any damage to, removal, abandonment, salvage, loss, theft, scrapping or destruction of or any requisition or taking of the Vehicles or any part thereof;

  

	 	12.1.8	any restriction, prevention or curtailment of or interference with any use of the Vehicles or any part thereof; 

 

	 	12.1.9	any change, waiver, extension, indulgence or other action or omission in respect of any obligation or liability of the Lessee or the Lessor; 

 

	 	12.1.10	any failure on the part of the Lessor or the Lessee to perform or comply with any of the terms hereof or of any other agreement; 

 

	 	12.1.11	any invalidity or unenforceability of a part of this Agreement or any provision of any thereof, in each case whether against or by the Lessee or otherwise;

  

	 	12.1.12	any insurance premiums payable by the Lessee with respect to the Vehicles; or 

 

	 	12.1.13	the provisions of a Master Lease Termination Notice. 

  

	12.2	No termination etc. 

 The
Lessee waives all rights now or hereafter conferred by law or otherwise to terminate this Agreement or to have it nullified, or to any diminution or reduction of Rent or other amounts payable by the Lessee hereunder. 

 

	12.3	Payments by Lessee final 

All payments made by the Lessee hereunder shall be final, absent manifest error and the Lessee shall not seek to recover any such payment
or any part thereof for any reason whatsoever. 
  

	12.4	Survival of obligation to pay Rent 

 If this Agreement or any lease of a Vehicle shall be terminated in whole or in part by operation of law or otherwise (other than in accordance with Clause 28 (Termination)), the Lessee shall
nonetheless pay an amount equal to all Rents and all other amounts due hereunder in respect of any Vehicles which were subject to a lease hereunder at the time and in the manner that such payments would have become due and payable under the terms of
this Agreement as if this Agreement and/or that lease had not been terminated in whole or in part until the relevant Lease Expiration Date in respect of such Vehicles has occurred. All covenants and agreements of the Lessee herein shall continue to
be performed at its costs, expense and risk unless expressly otherwise stated herein. 

  
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	12.5	Lessee’s rights and remedies 

 Subject to Clause 32 (No Representation or Warranty by Lessor), nothing in this Clause will be construed to limit the Lessee’s rights and remedies in the event of the Lessor’s
breach of its warranty of quiet enjoyment set forth in Clause 9 (Non disturbance and Access) or to limit the Lessee’s rights and remedies to pursue in a court of law any claim it may have against the Lessor or any other person.

  
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 SECTION C 
 PAYMENT TERMS 
  

	13.	RENT 

  

	13.1	Payment of Rent 

 The
Lessee shall pay to the Lessor in respect of the Related Month on each Lease Payment Date following the Lease Determination Date and on a Master Lease End Date: 
  

	 	13.1.1	the Base Rent accrued and payable; and 

  

	 	13.1.2	the Variable Rent payable, 

 in
relation to each Vehicle leased by the Lessee from the Lessor under this Agreement. 
  

	13.2	Accrual and Payment of Rent 

 Subject to Clause 13.3 (Rent after termination), the Base Rent will accrue on a daily basis from the Lease Commencement Date of such Vehicle and the Variable Rent will accrue from the Lease
Commencement Date in respect of the relevant Vehicle until, in the case of both Base Rent and Variable Rent, and subject to the other terms of this Agreement, the Lease Expiration Date of such Vehicle. 

 

	13.3	Rent after termination 

After a Master Lease End Date, Rent shall continue to accrue (in the case of Base Rent) and be payable until the Vehicle is returned to
the Lessor or to its order in accordance with Clause 30.2 (Return of Vehicles upon Master Lease End Date) or 30.3 (Repossession of Vehicles). 
  

	14.	CASUALTIES AND NON-ELIGIBLE VEHICLES 

  

	14.1	Notification by Lessee and Casualty Payment 

 If a Vehicle the subject of a lease hereunder suffers a Casualty or becomes a Non-Eligible Vehicle, the Lessee shall promptly after such event: 

 

	 	14.1.1	notify the Spanish Servicer and the Lessor in writing thereof; and 

  

	 	14.1.2	pay to the Lessor the Casualty Payment in respect of such Vehicle within 7 Business Days of the date on which such Vehicle suffers a Casualty or becomes a Non-Eligible
Vehicle, plus VAT, if and to the extent applicable. 

  

	14.2	Termination of lease due to Casualty 

  

	 	14.2.1	Subject to Clause 14.4 (Compliance), following receipt by the Lessor of the full amount of a Casualty Payment in respect of a Vehicle, the Lease Expiration
Date will occur in respect of such Vehicle. 

  
 - 14 -

	 	14.2.2	The Lessee shall continue to pay Base Rent and Variable Rent on the days and in the amount required under this Agreement notwithstanding that the relevant Vehicle has
suffered a Casualty or has become a Non-Eligible Vehicle up to (and including) the Business Day immediately preceding the Lease Expiration Date for such Vehicle. 

 

	14.3	Proceeds of insurance claim 

 Subject to Clause 14.4 (Compliance), in the event that the Lessor is entitled to any indemnity arising from and does make a claim under an Insurance Policy in respect of a Vehicle that has
suffered a Casualty, the Lessee shall be entitled to the net proceeds of recovery (if any) after deducting (i) any Casualty Payments due but unpaid by the Lessee (if any) in respect of such Vehicle and (ii) any reasonable costs and
expenses incurred by the Lessor in making such recovery. The Lessor shall, as soon as reasonably practicable following receipt, pay such net proceeds to the Lessee. 
  

	14.4	Compliance 

 The Lessor
shall not be required to comply with any of its obligations under this Clause 14 unless and until the Lessee complies with its obligations under this Agreement provided that the Lessor shall be entitled to assume that the Lessee has
complied with its obligations under this Agreement unless the Lessor has actual knowledge to the contrary. 
  

	15.	PROGRAMME VEHICLE SPECIAL DEFAULT PAYMENTS 

  

	15.1	The Lessee acknowledges that each Programme Vehicle is subject to the terms and conditions of a Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back
Agreement entered into between the Lessee, the Lessor and the relevant Vehicle Manufacturer and/or Vehicle Dealer (as such may be amended or novated from time to time) pursuant to which, the Lessor may be liable for Excess Damage Charges and/or
Excess Mileage Charges. The Lessee shall indemnify the Lessor against any such Excess Damage Charge or Excess Mileage Charge or any payment required to be made by the Lessor under the relevant Vehicle Dealer Buy-Back Agreement or Vehicle
Manufacturer Buy-Back Agreement as a result of the Lessee’s use of a Vehicle which is or was the subject of a lease hereunder exceeding the prescribed mileage limit or resulting in the Lessor’s non-compliance with the damage and missing
equipment provisions (if any) of the relevant Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement. 

  

	15.2	If the Lessee returns a Programme Vehicle to the relevant Vehicle Manufacturer and/or Vehicle Dealer (as the case may be), the Lessee shall, to the extent that any
Excess Damage Charges and/or Excess Mileage Charges are paid or payable by the Lessor to the Vehicle Manufacturer and/or Vehicle Dealer or deducted or deductible from the Repurchase Price with respect to such Programme Vehicle, pay to the Lessor any
Programme Vehicle Special Default Payment in respect of such Programme Vehicle on or prior to the Lease Payment Date immediately following the Related Month in which the Repurchase Price in respect of such Programme Vehicle is received or receivable
by the Lessor. 

  
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	16.	LESSEE RIGHT TO TERMINATE A PROGRAMME VEHICLE LEASE PRIOR TO THE PROGRAMME MINIMUM TERM 

In addition to being able to return a Programme Vehicle where Clause 29 (Rejected Vehicles) applies, the Lessee has the right
to return a Programme Vehicle prior to the end of the Programme Minimum Term in accordance with Clause 30.1 (Redelivery of Vehicles prior to a Master Lease End Date), and acknowledges that the Lessor will return such Vehicle to the
relevant Vehicle Manufacturer and/or Vehicle Dealer at such time. If the Lessee exercises such right, the Lessee shall, on the Lease Payment Date (or, if earlier or later, by the Business Day on which the Lessor has to pay any Early Termination
Payment to a Vehicle Manufacturer and/or Vehicle Dealer) immediately following the Related Month in which the Repurchase Price in respect of such Programme Vehicle is received or should have been received by the Lessor, pay to the Lessor an amount
equal to the Early Termination Payment in respect of such Programme Vehicle. 
  

	17.	FEES, TRAFFIC PENALTIES AND FINES 

  

	17.1	Payments of fees, penalties and fines etc. by the Lessee 

 Notwithstanding the fact that the Lessor is the legal owner (and the registered owner)] of a Vehicle, the Lessee shall be responsible for the payment of (and shall indemnify the Lessor against) all:

  

	 	17.1.1	vehicle excise duty/motor vehicle duty other Spanish specific duty other applicable registration fees, title fees, licence fees or other similar governmental fees and
taxes, to the extent that such fees, costs and taxes are not capitalised by the Dutch FleetCo in respect of such Vehicle at the time the Vehicle is purchased; 

 

	 	17.1.2	costs and expenses incurred in connection with the transfer of title, or annotation or the title register or document to reflect the interests of chargeholders;

  

	 	17.1.3	premiums relating to any of the Insurance Policies under Clause 23.5 (Insurance); or 

 

	 	17.1.4	traffic summonses, penalties, judgments and fines incurred, 

 and any other fees, penalties, fines and similar payments in respect of any Vehicle delivered to the Lessor and/or leased under this Agreement incurred or imposed during the relevant Lease Term (or, where
a Vehicle is a Casualty or an Non-Eligible Vehicle, for so long as the Lessor holds title to such Vehicle), all such amounts being “Traffic Fines and Penalties”. The Lessee is responsible for the payment of such Traffic Fines and
Penalties (in each case whether such payment is due and payable during such Lease Term or after such Lease Term has expired) to any Governmental Authority or pursuant to any Requirement of Law with respect to such Vehicles and which are notified to
the Lessee (whether by the Lessor or a third party) or of which the Lessor is otherwise aware are due to be paid and which the legal owner or registered owner of such Vehicle is legally obliged to pay until the date on which Programme Vehicles are
redelivered by the Lessor to the Vehicle Manufacturers 

  
 - 16 -

 
and/or Vehicle Dealers or the Non–Programme Vehicles are sold by the Lessor to other third party purchasers. Where the Traffic Fines and Penalties are incurred or imposed and notified to the
Lessee by any Governmental Authority or any party other than the Lessor or the FleetCo Security Agent, the Lessee shall notify the Lessor, the Transaction Agent and the FleetCo Security Agent promptly. In the event that the Lessee makes any payment
in accordance with the terms of this Clause 17 which relates to a period that exceeds the Lease Term of the relevant Vehicle (the “Excess Payment”), the Lessee will not be entitled to make any claim against the Lessor for the
refund of the Excess Payment or effect any set off of sums due and owing to the Lessor from the Lessee in respect of the same. 
  

	17.2	Payment during Related Month 

 The Lessee shall pay to the Lessor on each Lease Payment Date (or, if earlier, the Business Day preceding the date by which such payment is due and payable under a Requirement of Law), an amount equal to
the sum of all Traffic Fines and Penalties referred to in Clause 17.1 (Payments of fees, penalties and fines etc. by the Lessee) owed by the Lessee to the Lessor during the Related Month (to the extent that the Lessee has not paid
already). 
  

	18.	PREPAYMENTS AND LATE PAYMENTS 

  

	18.1	Prepayments 

Notwithstanding Clause 13.1, on any date, the Lessee may at its option pay to the Lessor any rent or other payment (in whole or in part)
in advance of the relevant Lease Payment Date (including making a payment of Variable Rent to satisfy an obligation of Dutch FleetCo to pay the Charge Costs in respect of a Vehicle) to the extent that such Rent or other payments have accrued or will
have accrued on or before the next Lease Payment Date. 
  

	18.2	Consequences of late payment 

  

	 	18.2.1	If the Lessee fails to pay any amount due and payable by it under this Agreement on its due date, without prejudice to any other remedies of the Lessor, default
interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate equal to, 1 per cent. during the period of non-payment. 

 

	 	18.2.2	Any default interest accrued under this Clause 18.2 shall be payable on any Lease Payment Date by the Lessee or on demand by the Lessor or the FleetCo Security
Agent. 

 Default interests (if unpaid) arising on an overdue amount will be compounded and capitalised with the
overdue amount at the end of each period applicable to that overdue amount but will remain immediately due and payable. 

  
 - 17 -

	19.	PAYMENT MECHANICS 

  

	19.1	Calculations 

 All
determinations of Rent (including Rental Adjustments and other amounts payable by the Lessee to the Lessor (including Casualty Payments, Programme Vehicle Special Default Payments, Early Termination Payments, Traffic Fines and Penalties and
Redesignation Amounts) on any Lease Payment Date or any other date in accordance with the terms of this Agreement will be notified by the Lessor (or the Spanish Servicer on the Lessor’s behalf) to the Lessee in writing by no later than the
Lease Determination Date immediately prior to such Lease Payment Date or, where a payment is due on a date other than a Lease Payment Date, the Business Day preceding such date. The notice shall include a statement of the total aggregate amount due
and payable by the Lessee to the Lessor on such Lease Payment Date or due date and a description of the amounts payable by the Lessee. 
  

	19.2	Timing of payments 

 The
Lessee shall ensure that all payments of Rent and other amounts to be paid by the Lessee to the Lessor hereunder shall be payable for same day value (in the Relevant Jurisdiction in which the Lessee is incorporated) on the relevant due date to the
Dutch FleetCo Spanish Transaction Account. 
  

	19.3	Business Days 

 Any
payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). 

 

	19.4	Currency of account 

 EUR
is the currency of account and payment for any sum due from one party to another under this Agreement. 
  

	19.5	Set-off 

 The Lessee shall
not be entitled to set–off any sums payable under this Agreement against any sums payable to it by the Lessor unless otherwise specified in this Agreement. 
  

	19.6	Aggregation of amounts 

The Lessor shall aggregate the Rent due (and unpaid) on all Vehicles, together with any other amounts due to the Lessor. 

 

	19.7	Application of payments 

All payments made to the Lessor under this Agreement (irrespective of the nature of the obligation in respect of which they are paid by
the Lessee) shall be applied by the Lessor against Rent and any other amounts due and payable hereunder in the order determined by the Lessor. 

  
 - 18 -

	20.	TAX GROSS-UP 

  

	20.1	The Lessee shall make all payments to be made by it under this Agreement without any Tax Deduction, unless a Tax Deduction is a Requirement of Law.

  

	20.2	The Lessee shall, promptly upon becoming aware that it is required to make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction)
notify the Lessor and the FleetCo Security Agent accordingly. 

  

	20.3	If the Lessee is required by law to make a Tax Deduction, the amount of the payment due by the Lessee shall be increased to an amount which (after making any Tax
Deduction) leaves an amount equal to the payment which would have been due to the payee if no Tax Deduction had been required. 

  

	20.4	If the Lessee is required to make a Tax Deduction, the Lessee shall make that Tax Deduction and account to the relevant Tax Authority for such amount within the time
allowed and in the minimum amount required by law. 

  

	20.5	Within thirty (30) days of making either a Tax Deduction and/or accounting for such amount to the relevant Tax Authority, the Lessee shall deliver to the Lessor,
the Transaction Agent and the FleetCo Security Agent evidence reasonably satisfactory to the Lessor that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant Tax Authority. 

 

	21.	VAT AND STAMP TAXES 

  

	21.1	Sums payable exclusive of VAT 

 All sums or other consideration set out in this Agreement or otherwise payable or provided by any party to any other party pursuant to this Agreement shall be deemed to be exclusive of any VAT which is or
becomes chargeable on any supply or supplies for which such sums or other consideration (or any part thereof) are the whole or part of the consideration for VAT purposes. 

 

	21.2	Payment of amounts in respect of VAT 

 Where, pursuant to the terms of this Agreement, any party (the “Supplier”) makes a supply to any other party (the “Recipient”) for VAT purposes and VAT is or becomes
chargeable on such supply (being VAT for which the Supplier is required to account to the relevant Tax Authority): (i) where the Supplier is the Lessor, the Recipient shall pay to the Supplier (in addition to and at the same time as paying any
other consideration for such supply) a sum equal to the amount of such VAT, and the Supplier shall, following receipt of such sum and (unless otherwise required by law) not before, provide the Recipient with a valid VAT invoice in respect of such
supply, and (ii) where the Supplier is the Lessee, the Recipient shall, following receipt from the Supplier of a valid VAT invoice in respect of such supply, pay to the Supplier (in addition to any other consideration for such supply) a sum
equal to the amount of such VAT. 

  
 - 19 -

	21.3	Costs and expenses 

References in this Agreement to any fee, cost, loss, disbursement, commission, damages, expense, charge or other liability incurred by any
party to this Agreement and in respect of which such party is to be reimbursed or indemnified by any other party under the terms of, or the amount of which is to be taken into account in any calculation or computation set out in, this Agreement
shall include such part of such fee, cost, loss, disbursement, commission, damages, expense, charge or other liability as represents any VAT, but only to the extent that such first party is not entitled to a refund (by way of credit or repayment) in
respect of such VAT from any relevant Tax Authority. 
  

	21.4	Taxes and other duties 

The Lessee shall pay all stamp, registration and other taxes and duties (including any interest and penalties thereon or in connection
therewith) which may be payable on or in connection with this Agreement and shall indemnify the Lessor against any claim, demand, action, liability, damages, cost, loss or expense (including, without limitation, legal fees) which it may incur or may
be made against it as a result or arising out of or in relation to any failure to pay or delay in paying any of the same. 
  

	22.	INDEMNITIES 

  

	22.1	The Lessee shall pay to the Lessor and/or the FleetCo Security Agent promptly following demand and indemnify the Lessor and/or the FleetCo Security Agent (acting for
the benefit of the FleetCo Secured Creditors) for all expenses (including legal costs) incurred by the Lessor and/or the FleetCo Security Agent (on its behalf or on behalf of other FleetCo Secured Creditors), as the case may be, (i) in
contemplation of, or otherwise in connection with, the enforcement of, preservation of any rights under, this Agreement, or (ii) in respect of any breach of any representation, warranty, covenant, agreement, condition, or stipulation contained
in this Agreement, together with interest from the date on which such expenses were incurred to the date of payment (both before and after judgment). 

  

	22.2	The Lessee agrees at all times, whether during or after the Lease Term, to pay all costs and expenses of or arising from the matters referred to below and indemnify and
hold harmless the Lessor from and against all liabilities relating to, or arising directly or indirectly in any manner or for any cause or reason whatsoever out of: 

 

	 	22.2.1	the age, worthiness, workmanship, materials, manufacture, construction, operation, value, description, suitability, quality, merchantability, fitness for any purpose
(including the ability to operate or register any Vehicle or use any Spanish Vehicle Documents in any jurisdictions), state, condition, appearance, safety, durability, design or operation, control and use of any kind or nature of any Vehicle or any
part thereof; 

  

	 	22.2.2	defects, whether or not discoverable, known or unknown, apparent or concealed, exterior or interior in respect of any Vehicle or engine; or 

 

	 	22.2.3	the infringement of any patent, trademark, copyright or other intellectual property rights. 

  
 - 20 -

	22.3	The Lessee shall indemnify the Lessor against any loss or costs incurred by the Lessor (i) in consequence of the Lessee having to make a FATCA Deduction on any
payment made to the Lessor under this Agreement, and (ii) in respect of any indemnity payment the Lessor itself is required to make to the Issuer pursuant to clause 11.3 of the FleetCo Spanish Facility Agreement. 

 

	22.4	The indemnities in this Clause 22.1 shall not extend to Liabilities to the extent that such Liabilities would not have arisen or been suffered or incurred, but for
the failure of the Lessor (and not the Spanish Servicer acting on its behalf) to perform, or the breach by such parties of, any obligations in this Agreement or any wilful misconduct or gross negligence of such parties, except to the extent that
such failure or breach is caused by the breach of the Lessee of any of its obligations under this Agreement, the Spanish Servicer under the Spanish Servicing Agreement where the Spanish Servicer is itself liable or any act or failure to act of any
other person. 

  

	22.5	All indemnities in this Agreement are given on an after-tax basis, which shall mean that any party liable to make a payment under an indemnity
(“Party A”) shall pay such amount (the “Payment”) to the other party (“Party B”) and shall ensure that Party B is, so far as is practically possible, restored to the same position as
it would have been in had the matter giving rise to Party A’s obligation to make the Payment not arisen and, accordingly, the amount of the Payment shall take into account (inter alia) (a) the amount of any deduction against
profits (or tax) arising to Party B which results from the matter giving rise to the Payment and (b) whether the Payment is subject to tax in Party B’s hands. 

  
 - 21 -

 SECTION D 
 COVENANTS, REPRESENTATIONS AND WARRANTIES 
  

	23.	COVENANTS OF THE LESSEE 

The Lessee covenants and undertakes to the Lessor and the FleetCo Security Agent (for itself and on behalf of the FleetCo Secured
Creditors) that, unless at any time the Lessor and the FleetCo Security Agent shall otherwise expressly consent in writing, it will: 
  

	23.1	General covenants 

  

	 	23.1.1	only use the Vehicles for the purposes permitted under Clause 8 (Use of Vehicles and Sub–Leasing); 

 

	 	23.1.2	obtain (where not already obtained), maintain and comply with all Authorisations required in the Relevant Jurisdictions which are necessary for the Lessee to lease,
use, operate and sub-lease the Vehicles in accordance with its ordinary day-to-day rental business activities and perform its obligations hereunder; 

  

	 	23.1.3	acknowledge at all times that its role as Third Party Holder prevails over its role as Lessee and that the terms of the Third Party Holding Agreement shall prevail over
the terms of this Agreement in the event of any conflict or discrepancy arising; and 

  

	 	23.1.4	refrain from (i) creating any Security over any Vehicle or (ii) permitting any Security to exist over any Vehicle, in each case other than as effected under
the FleetCo Security Documents. 

  

	23.2	Possession of Vehicles 

Whilst any Vehicle that is a Programme Vehicle owned by the Lessor which is in the possession of the Lessee and until such Vehicle has
been returned to the Lessor or to its order in accordance with Clause 30 (Return/Redelivery of Vehicles), not take or omit to take any action which would cause the Lessor to cause a breach of the undertakings and obligations of the
Lessor under the relevant Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement in respect of that Vehicle; 
  

	23.3	Covenants as to Vehicles 

  

	 	23.3.1	not knowingly use any Vehicle for any unlawful purpose; 

  

	 	23.3.2	until each Vehicle has been redelivered to the Lessor or to its order in accordance with Clause 30 (Return/Redelivery of Vehicles) ensure that all
maintenance and repairs to keep each Vehicle which has been delivered to the Lessee hereunder in good working order and condition are undertaken at the expense of the Lessee including: 

 

	 	(a)	 where required under a Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement, using only spare parts

  
 - 22 -

	 	
and servicing arrangements approved by the Vehicle Manufacturer and/or Vehicle Dealer and, when required by the relevant Vehicle Manufacturer and/or Vehicle Dealer, returning each Vehicle only to
an authorised Vehicle Manufacturer and/or Vehicle Dealer facility or the applicable Vehicle Manufacturer’s and/or Vehicle Dealer’s authorised warranty stations for warranty work; 

 

	 	(b)	in the case of Non-Programme Vehicles, returning each Vehicle only to an authorised Vehicle Manufacturer or Vehicle Dealer facility or the applicable Vehicle
Manufacturer’s or Vehicle Dealer’s authorised warranty stations for warranty work; 

  

	 	(c)	if a Vehicle is recalled by a Vehicle Manufacturer and/or Vehicle Dealer for any modification or warranty work to be performed in respect of such Vehicle by such
Vehicle Manufacturer and/or Vehicle Dealer, returning the Vehicle or procuring the return of the Vehicle to an authorised Vehicle Manufacturer and/or Vehicle Dealer facility or the applicable Vehicle Manufacturer’s and/or Vehicle Dealer’s
authorised warranty work station and procuring the performance of the relevant warranty work or modification; 

  

	 	(d)	paying, or causing to be paid, all usual and routine expenses incurred in the use and operation of each Vehicle including, but not limited to, fuel, lubricants, and
coolants; and 

  

	 	(e)	not making any material alterations (other than through repairs carried out in accordance with (a), (b) and (c) above) to the Vehicle without the prior
consent of the Lessor. 

 Any improvements or additions to a Vehicle will become and will remain the property of
the Lessor, except that any addition to a Vehicle made by the Lessee will remain the property of the Lessee if they can be disconnected from a Vehicle and are so disconnected from the Vehicle prior to the date on which the Lessee has redelivered the
relevant Vehicle to the Lessor in accordance with Clause 30 (Return/Redelivery of Vehicles), in each case, without impairing the functioning of such Vehicle or its resale value; 

 

	23.4	Reporting 

 Promptly after
becoming aware thereof and having made due enquiry, give notice in writing of the occurrence of any Vehicle Manufacturer Event of Default to each of the Lessor, the Transaction Agent and the FleetCo Security Agent. 

  
 - 23 -

	23.5	Insurance 

  

	 	23.5.1	arrange for the following insurances to be effected and maintained until the Master Lease End Date for the Lessor, for itself and, to the extent each or either of them
is required to do so for any other person in each case arising out of the use of any vehicle at or above any applicable minimum limits of indemnity/liability as a Requirement of Law and consistent with past practice of the Lessee or otherwise
prudent industry practice: 

  

	 	(a)	insurance cover which is a Requirement of Law, and, even if not so required by law, insurance protecting against liability in respect of bodily injury or death caused
to third parties (the insurance specified in this paragraph (a), the “Motor Third Party Liability Cover”); and 

  

	 	(b)	in accordance with applicable law, insurance protecting against loss or damage to property belonging to third parties (the insurance specified in this paragraph (b),
the “Motor Third Party Property Damage Liability Cover”, and together with the Motor Third Party Liability Cover, the “Insurance Policies” and each an “Insurance Policy”), 

in each case with reputable, licensed insurance companies or underwriters acceptable to the FleetCo Security Agent and ensure that the
Lessor is entitled to directly claim under such Insurance Policies; 
  

	 	23.5.2	on or prior to the Initial Funding Date, and then (i) on an annual basis (on each anniversary date of the execution of this Agreement) and (ii) on any date on
which a new policy is entered into by the Lessee in substitution of, or in supplement to any existing insurance policy, provide to the Lessor a copy of the certificate delivered by the insurer to confirm that the insurance policy in relation to the
Leased Vehicles is in full force and effect, together with a complete copy of the relevant insurance policy; 

  

	 	23.5.3	upon knowledge of the occurrence of an event giving rise to a claim under any of the Insurance Policies, arrange for a claim to be filed with the relevant insurance
company or underwriters and provide assistance in attempting to bring the claim to a successful conclusion in accordance with the terms of the applicable insurance arrangement; 

 

	 	23.5.4	ensure that the Insurance Policies are renewed or (as the case may be) replaced in a timely manner and shall pay premiums promptly and in accordance with the
requirements of the relevant Insurance Policy; 

  

	 	23.5.5	notify the Lessor, the Transaction Agent and the FleetCo Security Agent of any material changes, variations or cancellations of insurance policies made or, to the
knowledge of the Lessee, threatened or pending to either the Lessee’s or the Lessor’s insurance coverage under any of the Insurance Policies; 

  

	 	23.5.6	not to take or omit to take any action which would entitle the relevant insurer to cancel an Insurance Policy or avoid a claim; 

  
 - 24 -

	 	23.5.7	promptly notify the Lessor, the Transaction Agent and the FleetCo Security Agent of: 

 

	 	(a)	any notice of threatened cancellation or avoidance of any of the Insurance Policies received from the relevant insurer; and 

 

	 	(b)	any failure to pay premiums to the insurer or broker in accordance with the terms of any such Insurance Policies; 

 

	 	23.5.8	procure that the insurer promptly notifies directly the Lessor and the Transaction Agent of (i) any default of payment by it of any amounts due to any insurer,
including any insurance premium and (ii) any termination of an insurance policy or suspension of any relevant guarantee; 

  

	 	23.5.9	indemnify the Lessor for the amount of any premium and any liabilities incurred in relation to replacement of the relevant Insurance Policy or payment of the premiums
due by the Lessor, as the case may be, (and such indemnity shall be immediately due and payable by the Lessee), if (i) any of the Insurance Policies are not kept in full force and effect and/or the Lessee fails to pay any premiums thereunder,
and (ii) the Lessor exercises its right to replace the relevant Insurance Policy or to pay the premiums due (if permitted under the relevant Insurance Policy); 

 

	 	23.5.10	ensure that no provision is contained in any insurance policy entered into by the Lessee which would render the Lessor liable for any unpaid premium or could render the
Lessor liable to the insurer in relation to the insurance excess in the event the Lessee does not comply with any of its obligations under such policy; 

  

	 	23.5.11	ensure that the insurer undertakes not to reclaim any amounts from the Lessor in respect of circumstances in which the Lessor might be held liable as the owner of the
Vehicles and in the event this requirement is not complied with, indemnify the Lessor for any amounts the Lessor is obliged to pay (if any) in this respect; 

 

	 	23.5.12	act with the necessary diligence when subleasing a Vehicle to a customer; 

  

	 	23.5.13	retain custody of the original Insurance Policy documents and any correspondence regarding claims in respect of any of the Insurance Policies and shall supply the
Lessor, the FleetCo Security Agent and the Transaction Agent with (i) copies of the Insurance Policy documents, and (ii) details of any claim which may have a Material Adverse Effect on the Lessor; 

 

	 	23.5.14	comply, and use reasonable endeavours to ensure that any Affiliate to which a vehicle has been sub-leased pursuant to the Master Lease Agreement and any sub-contractor,
if any and to the extent required, complies, with the terms and conditions of the Insurance Policies, and shall not consent to, or voluntarily permit any act or omission which might invalidate or render unenforceable the whole or any part of the
Insurance Policies; and 

  
 - 25 -

	 	23.5.15	in respect of the Motor Third Party Property Damage Liability Cover if such insurance is obtained through a placing broker (or such placing broker is replaced with
another), use reasonable endeavours to obtain a letter of undertaking in respect thereof. 

  

	23.6	Registration of Vehicles 

  

	 	23.6.1	procure (with the co-operation of the Lessor, where required) and at its expense the registration of the Lessor as the owner of the Vehicles in the Registro
Administrativo de Tráfico (supervised by the Dirección General de Tráfico) during the relevant Lease Term, within any applicable time limits for such registration; and 

 

	 	23.6.2	if requested by the Lessor, co-operate in the registration of any other person as owner or holder of any Vehicle following the applicable Lease Expiration Date or
following the Master Lease End Date except where such Vehicle has become a Casualty or a Non-Eligible Vehicle and title has been transferred to the Lessee. 

 

	24.	REPRESENTATIONS AND WARRANTIES 

 The Lessee makes (i) the representations and warranties it makes under Clause 3.2 of the Framework Agreement at the times set out in the Framework Agreement and (ii) the representations and
warranties in this Clause 24 to the Lessor and the FleetCo Security Agent (for itself and on behalf of the FleetCo Secured Creditors) on each Lease Payment Date, on the date of submission of a Vehicle Request Notice, on each Lease Commencement Date
and each date on which a Vehicle Schedule is delivered to the Lessee, with reference to the facts and circumstances then existing. 
  

	24.1	Centre of Main Interests 

Its centre of main interests (as that term is used in Article 3(1) of the Council of the European Union Regulation No. 1346/2000 on
Insolvency Proceedings) is located in its jurisdiction of incorporation. 
  

	24.2	Solvency 

 No Insolvency
Event has occurred in relation to the Lessee. 
  

	24.3	No Default 

  

	 	24.3.1	Unless otherwise notified in writing to the Lessor and the FleetCo Security Agent, no Potential Master Lease Termination Event or Master Lease Termination Event has
occurred and is continuing; and 

  

	 	24.3.2	unless notified in writing to the Lessor and the FleetCo Security Agent, to the best of its knowledge and belief, no Event of Default has occurred in respect of the
Lessee; 

  
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	24.4	Insurances 

 Neither the
Insurance Policies nor any part thereof are subject to any Security save for any Security granted pursuant to the FleetCo Security Documents; 
  

	24.5	Lease Term 

 if an
Eligible Vehicle is a Programme Vehicle (and remains so designated), the Lease Term in respect of such Vehicle does not exceed the Programme Maximum Term for such Vehicle. 

  
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 SECTION E 
 REDESIGNATION, TERMINATION AND RETURN OF VEHICLES 
  

	25.	REDESIGNATION EVENTS 

  

	25.1	Redesignation of Programme Vehicles as Non-Programme Vehicles 

  

	 	25.1.1	If the Lessor determines or becomes aware that: 

  

	 	(a)	a Programme Vehicle that ceases to fall within sub-paragraph (b) of the definition of “Eligible Vehicle” and/or ceases to satisfy the remaining
conditions of that definition (including in circumstances where it is ineligible for repurchase under the relevant Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement); or 

 

	 	(b)	a Programme Vehicle cannot otherwise be returned to the relevant Vehicle Manufacturer and/or Vehicle Dealer (as the case may be) under the relevant Vehicle Dealer
Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement, 

 the Lessor shall promptly redesignate such
Programme Vehicle as a Non–Programme Vehicle in accordance with Clause 27 (Redesignation Mechanics). 
  

	 	25.1.2	If the Lessor determines, in the case of a Programme Vehicle which the Lessor is not obliged to sell within a specified period to a Vehicle Manufacturer and/or Vehicle
Dealer under the terms of the applicable Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement, that it does not wish to sell such Vehicle to the Vehicle Manufacturer and/or Vehicle Dealer from whom the Vehicle was purchased,
the Lessor may redesignate such Programme Vehicle as a Non–Programme Vehicle, subject to such redesignation not resulting in a breach of the terms of the relevant Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement.

  

	25.2	Redesignation of Programme Vehicles as Non-Programme Vehicles due to Vehicle Manufacturer Event of Default 

If a Vehicle Manufacturer Event of Default occurs, the Lessor shall promptly upon becoming aware of the same redesignate all Programme
Vehicles expected to be repurchased by the relevant Vehicle Manufacturer and/or Vehicle Dealer (as the case may be) as Non-Programme Vehicles. 
  

	25.3	Redesignation of Non-Programme Vehicles as Programme Vehicles 

 If the Lessor: 
  

	 	25.3.1	has redesignated a Programme Vehicle as a Non–Programme Vehicle in accordance with sub-clause 25.1.1 and the Lessor subsequently determines or becomes aware
that the circumstances referred to in that Clause have ceased or are found not to have applied at the relevant time; or 

  
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	 	25.3.2	redesignated a Programme Vehicle as a Non-Programme Vehicle in accordance with Clause 25.2 (Redesignation of Programme Vehicles as Non-Programme Vehicles due to
Vehicle Manufacturer Event of Default) and the relevant Vehicle Manufacturer Event of Default is capable of being and is subsequently cured; or 

  

	 	25.3.3	determines that it wishes to sell a Non–Programme Vehicle eligible to be purchased under a Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back
Agreement to the relevant Vehicle Manufacturer and/or Vehicle Dealer, 

 the Lessor may redesignate all such
relevant Non–Programme Vehicles as Programme Vehicles. 
  

	26.	LIMITATIONS ON REDESIGNATION 

 The Lessor may not redesignate any Vehicle in accordance with Clause 27 (Redesignation Mechanics) other than in circumstances specified in Clause 25 (Redesignation Events).

  

	27.	REDESIGNATION MECHANICS 

  

	27.1	Notification by Lessor 

Within 5 (five) Business Days of redesignating a Vehicle in accordance with Clause 25 (Redesignation Events), the Lessor shall
notify the Lessee in writing thereof and provide information to the Lessee, the Transaction Agent , the FleetCo Security Agent and the Central Servicer showing the revised Depreciation Charge per calendar month in respect of such Vehicle to enable
the Central Servicer to prepare an updated FleetCo Cash Management and Lease Report pursuant to the terms of the Framework Agreement. 
  

	27.2	Payment of Redesignation Amounts by Lessee or reduction of Base Rent 

 

	 	27.2.1	If during the period starting on (but excluding) a Lease Determination Date and ending on (and including) the following Lease Determination Date any Vehicles are
redesignated in accordance with Clauses 25.1 (Redesignation of Programme Vehicles as Non-Programme Vehicles), 25.2 (Redesignation of Programme Vehicles as Non-Programme Vehicles due to Vehicle Manufacturer Event of Default) and/or
25.3 (Redesignation of Non-Programme Vehicles as Programme Vehicles), the Lessor shall calculate on such later Lease Determination Date the aggregate of all Redesignation Amounts applicable to all Vehicles that have been redesignated during
the aforementioned period (the “Aggregate Redesignation Amount”) and notify the Lessee of such Aggregate Redesignation Amount in accordance with Clause 19.1 (Calculations). 

 

	 	27.2.2	If the Aggregate Redesignation Amount is a positive amount, the Lessee shall pay to the Lessor such Aggregate Redesignation Amount on the Lease Payment Date immediately
following such aforementioned Lease Determination Date. 

  
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	 	27.2.3	Unless a Master Lease Termination Event has occurred and has not been remedied to the satisfaction of, or waived by, the FleetCo Security Agent if the Aggregate
Redesignation Amount is a negative amount, the Lessor shall, on the Lease Payment Date immediately following such aforementioned Lease Determination Date reduce the Base Rent payable on that date in relation to each Vehicle by an amount equal to the
multiple of: (a) such Aggregate Redesignation Amount (treated for this purpose as a positive number) multiplied by (b) the quotient obtained by dividing (i) the Base Rent calculated for the Vehicle to which such Base Rent relates on
such Lease Determination Date prior to reduction and payable on the immediately following Lease Payment Date by (ii) the aggregate Base Rents calculated on such Lease Determination Date prior to reduction and payable on the immediately
following Lease Payment Date for all Vehicles leased under this Agreement to the Lessee during the Related Month (provided that a Base Rent shall not be reduced to an amount less than zero). 

 

	28.	TERMINATION 

  

	28.1	Termination of this Master Lease Agreement 

  

	 	28.1.1	Dutch FleetCo is entitled to withdraw from this Agreement for any reason whatsoever upon giving 60 days’ notice to the Spanish OpCo and upon receiving consent to
withdraw from the FleetCo Security Agent (a copy of such notice to be provided to the Transaction Agent). Spanish OpCo expressly waives any indemnity rights vis-à-vis the Dutch FleetCo in respect of expenses, fees and loss of profits to which
it will be entitled as a consequence of such withdrawal under Spanish law. 

  

	 	28.1.2	Subject to a Master Lease End Date not having occurred and subject to sub-clause 28.4.1, this Agreement shall remain in full force and effect until the date on
which all Vehicles leased hereunder together with the Spanish Vehicle Documents are returned to the Lessor or to its order in accordance with Clause 30 (Return/Redelivery of Vehicles). 

 

	28.2	Termination by notification 

 If a Master Lease Termination Event occurs, the Lessor (with the consent of the FleetCo Security Agent) or the FleetCo Security Agent may give the other parties hereto written notice (a “Master
Lease Termination Notice”) that such event has occurred upon which a Master Lease End Date shall occur. 
  

	28.3	Consequences of Master Lease End Date 

 If a Master Lease End Date occurs: 
  

	 	28.3.1	the Lessee’s right to lease Vehicles hereunder shall terminate automatically without the need for any further action by the Lessor or the FleetCo Security Agent;

  

	 	28.3.2	the Lessee shall not be able to lease additional Vehicles from the Lessor in accordance with Clause 5 (Lease Term); 

  
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	 	28.3.3	the Lessee shall be required to immediately return or cause to be returned all Vehicles (together with the relevant Spanish Vehicle Documents) in accordance with
Clause 30.2 (Return of Vehicles upon Master Lease End Date) whereupon the lease shall terminate automatically without the need for any further action by the Lessor or the FleetCo Security Agent; 

 

	 	28.3.4	all accrued and unpaid Rent and all other payments accrued but unpaid under this Agreement shall automatically, without further action by the Lessor or the FleetCo
Security Agent become immediately due and payable; 

  

	 	28.3.5	the Lessee shall pay to the Lessor and the FleetCo Security Agent on demand all costs and expenses incurred by the Lessor and the FleetCo Security Agent in connection
with the recovery of any Vehicles (together with the relevant Spanish Vehicle Documents) which have been sub-leased by the Lessee and, as the case may be, further sub-leased by such sub–lessee in each case in accordance with Clause 8
(Use of Vehicles and Sub–Leasing) where the Lessee fails to return or redeliver such Vehicles in accordance with Clause 30.2 (Return of Vehicles upon Master Lease End Date); 

 

	 	28.3.6	the Lessee shall indemnify the Lessor and the FleetCo Security Agent against all Liabilities incurred by the Lessor and the FleetCo Security Agent in connection with
such termination including all costs and expenses incurred in recovering possession of each Vehicle, Spanish Vehicle Documents and/or carrying out any works or modifications required to bring the Vehicles up to, in the case of Programme Vehicles,
the conditions specified in the relevant Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement for the Lessor to benefit from the Vehicle Manufacturer’s and/or Vehicle Dealer’s obligation to purchase such Vehicles
or, in the case of Non–Programme Vehicles, such condition as the Lessor or the FleetCo Security Agent (as applicable) reasonably thinks fit in order to sell the relevant Non–Programme Vehicles; and 

 

	 	28.3.7	each party’s accrued rights and obligations hereunder at the date of termination are unaffected but, subject to sub-clause 28.4.1 each party’s further
rights and obligations shall cease immediately; 

  

	28.4	Miscellaneous termination provisions 

  

	 	28.4.1	Clauses 6.4, 14.1, 15, 16, 17.1, 21, 22, 28.3, 28.4.1, 28.4.2, 30, 32, 33, 40, 41 and 43 and those clauses the survival of which is necessary for the
interpretation or enforcement of this Agreement, shall survive termination of this Agreement in accordance with Clause 28.1 and shall continue in full force and effect. 

 

	 	28.4.2	If the Lessee fails to comply with any of its obligations under this Agreement, the Lessor and/or the FleetCo Security Agent may, without being in any way obliged or
responsible for doing so and without prejudice to the ability of the Lessor or the FleetCo Security Agent to treat that non–compliance as a Master Lease Termination Event, effect compliance on the Lessee’s behalf, and if the Lessor or the
FleetCo Security Agent incurs any expenditure in effecting such compliance, the Lessor and/or the FleetCo Security Agent shall be entitled to recover such expenditure from the Lessee. 

  
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	 	28.4.3	The rights and remedies of the Lessor and the FleetCo Security Agent provided in this Agreement are cumulative and are not exclusive of any rights and remedies provided
at law. 

  

	29.	REJECTED VEHICLES 

  

	29.1	Entitlement to reject 

Subject to Clause 29.3 (Rejections after payment for Vehicle), the Lessee will be entitled to reject any Vehicle delivered to
it by or on behalf of the Lessor pursuant to Clause 7 (Delivery of Vehicles) (i) if the Lessor is itself entitled to reject such Vehicle under the relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement pursuant to which
such Rejected Vehicle was ordered and (ii) subject to the same conditions (to the extent applicable) as to rejection as may be applicable to the Lessor under the relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement in respect of
such Rejected Vehicle. 
  

	29.2	Notification and return to Vehicle Manufacturer and/or Vehicle Dealer 

 Any rejection of a Vehicle under this Clause 29 shall be notified in writing by the Lessee to the Lessor, and the Lessee shall be responsible for returning the Rejected Vehicles directly to the
relevant Vehicle Manufacturer and/or Vehicle Dealer or to the order of the other selling parties, in accordance with terms of the relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement applicable to such rejection. 

 

	29.3	Rejections after payment for Vehicle 

 Subject to Clause 29.4 (Cessation of accrual of Rent), if the Lessee requests to reject a Vehicle after payment for such Vehicle has been made, the rejection shall be subject to the condition
that the relevant Vehicle Manufacturer and/or Vehicle Dealer agrees (without set off or counterclaim) to repurchase such Vehicle from the Lessor for an amount equal to the Capitalised Cost of such Vehicle at the time of repurchase. 

 

	29.4	Cessation of accrual of Rent 

 Rent shall cease to accrue (and shall not be payable by the Lessee) in respect of a Rejected Vehicle on the date on which the Lessor receives for value and without set off or counterclaim the payment
referred to in Clause 29.3 (Rejections after payment for Vehicle) or (in respect of Vehicles which have not been paid for) a successful claim is made in accordance with Clause 29.1 (Entitlement to reject). 

 

	29.5	Vehicle Manufacturer’s/Vehicle Dealer’s warranties 

 If a Vehicle is covered by a Vehicle Manufacturer’s warranty or a Vehicle Dealer’s warranty pursuant to a Vehicle Manufacturer Agreement or a Vehicle Dealer Agreement, the Lessor acknowledges
that the Lessee, during the Lease Term for such Vehicle, shall have the right to make any claims under such warranty which the Lessor is entitled to make. For such purposes the Lessor undertakes to issue any confirmation thereof or grant to the
Lessee any special proxies or mandate upon first request of the Lessee (without any liability for the Lessor). 

  
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	30.	RETURN/REDELIVERY OF VEHICLES 

  

	30.1	Redelivery of Vehicles prior to a Master Lease End Date 

 Prior to a Master Lease End Date, in relation to any Vehicle which has not suffered a Casualty or become a Non-Eligible Vehicle: 

 

	 	30.1.1	the Lessee shall, at the Lessee’s sole expense, return each Programme Vehicle together with all Vehicles Documents to the relevant Vehicle Manufacturer and/or
Vehicle Dealer or to the nearest related manufacturer official auction site or other facility designated by such Vehicle Manufacturer and/or Vehicle Dealer, within the relevant period allowed for the repurchase for such Vehicle and in accordance
with the relevant terms for the return of such Vehicle in the applicable Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement; and 

  

	 	30.1.2	the Lessee shall, at the Lessee’s sole expense, return each Non-Programme Vehicle together with all Vehicles Documents to or to the order of the Lessor no later
than the last Business Day of the month during which such Non-Programme Vehicle ceases to fall within sub-paragraph (a) of the definition of “Eligible Vehicle” and/or fails to satisfy the remaining conditions of that
definition. 

  

	30.2	Return of Vehicles upon Master Lease End Date 

 Following a Master Lease End Date, the Lessee shall (if it has not already done so) immediately return the Vehicle(s) which were the subject of a lease hereunder (together with all Spanish Vehicle
Documents relating to such Vehicle(s)) to such location in the Relevant Jurisdiction as the Lessor (with the consent of the FleetCo Security Agent) or as the FleetCo Security Agent shall direct and the Lessee shall promptly provide all assistance
reasonably requested by the Lessor to procure the return of the Spanish Vehicle Documents not in its possession. 
  

	30.3	Repossession of Vehicles 

The Lessee agrees that, in the event that it fails to return Vehicles to or to the order of the Lessor as required under Clause 30.1
(Redelivery of Vehicles prior to a Master Lease End Date) or 30.2 (Return of Vehicles upon Master Lease End Date) as applicable, the Lessor or the FleetCo Security Agent (or any of their agents acting on their behalf) is entitled to
take all steps and/or initiate all actions or recourses (whether judicial or not) which may be available under applicable law in order to re-possess any Vehicles and/or Spanish Vehicle Documents which have not been returned as aforementioned. The
Lessor shall inform the FleetCo Security Agent (with a copy to the Transaction Agent) of any such steps, actions and recourses taken and/or initiated by it to repossess the Vehicles and/ or Spanish Vehicle Documents. 

  
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	30.4	Preparation of Programme Vehicles 

 Where required under a Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement, the Lessee shall arrange and pay for any and all costs in connection with the refurbishment (if
applicable) and repair of any Programme Vehicle prior to or following the inspection of the Programme Vehicle by the Vehicle Manufacturer and/or Vehicle Dealer in connection with a sale of such Programme Vehicle to the Vehicle Manufacturer and/or
Vehicle Dealer. 
  

	31.	SALE OF VEHICLES 

  

	31.1	Sale of Vehicles by the Lessor 

 The Lessor has the right (at any time with the consent of the Lessee) to arrange, with the assistance of the Spanish Servicer, if it deems it necessary or useful, for the sale of any Vehicle to a third
party (if, in the case of Programme Vehicles the sale to such third party is permitted under the relevant Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement), provided that the price is at least equal to the then
current wholesale or, where applicable, retail market value. 
 Following the occurrence of an Event of Default in relation to
the Spanish Servicer, Dutch FleetCo shall immediately instruct the Spanish Servicer and the Spanish Servicer shall immediately notify the Vehicle Dealers and Vehicle Manufacturers in writing that the obligations of Dutch FleetCo under each Vehicle
Purchasing Agreement to which Dutch FleetCo is a party will be terminated. Such termination to be effective on the date of occurrence of such Event of Default (for the avoidance of doubt, Spanish OpCo may continue to purchase Vehicles under the
Vehicle Purchasing Agreement for its own account). 
  

	31.2	Lease Expiration Date 

Following the Lease Expiration Date in respect of a Vehicle, to the extent that the occurrence of such Lease Expiration Date is not
covered by items (a) or (b) of such definition, the Lessor, or the Lessee on its behalf, shall be entitled to either dispose of such Vehicle or treat such Vehicle as a Non-Eligible Vehicle. For the avoidance of doubt, any costs associated
with such a disposal shall not be funded outside of the FleetCo Advances ultimately funded by the Senior Noteholders. 
  

	31.3	Sale of Vehicles between FleetCos and OpCos 

  

	 	31.3.1	 Unless a Master Lease Termination Event has occurred and has not been remedied (in which case, the following shall not be permitted), (i) the
Lessor and (ii) the Lessee or another FleetCo (with the consent of the Lessee) may from time to time agree, in their absolute discretion, for the Lessor to sell to the Lessee or another FleetCo (with the consent of the Lessee) by way of
separate agreement any Vehicle (including any Vehicle that has suffered a Casualty) (unless such sale is prohibited under the relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement and the relevant Vehicle Manufacturer and/or Vehicle
Dealer has not provided its consent) provided that (a) the price of such sale is at least equal to the then market value of such Vehicle (unless the then market value of the relevant Vehicle is

  
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lower than the Net Book Value, in which case the sale price shall be the Net Book Value of such Vehicle, plus any penalties (if any) that may arise under the relevant Vehicle Dealer Buy-Back
Agreement or Vehicle Manufacturer Buy-Back Agreement as a result of the Vehicle being sold to a third party) and (b) in the case of a sale of a Vehicle by the Lessor to another FleetCo, the relevant OpCo has signed and the relevant FleetCo has
accepted a Vehicle Request Notice (as defined in the Master Lease Agreement to which such OpCo and FleetCo are parties) in respect of such Vehicle, all conditions precedent to that Vehicle Request Notice have been satisfied in accordance with the
terms and conditions of the aforementioned Master Lease Agreement and a Security has been granted over such Vehicle in favour of the FleetCo Security Agent in accordance with the Relevant Transaction Documents to which such FleetCo is party.

  

	 	31.3.2	Notwithstanding sub-clause 31.3.1, no Vehicle may be sold by the Lessor to another FleetCo, if such Vehicle is expected to, or must be returned to, a Vehicle
Manufacturer and/or Vehicle Dealer from whom the Lessor purchased the Vehicle in accordance with a Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement. 

 

	 	31.3.3	A copy of any agreement pursuant to which a Vehicle is sold under this Clause 31.3 will be provided by the Lessee to the FleetCo Security Agent (with a copy to the
Transaction Agent). 

  

	31.4	Payment of accrued Rent 

  

	 	31.4.1	Notwithstanding the disposal of a Vehicle in accordance with this Clause 31 prior to the end of the Related Month, the Lessee will be required to pay to the Lessor
all accrued and unpaid Rent up to the relevant Lease Expiration Date and all other amounts (if any) then due and payable with respect to such Vehicle on the immediately following Lease Payment Date. 

 

	 	31.4.2	Notwithstanding the sale of a Non-Programme Vehicle by or on behalf of the Lessor in accordance with the relevant Servicing Agreement prior to the end of the Related
Month, the Lessee will be required to pay to the Lessor all accrued and unpaid Rent up to the relevant Lease Expiration Date and all other amounts (if any) then due and payable with respect to such Vehicle on the immediately following Lease Payment
Date. 

  
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 SECTION F 
 MISCELLANEOUS 
  

	32.	NO REPRESENTATION OR WARRANTY BY LESSOR 

  

	32.1	The Lessee expressly agrees and acknowledges that, no condition, warranty or representation of any kind is or has been given by or on behalf of the Lessor in respect of
any Vehicle, any engine, or any part of a Vehicle or engine, or any Spanish Vehicle Documents or other documentation, and accordingly the Lessee confirms that it has not, in entering into this Agreement, relied on any condition, warranty or
representation by the Lessor or any person on the Lessor’s behalf, express or implied, whether arising by law or otherwise in relation to any Vehicle, any engine, or any part of a Vehicle or engine, or any Spanish Vehicle Documents or other
documentation, including warranties or representations as to: 

  

	 	32.1.1	the age, worthiness, workmanship, materials, manufacture, construction, operation, value, description, suitability, quality, merchantability, fitness for any purpose
(including the ability to operate or register any Vehicle or use any Vehicle’s documentation in any or all jurisdictions), state, condition, appearance, safety, durability, design or operation of any kind or nature of any Vehicle or any part
thereof, and the benefit or any such condition, warranty or representation by the Lessor is hereby irrevocably and unconditionally waived by the Lessee. No third party making any representation or warranty relating to any Vehicle or any part of any
Vehicle is the agent of the Lessor, nor has any such third party authority to bind the Lessor. Nothing contained in this sub-clause 32.1.1 is intended to prejudice any claims which the Lessee or the Lessor may have against the Vehicle
Manufacturer and/or Vehicle Dealer in respect to any Vehicle or any third party; or 

  

	 	32.1.2	the absence of latent or other defects, whether or not discoverable, known or unknown, apparent or concealed, exterior or interior in respect of any Vehicle or engine;
or 

  

	 	32.1.3	the absence of any infringement of any patent, trademark, copyright or other intellectual property rights; or 

 

	 	32.1.4	any implied warranty arising from course of performance, course of dealing or usage of trade. 

 

	33.	LIMITATION OF LIABILITY OF LESSOR AND OF THE FLEETCO SECURITY AGENT 

 To the extent permitted by law, the Lessor and the FleetCo Security Agent will not be liable to the Lessee, the ultimate rental customers of such Lessee, any sub–lessee or any other person in respect
of any cost, loss or damage (consequential or otherwise) arising out of the condition, the use, the operation, the rental, the maintenance, repair, delay or failure in delivery of any Vehicle, or the interruption/suspension of possession, use or
quiet enjoyment in respect of any Vehicle. 

  
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	34.	ASSISTANCE OF THE SPANISH SERVICER 

 The Lessee acknowledges and agrees that the Lessor may be assisted by any person who will then act as a service provider of the Lessor (and not as an agent of the business), for all or part of its
obligations under this Agreement and shall notify the Lessee of the appointment of such service provider and the identity of the entity or entities who will act in such capacity pursuant to this Clause 34 for purposes of assisting the Lessor with
the performance of, inter alia, certain of its duties hereunder. 
  

	35.	NO WAIVER 

 A failure to
exercise or delay in exercising a right or remedy provided by this Agreement or by law, by the Lessor or the FleetCo Security Agent does not constitute a waiver of the right or remedy or a waiver of its other rights or remedies. No single or partial
exercise of a right or remedy provided by this Agreement or by law prevents the Lessor or the FleetCo Security Agent from further exercise of the right or remedy or the exercise of another right or remedy. The discontinuance, abandonment or adverse
determination of any proceedings taken by the Lessor or the FleetCo Security Agent to enforce any right or any provisions shall not operate as a waiver of, or preclude any exercise or enforcement or other exercise or enforcement by the Lessor or the
FleetCo Security Agent of, that or any other right or provision. No waiver shall be effective unless specifically made in writing and signed by the duly authorised officer of the person entitled to provide such waiver. 

 

	36.	CONTRADICTORY INSTRUCTIONS 

If the Lessee receives contradictory instructions, information or other matter from the Lessor and the FleetCo Security Agent, it shall
notify the Lessor, the FleetCo Security Agent and the Transaction Agent of the contradiction. Following a FleetCo Event of Default, the instructions of the FleetCo Security Agent shall prevail. 

 

	37.	ASSIGNMENT AND SECURITY 

The Lessee and the Lessor may not assign or transfer or purport to assign or transfer any right or obligation under this Agreement without
the written consent of the FleetCo Security Agent, save that the Lessor may enter into an assignment by way of security or grant a right of pledge over, amongst other things, certain of the Lessor’s rights, title and interest in and under this
Agreement pursuant to or as contemplated in any Transaction Document. 
  

	38.	VOLUME PREMIUM 

 In
consideration for the volume of Vehicles the Lessee may rent hereunder (and to the extent that such amounts have been received by the Lessor from the Vehicle Manufacturer and/or Vehicle Dealers and are not included in the Vehicle’s Capitalised
Cost), the Lessor agrees to pay to the Lessee, as a volume premium (the “Volume Premium”) an amount equal (and limited) to any such amounts as the Vehicle Manufacturers and Vehicle Dealers may pay to the Lessor and which constitute
or reflect any bonus, rebates, credit or similar incentive relating to Vehicles purchased by the Lessor and leased to the Lessee in accordance with the terms of this Agreement. The Lessee agrees that the Lessor shall pay to the Lessee any Volume
Premium on the Business Day following actual receipt of the corresponding amounts from the Vehicle Manufacturers and/or Vehicle Dealers out, and within the limit, of such amounts. 

  
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	39.	OBLIGATIONS AS CORPORATE OBLIGATIONS 

  

	39.1	No recourse against shareholders and others 

 No party shall have any recourse against nor shall any personal liability attach to any shareholder, officer, agent, employee or director of the Lessor or the Lessee in his capacity as such, by any
proceedings or otherwise, in respect of any obligation, covenant, or agreement of the Lessor or the Lessee contained in this Agreement. 
  

	39.2	No liability for obligations of the Lessor 

 The Lessee shall not have any liability for the obligations of the Lessor under the Relevant Transaction Documents to which the Lessee is a party solely by reason of this Agreement and nothing in this
Agreement shall constitute the giving of a guarantee, an indemnity or the assumption of a similar obligation by any of such other parties in respect of the performance by the Lessor of such obligations. 

 

	40.	FLEETCO SECURITY AGENT HAS NO RESPONSIBILITY 

 The FleetCo Security Agent shall not have any responsibility for any of the obligations of the other Parties and the other Parties acknowledge that the FleetCo Security Agent has no such responsibility
and that the FleetCo Security Agent is entitled to the protections contained in and on the terms set out in this Agreement and the Framework Agreement and the FleetCo Deed of Charge. The FleetCo Security Agent hereby declares that it accepts, for
the purposes of article 1257 of the Spanish Civil Code, the right and benefits in its favour set out in this Agreement. The Parties acknowledge that, by declaring that it accepts the above mentioned rights and benefits under this Agreement, the
FleetCo Security Agent shall have no liabilities to, and will not assume or have any obligations of, any other party to this Agreement. 
  

	41.	TIME OF THE ESSENCE 

Subject to any grace periods provided hereunder, time shall be of the essence of this Agreement as regards any time, date or period,
whether as originally agreed or altered by agreement between all the parties (and, where required, with consent) or in any other manner provided in this Agreement, for the performance of the Lessee of its obligations under this Agreement.

  

	42.	CHANGE OF FLEETCO SECURITY AGENT 

 If there is an appointment of a replacement FleetCo Security Agent in accordance with the terms of the Framework Agreement, each of the Parties shall execute such documents and take such action as the
successor FleetCo Security Agent and the outgoing FleetCo Security Agent may reasonably require for the purposes of vesting in the replacement FleetCo Security Agent the benefit of this Agreement and the rights, powers and obligations of the FleetCo
Security Agent under this Agreement, and releasing the outgoing FleetCo Security Agent from its future obligations under this Agreement. 

  
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	43.	INSUFFICIENT RECOVERIES 

If, or to the extent that, after the FleetCo Secured Property has been as fully as practicable realised and the proceeds thereof have been
applied in accordance with the applicable FleetCo Priority of Payments the amounts recovered on realisation of the FleetCo Secured Property are insufficient to pay or discharge amounts due from Dutch FleetCo to the FleetCo Secured Creditors in full
for any reason, Dutch FleetCo will have no liability to pay or otherwise make good any such insufficiency. 
  

	44.	AMENDMENT 

 This Agreement
shall not be amended without the consent of the Parties hereto. 
  

	45.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising from it shall be governed by Spanish Law. 
  

	46.	JURISDICTION 

  

	46.1	With respect to any suit, action, dispute or proceedings relating to this Agreement and to any non-contractual obligations arising from or connected to it, each party
irrevocably submits to the exclusive jurisdiction of Madrid and agrees that Madrid is the most appropriate and convenient courts to settle any suit, action, Dispute or Proceedings and accordingly neither party will argue to the contrary.

  

	46.2	Clause 46.1 above is for the benefit of the Lessor and the FleetCo Security Agent only. As a result, the Lessor and the FleetCo Security Agent shall not be
prevented from taking Proceedings relating to any suit, action, Dispute or Proceedings in any other courts with jurisdiction. To the extent permitted by law, the Lessor may take concurrent proceedings in any number of jurisdictions.

  

	47.	GOVERNING LANGUAGE 

 This
Agreement is written in the English language. If this Agreement is translated into another language, the English text will prevail. 
  

	48.	EXECUTION 

 The Parties
have executed this Agreement on the date stated at the beginning of this Agreement. 

  
 - 39 -

 SCHEDULE 1 
 FORM OF MASTER LEASE EXTENSION AGREEMENT 
  

	To:	FinCar Fleet B.V., Sucursal en España (the “Lessor”); and 

 Spanish Servicer; 
 From: Avis Alquile un Coche, S.A. (the “Lessee”) 

Copy to: Crédit Agricole Corporate and Investment Bank, (the “FleetCo Security Agent” for itself and on behalf of the Spanish
FleetCo Secured Creditors and “Transaction Agent”); and Fiserv Automotive Solutions, Inc (the “Liquidation Agent”). 
 Date: [—] 
 Dear Sirs 

We refer to the Master Lease Agreement, dated on or about 5 March 2013 (as amended from time to time) between the Lessee and the Lessor (the
“Master Lease Agreement”). Words and expressions used in this letter have the meanings ascribed to them in the Master Lease Agreement. 
 We hereby request that all the leases of Vehicles entered into and that have not been terminated as of the date hereof in accordance with the Master Lease Agreement be extended until [date]
[year] on the terms set out in the Master Lease Agreement. 
 This letter is a Master Lease Extension Agreement and all provisions of the
Master Lease Agreement continue to apply mutatis mutandis. 
 Yours faithfully 
 [—] 
 for and on behalf of the Lessee

 We hereby agree to the extension of the Master Lease Agreement on the terms set out therein. 

[—] 
 for and on behalf of the Lessor 

  
 - 40 -

 SCHEDULE 2 
 FORM OF VEHICLE REQUEST NOTICE 
 Master Lease Agreement between Dutch
FleetCo and Spanish OpCo 
 Vehicle Request Notice 
 Number of Vehicles 
 Manufacturer 
 Vehicle model and year 
 Expected date of delivery to the Lessee’s premises 

 

			
	Executed by:
	
	Lessee
	
	AVIS ALQUILE UN COCHE, S.A.
		
	By:	 	  

		
	Date:	 	  

	
	Lessor
	
	FINCAR FLEET B.V.
		
	By:	 	  

		
	Date:	 	  

  
 - 41 -

 SCHEDULE 3 
 FORM OF VEHICLE SCHEDULE 
 Master Lease Agreement between Dutch FleetCo
and Spanish OpCo 
 Vehicle Schedule 
 Lessor: 
 FinCar Fleet B.V., Sucursal en España (a private
company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of Netherlands) with registered address at Avenida Manoteras, no 32, 28050 Madrid, Spain and Spanish fiscal identification
number W0037096E and registered at the Mercantile Registry in Madrid under volume 28809, page 190, section
8th and sheet M-518708, first entry; 

Lessee: 
 Avis Alquile un Coche, S.A., a
sociedad anónima incorporated under the laws of the Kingdom of Spain, whose registered office is at Avenida Manoteras, no 32, 28050 Madrid, Spain, registered with Tax Identity Code A28152767. 

Lease Commencement Date (Fecha de Comienzo del Arrendamiento): 
 Term: [—] calendar months after the aforementioned Lease Commencement Date, which may be extended. 

Vehicle Identification Number(s): (número de matrícula) 

Motor vehicle number: (número de bastidor) 
 Registration Number: 
 Vehicle Manufacturer: (fabricante)

 Model Year: 
 Model:

 Colour: 
 Mileage:

 On Rent Indicator: 

  
 - 42 -

 Location details (if vehicle is not on rent) 

Current location code 
 Current Location Address 
 Current Location Telephone number

 Location Details (if vehicle on rent) 
 Customer Name 
 Customer Address 

Customer Telephone number 
 Expected
check in location code 
 Expected check in address 
 Expected location telephone number 
 Delivery date 

Programme/Non–Programme 
 The rent
and the terms and conditions of the lease entered into in connection with the Vehicle are contained in the Spanish Master Lease Agreement entered into by FinCar Fleet B.V., Sucursal en España and Avis Alquile un Coche, S.A. on or about
5 March 2013. 
 Executed by: 

Lessor 
 FINCAR FLEET B.V., SUCURSAL
EN ESPAÑA 
  

			
	 By:
	 	  

  
 - 43 -

 We hereby acknowledge that the Vehicles referred hereunder are leased as from the relevant Lease
Commencement Date specified hereunder in accordance with the Master Lease Agreement 
 Lessee 

 

	
	AVIS ALQUILE UN COCHE, S.A.
	
	  

 With a copy to the Transaction Agent 

  
 - 44 -

 SCHEDULE 4 
 CONDITION PRECEDENT DOCUMENTS 
  

	1.	A copy certified by an authorised signatory of the Lessee to be a true, complete and up–to–date copy, of the constitutional documents of the Lessee.

  

	2.	A copy certified by an authorised signatory of the Lessee to be a true copy, and being in full force and effect and not amended or rescinded, of resolutions of the
board of directors of the Lessee: 

  

	 	(a)	approving the transactions contemplated by this Agreement; and 

  

	 	(b)	authorising a person or persons to sign and deliver on behalf of the Lessee this Agreement, any Vehicle Request Notice, any Vehicle Schedule and any notices or other
documents to be given pursuant thereto. 

  

	3.	A power of attorney granted by a legal representative or an authorised signatory of the Lessee authorising a person or persons to sign and deliver on behalf of the
Lessee this Agreement, any Vehicle Request Notice, any Vehicle Schedule and any notices or other documents to be given pursuant thereto. 

  

	4.	Specimen signatures, authenticated by an officer of the Lessee of each of the authorised signatories referred to in paragraph 2(b) above. 	 

  
 - 45 -

 EXECUTION PAGE 
 Lessor 
 FINCAR FLEET B.V., SUCURSAL EN ESPAÑA 

 

			
	By:	 	 /s/ Biatriz Diez Arranz

	Name:	 	Biatriz Diez Arranz
	Title:	 	Managing Director / Proxyholder A
		
	By:	 	  

	Name:	 	
	Title:	 	Managing Director / Proxyholder B
	
	Lessee
	
	AVIS ALQUILE UN COCHE, S.A.
		
	By:	 	 /s/ Massimo Marsili

	Name:	 	Massimo Marsili
	Title:	 	Managing Director

 FleetCo Security Agent 
 CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 
  

			
	By:	 	 /s/ Edith Lusson

	Name:	 	Edith Lusson
	Title:	 	Managing Director

  
 - 46 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00214-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00214-of-00352.parquet"}]]