Document:

EX-10.10

 Exhibit 10.10 
 To: 
 Avis Budget Italia S.p.A. Fleet Co. S.A.p.A. 

Via Galileo Galilei 1 
 39100 Bolzano 

Italy 
 Cc: 

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

France 
 Paris, 7 March 2013

 Dear Sirs, 
 We refer to the
proposal contained in your letter dated 5 March 2013, the contents of which we reproduce in full below and sign by way of full and unconditioned acceptance thereof. 
 “To: 
 Avis Budget Italia S.p.A. 

Via Galileo Galilei 1 
 39100 Bolzano 

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

London, 5 March 2013 
 Dear
Sirs, 
 We refer to our recent discussions and hereby propose to you the following: 

AMENDMENT AND RESTATEMENT AGREEMENT 
 (ITALIAN MASTER LEASE AGREEMENT) 
 BETWEEN 

 

	(1)	AVIS BUDGET ITALIA S.P.A. FLEET CO. S.A.P.A. (formerly, Avis Autonoleggio S.p.A. Fleet Co. S.A.p.A.), a partnership limited by shares (società in
accomandita per azioni) incorporated in the Republic of Italy with registered office at Via Galileo Galilei 1, 39100, Bolzano, Italy, fiscal code, VAT code and companies’ register of Bolzano number 097550851009 (“Italian
FleetCo” or the “Lessor”); 

  
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	(2)	AVIS BUDGET ITALIA S.P.A., a joint stock company (società per azioni) incorporated in the Republic of Italy with registered office at Via Galileo
Galilei 1, 39100, Bolzano, fiscal code and companies’ register of Bolzano, number 00421940586, acting in the capacity of Italian servicer (“Italian Opco” or the “Lessee”); and 

 

	(3)	CREDIT 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, acting in its capacities as “FleetCo Security Agent” under the
FleetCo Transaction Documents and agent (mandatario con rappresentanza) acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement (the “FleetCo Security Agent”). 

The Lessor, the Lessee and the FleetCo Security Agent are hereinafter collectively referred to as the “Parties” and, each of them, as a
“Party”. 
 WHEREAS 
  

	(A)	On 20 October 2011 an interim fleet facility agreement was executed between, inter alios, the Parties and certain companies belonging to the Avis Europe
Group (as amended and restated from time to time, the “IFF”). 

  

	(B)	On 18 May 2012 Italian FleetCo acceded to the IFF as a borrower and guarantor in order to partially fund the purchase of its vehicle fleet (the
“Transaction”). In the context of the Transaction, inter alia, an Italian law interim master lease agreement was executed among the Lessor, the Lessee and the FleetCo Security Agent pursuant to which the Lessor has undertaken
to lease (concedere in leasing) to the Lessee the Vehicles from time to time purchased by Italian FleetCo under the contracts entered into with, inter alios, each Vehicle Manufacturer and/or Vehicle Dealer (as amended on
20 December 2012, the “Interim Master Lease Agreement”). 

  

	(C)	A new transaction is due to be set up as from the date hereof (the “Securitisation”) in order, in particular, to re–finance the amounts due by
Italian FleetCo under the IFF, inter alia, through the granting by CarFin Finance International Limited of a financing dedicated to a specified business pursuant to article 2447-decies of the Italian civil code, so to finance the
business conducted or to be conducted by Italian FleetCo consisting of the purchase of Vehicles from a Vehicle Manufacturer or Vehicle Dealer by Italian FleetCo in Italy and the resale of such Vehicles in accordance with the FleetCo Transaction
Documents under the FleetCo Italian Facility Agreement. 

  

	(D)	In connection with Recital (C) above, pursuant to this amendment and restatement agreement (the “Agreement”) the Parties wish to mutually
acknowledge and agree to: 

  

	 	i)	terminate by way of novation the Interim Master Lease Agreement and discharge the Parties’ contractual obligations and liabilities arising thereunder; and

  

	 	ii)	novate in full the obligations deriving from the Interim Master Lease Agreement with the obligations deriving from this Agreement. 

  
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	(E)	By executing this Agreement the FleetCo Security Agent expressly consents to the termination by way of novation of the Interim Master Lease Agreement subject to the
terms of this Agreement. 

 IT IS HEREBY AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Recitals 

 The Recitals
set forth above constitute an integral and essential part of this Agreement with the force and value of covenants. 
  

	1.2	Definitions 

 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 without regard to the
governing law of the Master Definitions Agreement) and shall be governed by Italian law when used in this Agreement. 
  

	2.	TERMINATION BY WAY OF NOVATION 

  

	2.1	Pursuant to articles 1230 et seq. of the Italian civil code, by way of execution of this Agreement, the Parties agree to terminate by way of novation the Interim
Master Lease Agreement and replace the obligations set out therein with the provisions and obligations provided for in this Agreement. 

  

	2.2	Accordingly, the Parties acknowledge and agree that, with effect from the date hereof: 

 

	 	2.2.1	their respective obligations under the terms and conditions of the Interim Master Lease Agreement are terminated by way of novation in accordance with provisions of
Clause 3 below and shall no longer have force or effect; 

  

	 	2.2.2	the Interim Master Lease Agreement is terminated as a consequence of the execution of this Agreement having been signed, irrespective of the relevant terms provided for
in the Interim Master Lease Agreement, with effectiveness from the date hereof; and 

  

	 	2.2.3	the Parties hereby expressly discharge and exonerate each other and confirm that no amount is due to each other under the Interim Master Lease Agreement and hereby
waive any claim and/or right that each might have against each other under the Interim Master Lease Agreement 

provided however that such termination and discharge shall not affect any rights, liabilities or obligations of Italian Opco as lessee
under the Interim Master Lease Agreement (the “IFF Lessee”) with respect to payments or other obligations due and payable or due to be performed in accordance with the Interim Master Lease Agreement on or prior to the date hereof.

  
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	2.3	Subject to Clause 2.1 and 2.2 above, any obligation due in respect of the Interim Master Lease Agreement shall be deemed to be replaced and governed by the provisions
of this Agreement and the amended and restated master lease agreement (the “Italian Master Lease Agreement”) set out in Schedule 1 (Amended and Restated Italian Master Lease Agreement). 

 

	2.4	Notwithstanding any provision to the contrary in Clauses 2.1 to 2.3 above, 

 

	 	i)	the IFF Lessee shall, by way of exception to clause 12 (Lease Rents) of the Interim Master Lease Agreement, pay on 20 March 2013 to Italian FleetCo as
lessor under the Interim Master Lease Agreement (the “IFF Lessor”), all accrued and unpaid lease rent(s) as calculated on the basis of a Related Month commencing on 1 (inclusive) and ending 20 March 2013 (inclusive), together
with all other payments accrued but unpaid under the Interim Master Lease Agreement (including in particular any amount due under Clause 20 (VAT) of the Interim Master Lease Agreement and Clause 21 (Indemnities) of the Interim Master Lease
Agreement) (the “IFF Lease Rents”). 

  

	 	ii)	all Vehicles leased to the IFF Lessee pursuant to the terms of the Interim Master Lease Agreement shall be automatically considered, as from the date hereof, as being
leased pursuant to the Italian Master Lease Agreement, as novated hereunder. However, the Parties agree that the IFF Lessee shall pay to the IFF Lessor, on the Lease Payment Date falling on 20 March 2013, the IFF Lease Rents calculated on the
basis of a Rental Month commencing on (including) 1 and ending on (including) 20 March 2013. 

  

	3.	APPLICABILITY 

  

	3.1	This Agreement shall be effective on the date hereof. 

  

	3.2	From the date hereof any reference in any Transaction Document to the Interim Master Lease Agreement shall be construed as a reference to the amended and restated
Italian Master Lease Agreement set out in Schedule 1. 

  

	4.	LAW - JURISDICTION 

  

	4.1	Governing law 

 This
Agreement and any non-contractual obligations arising out of or connected with it are governed by and shall be construed in accordance with Italian law. 
  

	4.2	Jurisdiction 

 The courts
of Rome shall have exclusive jurisdiction to settle any dispute arising out of or in connection with the validity, effectiveness, interpretation and/or enforceability of this Agreement and any disputes related to any non-contractual obligations
arising out of or in connection with this Agreement. 

*        *        * 

  
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 If you agree with the terms of this letter please copy the content of the same on Your letter and send it to
us duly signed for acceptance by your authorised representatives. 
  

	
	Yours faithfully,
	
	[SIGNED]
	
	 /s/ Mark Kightley

	AVIS BUDGET ITALIA S.P.A. FLEET CO. S.A.P.A.”

*            *          
  * 
  

	
	Yours faithfully,
	
	 /s/ Mark Kightley

	AVIS BUDGET ITALIA S.P.A

  
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 SCHEDULE 1 
 AMENDED AND RESTATED 
 ITALIAN MASTER LEASE AGREEMENT 

 

			
	

	  	 STUDIO LEGALE ASSOCIATO
 IN ASSOCIAZIONE CON CLIFFORD CHANCE

 AVIS BUDGET ITALIA S.P.A. FLEETCO S.A.P.A. 

AS LESSOR 
 AVIS
BUDGET ITALIA S.P.A. 
 AS LESSEE 
 AND 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

AS FLEETCO SECURITY AGENT 
  

 
 AMENDED AND
RESTATED 
 ITALIAN MASTER LEASE AGREEMENT 

 
  

 CONTENTS 

 

							
	Clause	 	 	  	Page	 
			
	 1.
	 	DEFINITIONS	  	 	4	  
	 2.
	 	PRINCIPLES OF INTERPRETATION	  	 	4	  
	 3.
	 	REQUEST FOR LEASE	  	 	6	  
	 4.
	 	LEASE TERM	  	 	7	  
	 5.
	 	VEHICLE SCHEDULE AND CONDITIONS TO LEASE	  	 	8	  
	 6.
	 	DELIVERY OF VEHICLES	  	 	10	  
	 7.
	 	USE OF VEHICLES AND SUB–LEASING	  	 	10	  
	 8.
	 	NON DISTURBANCE	  	 	12	  
	 9.
	 	ACCESS	  	 	12	  
	 10.
	 	TRANSFER OF RISK	  	 	13	  
	 11.
	 	LESSEE’S UNCONDITIONAL OBLIGATIONS	  	 	13	  
	 12.
	 	RENT	  	 	15	  
	 13.
	 	CASUALTIES AND NON-ELIGIBLE VEHICLES	  	 	15	  
	 14.
	 	PROGRAMME VEHICLE SPECIAL DEFAULT PAYMENTS	  	 	16	  
	 15.
	 	LESSEE RIGHT TO TERMINATE A PROGRAMME VEHICLE LEASE PRIOR TO THE PROGRAMME MINIMUM TERM	  	 	17	  
	 16.
	 	FEES, TRAFFIC PENALTIES AND FINES	  	 	17	  
	 17.
	 	PREPAYMENTS AND LATE PAYMENTS	  	 	18	  
	 18.
	 	PAYMENT MECHANICS	  	 	19	  
	 19.
	 	TAX GROSS-UP	  	 	20	  
	 20.
	 	VAT AND STAMP TAXES	  	 	20	  
	 21.
	 	INDEMNITIES	  	 	21	  
	 22.
	 	COVENANTS OF THE LESSEE	  	 	23	  
	 23.
	 	REPRESENTATIONS AND WARRANTIES	  	 	27	  
	 24.
	 	REDESIGNATION EVENTS	  	 	28	  
	 25.
	 	LIMITATIONS ON REDESIGNATION	  	 	29	  
	 26.
	 	REDESIGNATION MECHANICS	  	 	29	  
	 27.
	 	TERMINATION	  	 	30	  
	 28.
	 	REJECTED VEHICLES	  	 	32	  
	 29.
	 	RETURN/REDELIVERY OF VEHICLES	  	 	33	  
	 30.
	 	SALE OF VEHICLES	  	 	34	  

  
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	 31.
	 	NO REPRESENTATION OR WARRANTY BY LESSOR	  	 	37	  
	 32.
	 	LIMITATION OF LIABILITY OF LESSOR AND OF THE FLEETCO SECURITY AGENT	  	 	37	  
	 33.
	 	NON PETITION AND LIMITED RECOURSE	  	 	38	  
	 34.
	 	NO WAIVER	  	 	38	  
	 35.
	 	CONTRADICTORY INSTRUCTIONS	  	 	38	  
	 36.
	 	ASSIGNMENT AND SECURITY	  	 	38	  
	 37.
	 	VOLUME PREMIUM	  	 	39	  
	 38.
	 	OBLIGATIONS AS CORPORATE OBLIGATIONS	  	 	39	  
	 39.
	 	TIME OF THE ESSENCE	  	 	39	  
	 40.
	 	FLEETCO SECURITY AGENT NOT A PARTY	  	 	39	  
	 41.
	 	GOVERNING LAW	  	 	40	  
	 42.
	 	JURISDICTION	  	 	41	  

  
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 ITALIAN MASTER LEASE AGREEMENT dated 7 March 2013. 

BETWEEN: 
  

	(1)	AVIS BUDGET ITALIA S.P.A. FLEET CO. S.A.P.A. (formerly, Avis Autonoleggio S.p.A. Fleet Co. S.A.p.A.), a partnership limited by shares (società in
accomandita per azioni) incorporated in the Republic of Italy with registered office at Via Galileo Galilei 1, 39100, Bolzano, Italy, fiscal code, VAT code and companies’ register of Bolzano number 097550851009, with a share capital equal
to Euro 120,000 (the “Lessor”). 

  

	(2)	AVIS BUDGET ITALIA S.P.A. a joint stock company (società per azioni) incorporated in the Republic of Italy with registered office at Via Galileo
Galilei 1, 39100, Bolzano,, fiscal code and companies’ register of Bolzano, number 00421940586, with a share capital equal to Euro 480,000 (the “Lessee”); and 

 

	(3)	CREDIT 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 agent under the FleetCo Transaction Documents and as
agent (mandatario con rappresentanza) acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agent (the “FleetCo Security Agent”). The FleetCo Security Agent executes this Agreement for the sole
purpose of taking advantage (profittare), pursuant to article 1411 of the civil code, of the provisions of this Agreement containing stipulations in its favour and in favour of the FleetCo Secured Creditors. 

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 (concedere in leasing) 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 Italy 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 entered into a servicing agreement with the Lessee on the date hereof (as amended and/or restated from time to time) (the “Italian Servicing
Agreement”), pursuant to which the Lessee has agreed or will agree to act as servicer (the “Italian Servicer”) to provide certain administrative services to the Lessor in respect of, amongst other things, the Vehicles as
further described in the Italian Servicing Agreement. 

 THE PARTIES AGREE as follows: 

  
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 SECTION A 
 DEFINITIONS AND INTERPRETATION AND COMMON TERMS 
  

	1.	DEFINITIONS 

  

	1.1	Definitions and interpretation 

 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 without regard to the governing law of the Master Definitions Agreement) and shall be governed by Italian law when used in this Agreement. 

 

	1.2	Common Terms 

 The Common
Terms shall be incorporated by reference into this Agreement (other than clause 25 (Counterparts), which shall not be incorporated hereto). 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 Italian law. 
  

	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 and as if references therein to “this Agreement” were to this Agreement. 
  

	2.2	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. 
  

	2.3	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. 

  
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	2.4	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. 
  

	2.5	Performance of the Italian Servicer 

 The Parties acknowledge that the Lessor has appointed the Lessee as Italian Servicer to perform, inter alia, certain of the obligations of the Lessor hereunder, as set out in the Italian Servicing
Agreement, and such performance shall discharge the relevant obligations to the same extent as if the Lessor had performed them. Furthermore, also in consideration for the provisions of Clause 32 (Limitation of liability of Lessor and of the
FleetCo Security Agent) and in accordance with the Italian Servicing Agreement, the Lessor will agree through separate mandate agreements that the Lessee will be entitled to exercise the rights and actions, in the name and on behalf of the
Lessor, against the Vehicle Manufacturers arising from the statutory warranties due by such Vehicle Manufacturer as well as all conventional warranties set out in the applicable Vehicle Manufacturer Agreements and Vehicle Dealer Agreements, all
(present and future) legal proceedings exercisable by the Lessor against any Vehicle Manufacturer or against any third party connected therewith and/or resulting from the exercise of such warranties (including, without limitation, any action aiming
at the termination of the relevant sale (azione di risoluzione), arising from any hidden defect of the leased Vehicle (azione di garanzia per vizi), and/or arising from any third party rights purported in respect of leased Vehicles
(azione di garanzia per evizione). 
  

	2.6	Lessor’s capacity 

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. 
  

	2.7	Additional Rules 

 In this
Agreement: 
 “Italian Civil Code” means the Italian civil code approved by Royal Decree on 16 March 1942,
No. 267, as amended from time to time. 
 “Wilful misconduct” means dolo and “gross
negligence”, colpa grave. 

  
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 SECTION B 
 LEASE 
  

	3.	REQUEST FOR LEASE 

  

	3.1	Vehicle Request Notice 

  

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

 

	 	3.1.2	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 Vehicle Dealer Agreement). 

 

	3.2	Purchase of Vehicles and agreement to lease 

  

	 	3.2.1	If the Lessor, subject to Clause 5.2 (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 Italian Servicer on its behalf) will, subject to receiving sufficient funding under the Transaction Documents and
sub-clause 3.2.2, 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. 

  

	 	3.2.2	If the Lessor (or the Italian 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 3.2.1, 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. 

  

	 	3.2.3	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. 

  
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	 	3.2.4	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. 

  

	3.3	Amendment and cancellation of Vehicle Request Notices 

  

	 	3.3.1	Subject to sub-clause 3.3.2 and Clause 5.4 (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 3.1 (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. 

  

	 	3.3.2	If the Lessee proposes to cancel or amend any of the Vehicle Request Notices in accordance with sub-clause 3.3.1, it shall send a notice in writing to the Lessor,
copied to the Italian 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.

  

	4.	LEASE TERM 

  

	4.1	Lease Term 

  

	 	4.1.1	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 5.2 (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 4.2 (Renewal of
Lease). 

  

	 	4.1.2	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. 

  

	4.2	Renewal and extension of Lease 

  

	 	4.2.1	 Subject to sub-clause 4.2.2 and the other terms of this Agreement, any lease of Vehicles hereunder can be renewed and/or extended by execution of
the Lessor and the Lessee of a Master Lease Renewal Agreement in substantially the form set out in Schedule 1 (Form of Master Lease Renewal Agreement) on or before the Master Lease Scheduled Expiry Date or within 5 (five) Business

  
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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). 

 

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

 

	 	4.2.3	The Master Lease Renewal Agreement shall become effective on the date stated therein (subject to the deemed extension provision in sub-clause 4.2.1).

  

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

  

	5.	VEHICLE SCHEDULE AND CONDITIONS TO LEASE 

  

	5.1	Vehicle Schedule 

  

	 	5.1.1	Subject to the satisfaction of the conditions in Clause 5.2 (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 3.3 (Amendment and cancellation of Vehicle Request Notice), then following the delivery
to the Lessor (or the Italian 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 Italian 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 such 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.

  

	 	5.1.2	Among other things, each Vehicle Schedule shall evidence, in respect of all Vehicles referred to therein, the relevant individual leases for each Vehicle.

  

	5.2	Conditions precedent to lease 

  

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

 

	 	(a)	all conditions precedent listed in sub-clause 5.2.2 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 5.2.2 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 

  
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	 	(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. 

  

	 	5.2.2	For the purposes of sub-clauses 5.2.1(a) and 5.2.1(b), the conditions precedent are: 

 

	 	(a)	no (i) Potential Master Lease Termination Event or (ii) 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 23 (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. 

  

	5.3	Representation and warranty as to conditions precedent 

 The Lessee hereby agrees that: 
  

	 	5.3.1	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 5.2.1(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

  

	 	5.3.2	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 5.2.1(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. 

 

	5.4	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 3.3 (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 5.2 (Conditions precedent to lease) are not satisfied). 

  
 - 9 -

	6.	DELIVERY OF VEHICLES 

  

	6.1	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. 

 

	6.2	In addition, all deliveries to be made in accordance with this Clause 6 will be made (i) in the name of and on behalf of the Lessor, by the Lessee or any of its
agents; (ii) together with the Vehicle Documents in its possession (or in possession of any of its agent appointed for this purpose) relating to the relevant Vehicle; and (iii) free 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) and/or any
option right pursuant to Clause 30.5 (Italian Opco option to purchase Vehicles) below). 

  

	6.3	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 . 

  

	7.	USE OF VEHICLES AND SUB–LEASING 

  

	7.1	Use of Vehicles 

  

	 	7.1.1	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; 

 

	 	(b)	to use as a Service Vehicle; 

  

	 	(c)	to sub-lease to persons, other than Affiliates of the Avis Europe Group established in Italy, 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 Italy for use by such Affiliates in their own businesses or by its employees in their personal
activities or activities related to such business in Italy; or 

  

	 	(e)	to sub-lease to Affiliates of the Avis Europe Group or third parties located in Italy 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. 

  
 - 10 -

	 	7.1.2	the Lessee may not use any Vehicle for any purpose not set out in the above sub-clause 7.1.1 without obtaining prior written consent from the Lessor and the FleetCo
Security Agent. 

  

	7.2	Conditions to Sub-leases 

  

	 	7.2.1	The Lessee shall ensure that the Vehicles used as Service Vehicles pursuant to Clause 7.1.1 (b), and /or sub-leased pursuant to Clause 7.1.1 (c) to (e) shall
at all time comply with the Concentration Limits. 

  

	 	7.2.2	The Lessee may only grant a sub-lease under Clause 7.1 (Use of Vehicles) if the following conditions (or, in the case of sub-leases to be granted under
sub-clause 7.1.1(a) or 7.1.1(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 8 (Non disturbance)
and Clause 9 (Access)); and 

  

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

  

	 	(d)	in the case of a sub-lease granted pursuant to sub-clause 7.1.1(c) or 7.1.1(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 7.1.1(d) and 7.1.1(e)
wishes to sub-lease such Vehicle to a 

  
 - 11 -

	 	
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 7.2.2 (or in the case of sub-leases granted under sub-clauses 7.1.1(a) or 7.1.1(b), only with the conditions specified in clauses 7.2.2(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. 

 

	8.	NON DISTURBANCE 

 The
Lessor undertakes that, provided that there is no Master Lease Termination Event which has occurred and is continuing and subject to Clause 29.3 (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 and subject to the Italian FleetCo Security Documents.

  

	9.	ACCESS 

 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 27 (Termination), the Lessor, the
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. 

  
 - 12 -

	10.	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. 

 

	11.	LESSEE’S UNCONDITIONAL OBLIGATIONS 

  

	11.1	Obligation to pay Rent 

Without prejudice to the provisions of Clause 17.1 (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: 
  

	 	11.1.1	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 19 (Tax Gross Up) shall apply); 

  

	 	11.1.2	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; 

  

	 	11.1.3	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; 

  

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

  

	 	11.1.5	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); 

  

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

 

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

  

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

  
 - 13 -

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

 

	 	11.1.10	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; 

 

	 	11.1.11	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;

  

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

 

	 	11.1.13	the provisions of a Master Lease Termination Notice. 

  

	11.2	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. 

 

	11.3	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. 
  

	11.4	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 27 (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. 
  

	11.5	Lessee’s rights and remedies 

 Subject to Clause 31 (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 8 (Non disturbance) and Clause 9 (Access) or, subject to Clause 33 (Non Petition and Limited Recourse), 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. 

  
 - 14 -

 SECTION C 
 PAYMENT TERMS 
  

	12.	RENT 

  

	12.1	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: 
  

	 	12.1.1	the Base Rent accrued and payable; and 

  

	 	12.1.2	the Variable Rent payable, 

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

	12.2	Accrual and Payment of Rent 

 Subject to Clause 12.3 (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. 

 

	12.3	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 29.2 (Return of Vehicles upon Master Lease End Date) or 29.3 (Repossession of Vehicles). 
  

	13.	CASUALTIES AND NON-ELIGIBLE VEHICLES 

  

	13.1	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: 

 

	 	13.1.1	notify the Italian Servicer and the Lessor in writing thereof; and 

  

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

  

	13.2	Termination of lease due to Casualty 

  

	 	13.2.1	Subject to Clause 13.4 (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. 

  
 - 15 -

	 	13.2.2	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. 

 

	13.3	Proceeds of insurance claim 

 Subject to Clause 13.4 (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. 
  

	13.4	Compliance 

 The Lessor
shall not be required to comply with any of its obligations under this Clause 13 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. 
  

	14.	PROGRAMME VEHICLE SPECIAL DEFAULT PAYMENTS 

  

	14.1	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. 

  

	14.2	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. 

  
 - 16 -

	15.	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 28 (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 29.1 (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. 
  

	16.	FEES, TRAFFIC PENALTIES AND FINES 

  

	16.1	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:

  

	 	16.1.1	vehicle excise duty/motor vehicle duty pursuant to the Italian road code (Codice della strada), any vehicle registration tax, any vehicle property tax and any
other applicable registration fees, title fees, licence fees or other similar governmental fees and taxes; 

  

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

  

	 	16.1.3	premiums relating to any of the Insurance Policies under Clause 22.5 (Insurance); or 

 

	 	16.1.4	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 and/or Vehicle Dealers or the Non–Programme Vehicles are sold by the Lessor to 

  
 - 17 -

 
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 will notify the Lessor and the FleetCo Security Agent (with a copy to the Transaction Agent) promptly. In the event that the Lessee makes any payment in accordance with the terms of this Clause 16 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. 
  

	16.2	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 16.1 (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). 
  

	17.	PREPAYMENTS AND LATE PAYMENTS 

  

	17.1	Prepayments 

Notwithstanding Clause 12.1, on any date, the Lessee may at its option pay to the Lessor any rent or other payments (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 Italian 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. 
  

	17.2	Consequences of late payment 

  

	 	17.2.1	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. 

 

	 	17.2.2	Any default interest accrued under this Clause 17.2 shall be payable on any Lease Payment Date by the Lessee or on demand by the Lessor or the FleetCo Security
Agent. 

  

	 	17.2.3	There shall be no automatic compounding of interest (anatocismo), any interest may be compounded only upon specific arrangements to be entered into between the
relevant Parties to this Agreement in accordance with Article 1283 of the Italian Civil Code, save where any change of law or in the applicable regulations state otherwise. 

  
 - 18 -

	18.	PAYMENT MECHANICS 

  

	18.1	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 Italian 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. 
  

	18.2	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
Italian Transaction Account (or such other Additional Account(s), as permitted under the Italian Transaction Documents). 
  

	18.3	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). 

 

	18.4	Currency of account 

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

	18.5	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. 
  

	18.6	Aggregation of amounts 

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

 

	18.7	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. 

  
 - 19 -

	19.	TAX GROSS-UP 

  

	19.1	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.

  

	19.2	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, the Transaction Agent and the FleetCo Security Agent (with a copy to the Transaction Agent) accordingly. 

  

	19.3	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. 

  

	19.4	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. 

  

	19.5	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 (with a copy to the Transaction 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. 

  

	20.	VAT AND STAMP TAXES 

  

	20.1	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. 

 

	20.2	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. 

  
 - 20 -

	20.3	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. 
  

	20.4	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. 
  

	21.	INDEMNITIES 

  

	21.1	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 Issuer) for all expenses (including legal costs) incurred by the Lessor and/or the FleetCo Security Agent (on its behalf or on behalf of the Issuer), 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). 

  

	21.2	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: 

 

	 	21.2.1	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 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; 

  

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

 

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

  
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	21.3	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 Italian Facility Agreement. 

 

	21.4	The indemnities in this Clause 21.1 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 Italian 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 Italian Servicer under the Italian Servicing Agreement where the Italian Servicer is itself liable or any act or failure to act of any
other person. 

  

	21.5	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. 

  
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 SECTION D 
 COVENANTS, REPRESENTATIONS AND WARRANTIES 
  

	22.	COVENANTS OF THE LESSEE 

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

	22.1	General covenants 

  

	 	22.1.1	only use the Vehicles for the purposes permitted under Clause 7 (Use of Vehicles and Sub–Leasing); 

 

	 	22.1.2	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; and 

  

	 	22.1.3	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. 

  

	22.2	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 29 (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; 
  

	22.3	Covenants as to Vehicles 

  

	 	22.3.1	not knowingly use any Vehicle for any unlawful purpose; 

  

	 	22.3.2	until each Vehicle has been redelivered to the Lessor or to its order in accordance with Clause 29 (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 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; 

  
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	 	(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 29 (Return/Redelivery of Vehicles), in each case without impairing the functioning of such Vehicle or its resale value; 

 

	22.4	Reporting 

  

	 	22.4.1	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. 

  

	22.5	Insurance 

  

	 	22.5.1	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 

  
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	 	(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 as from 30 calendar
days following the Initial Funding Date ensure that the Lessor is entitled to directly claim under such Insurance Policies; 
  

	 	22.5.2	on or prior to the Initial Funding Date, and then (i) on an annual basis (on each anniversary 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; 

  

	 	22.5.3	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; 

 

	 	22.5.4	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; 

  

	 	22.5.5	notify the Lessor, the FleetCo Security Agent and the Transaction Agent of any material changes, variations or cancellations of insurance policy 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; 

  

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

 

	 	22.5.7	promptly notify the Lessor, the FleetCo Security Agent and the Transaction 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; 

 

	 	22.5.8	as from 30 calendar days following the Initial Funding Date, 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; 

  
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	 	22.5.9	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); 

 

	 	22.5.10	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; 

  

	 	22.5.11	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; 

 

	 	22.5.12	act with the necessary diligence when sub-leasing a Vehicle to a customer; 

 

	 	22.5.13	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 Transaction Agent and the FleetCo Security 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; 

 

	 	22.5.14	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 

  

	 	22.5.15	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. 

  

	22.6	Registration of Vehicles 

  

	 	22.6.1	procure (with the co-operation of the Lessor, where required) and at its expense the registration (immatricolazione) of the Lessor as the owner of the Vehicles
in the Pubblico Registro Automobilistico (“PRA”) during the relevant Lease Term, within any applicable time limits for such registration; and 

 

	 	22.6.2	 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 

  
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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. 

 

	23.	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 23 to the Lessor and the FleetCo Security Agent (for itself and on behalf of the Issuer) on the Effective Date, 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, that: 
  

	23.1	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. 
  

	23.2	Solvency 

 no Insolvency
Event has occurred in relation to the Lessee; 
  

	23.3	No Default 

  

	 	23.3.1	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 

  

	 	23.3.2	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. 

  

	23.4	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; 
  

	23.5	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 
  

	24.	REDESIGNATION EVENTS 

  

	24.1	Redesignation of Programme Vehicles as Non-Programme Vehicles 

  

	 	24.1.1	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 26 (Redesignation Mechanics). 
  

	 	24.1.2	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.

  

	24.2	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. 
  

	24.3	Redesignation of Non-Programme Vehicles as Programme Vehicles 

 If the Lessor: 
  

	 	24.3.1	has redesignated a Programme Vehicle as a Non–Programme Vehicle in accordance with sub-clause 24.1.1 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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	 	24.3.2	redesignated a Programme Vehicle as a Non-Programme Vehicle in accordance with Clause 24.2 (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 

  

	 	24.3.3	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. 
  

	25.	LIMITATIONS ON REDESIGNATION 

 The Lessor may not redesignate any Vehicle in accordance with Clause 26 (Redesignation Mechanics) other than in circumstances specified in Clause 24 (Redesignation Events).

  

	26.	REDESIGNATION MECHANICS 

  

	26.1	Notification by Lessor 

Within 5 (five) Business Days of redesignating a Vehicle in accordance with Clause 24 (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. 
  

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

 

	 	26.2.1	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 24.1 (Redesignation of Programme Vehicles as Non-Programme Vehicles), 24.2 (Redesignation of Programme Vehicles as Non-Programme Vehicles due to FleetCo Event of Default) and/or 24.3
(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 18.1 (Calculations). 

 

	 	26.2.2	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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	 	26.2.3	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). 

 

	27.	TERMINATION 

  

	27.1	Termination of this Master Lease Agreement 

  

	 	27.1.1	Italian FleetCo is entitled to withdraw from this Agreement for any reason whatsoever upon giving 60 days’ notice to the Italian Opco and upon receiving consent to
withdraw from the FleetCo Security Agent (a copy of such notice to be sent to the Transaction Agent), Italian Opco expressly waives any indemnity rights vis-à-vis the Italian FleetCo in respect of expenses, fees and loss of profits to which
it will be entitled as a consequence of such withdrawal under Italian law, including pursuant (but not limited) to Article 1671 of the Italian Civil Code. 

  

	 	27.1.2	Subject to a Master Lease End Date not having occurred and subject to sub-clause 27.4.1, this Agreement shall remain in full force and effect until the date on
which all Vehicles leased hereunder together with the Vehicle Documents are returned to the Lessor or to its order in accordance with Clause 29 (Return/Redelivery of Vehicles). 

 

	27.2	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. 
  

	27.3	Consequences of Master Lease End Date 

 If a Master Lease End Date occurs: 
  

	 	27.3.1	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;

  
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	 	27.3.2	the Lessee shall not be able to lease additional Vehicles from the Lessor in accordance with Clause 4 (Lease Term); 

 

	 	27.3.3	the Lessee shall be required to immediately return or cause to be returned all Vehicles (together with the relevant Vehicle Documents) in accordance with
Clause 29.2 (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; 

 

	 	27.3.4	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; 

  

	 	27.3.5	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 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 7 (Use of
Vehicles and Sub–Leasing) where the Lessee fails to return or redeliver such Vehicles in accordance with Clause 29.2 (Return of Vehicles upon Master Lease End Date); 

 

	 	27.3.6	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, 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 

 

	 	27.3.7	each party’s accrued rights and obligations hereunder at the date of termination are unaffected but, subject to sub-clause 27.4.1 each party’s further
rights and obligations shall cease immediately; 

  

	27.4	Miscellaneous termination provisions 

  

	 	27.4.1	Clauses 5.4, 13.1, 14, 15, 16.1, 20, 21, 27.3, 27.4.1, 27.4.2, 29, 31, 32, 33, 40, 41 and 46 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 27.1 and shall continue in full force and effect. 

 

	 	27.4.2	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. 

  
 - 31 -

	 	27.4.3	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. 

  

	28.	REJECTED VEHICLES 

  

	28.1	Entitlement to reject 

Subject to Clause 28.3 (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 6 (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. 
  

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

 Any rejection of a Vehicle under this Clause 28 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. 

 

	28.3	Rejections after payment for Vehicle 

 Subject to Clause 28.4 (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. 

 

	28.4	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 28.3 (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 28.1 (Entitlement to reject). 

 

	28.5	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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	29.	RETURN/REDELIVERY OF VEHICLES 

  

	29.1	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: 

 

	 	29.1.1	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 

  

	 	29.1.2	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. 

  

	29.2	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 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 Vehicle Documents not in its possession. 
  

	29.3	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 29.1 (Redelivery of Vehicles prior to a Master Lease End Date) or 29.2 (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 Vehicle Documents which have not been returned as aforementioned.
The Lessee will 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 Vehicle Documents. 

  
 - 33 -

	29.4	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. 
  

	30.	SALE OF VEHICLES 

  

	30.1	Sale of Vehicles by the Lessor 

  

	 	30.1.1	The Lessor has the right (at any time with the consent of the Lessee) to arrange, with the assistance of the Italian 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. 

  

	 	30.1.2	The Lessee undertakes to facilitate the task of the Italian Servicer (or of any substitute Italian Servicer (including any Liquidation Agent) appointed instead),
including by granting to the latter access to such leased Vehicles (provided that it shall act during normal business hours and on reasonable prior notice). 

 

	 	30.1.3	Following the occurrence of an Event of Default in relation to the Italian Servicer, Italian FleetCo shall immediately instruct the Italian Servicer and the Italian
Servicer shall immediately notify the Vehicle Dealers and Vehicle Manufacturers in writing that the obligations of Italian FleetCo under each Vehicle Purchasing Agreement to which Italian 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, Italian OpCo may continue to purchase Vehicles under the Vehicle Purchasing Agreement for its own account). 

 

	30.2	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 be funded outside of the FleetCo Italian Facility Agreement. 
  

	30.3	Sale of Vehicles between FleetCos and Opcos 

  

	 	30.3.1	 Subject to clause 30.5, 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 

  
 - 34 -

	 	
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 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. 

  

	 	30.3.2	Notwithstanding sub-clause 30.3.1, 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. 

 

	 	30.3.3	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). 

  

	30.4	Payment of accrued Rent 

  

	 	30.4.1	Notwithstanding the disposal of a Vehicle in accordance with this Clause 30 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. 

 

	 	30.4.2	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. 

  
 - 35 -

	30.5	Italian Opco option to purchase Vehicles 

 The Lessor irrevocably grants the Lessee an option to buy (facoltà di acquisto), and to require the Lessor to sell, each Vehicle provided that: 

 

	 	30.5.1	no Master Lease Termination Event has occurred which has not been remedied; 

 

	 	30.5.2	the Lessee serves on the Lessor written notice of its intention to purchase the relevant Vehicle, such notice to identify each Vehicle therein by reference to the
Vehicle Manufacturer or the Vehicle Dealer, the model, the model year and the vehicle registration number (the “Option Notice”); and 

  

	 	30.5.3	the Option Notice specifies the date on which the relevant Vehicle will be purchased by the Lessee, which date must be a Business Day not less than 10 Business Days
after the date on which the Option Notice is served on the Lessor (the “Option Completion Date”). 

On the Option Completion Date: 
  

	 	30.5.4	the Lessee shall pay to the Lessor in same day available funds the purchase price for each relevant Vehicle, such purchase price to be at least equal to the then market
value of such Vehicle (unless the then market value of such Vehicle is lower than the Net Book Value, in which case the sale price shall be the Net Book Value) (the “Option Purchase Price”), into an account designated by the Lessor;

  

	 	30.5.5	upon receipt by the Lessor of the Option Purchase Price, any lease relating to the relevant Vehicle which is purchased by the Lessee pursuant to this Clause 30.5 shall
terminate and the Lessor (or the Italian Servicer on its behalf) shall arrange for title to the relevant Vehicle to be transferred to the Lessee and, if required, the Lessee shall take delivery of such a Vehicle. 

A copy of the agreements stipulated for the exercise of the option to buy under this Clause 30.5 will be provided by the Lessee to the
FleetCo Security Agent (with a copy to the Transaction Agent). 

  
 - 36 -

 SECTION F 
 MISCELLANEOUS 
  

	31.	NO REPRESENTATION OR WARRANTY BY LESSOR 

  

	31.1	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 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 Vehicle Documents or other documentation, including
warranties or representations as to: 

  

	 	31.1.1	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 31.1.1 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 

  

	 	31.1.2	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 

  

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

 

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

 

	32.	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. 

  
 - 37 -

	33.	NON PETITION AND LIMITED RECOURSE 

 In accordance with Clause 1.2 (Common Terms) above, the Parties agree that the provisions of Clause 27.1.2 (Non petition against the FleetCos) and Clause 27.2.2 (Limited recourse against
the FleetCos) shall apply to this Agreement as if they were incorporated, mutatis mutandis, hereunder. 
  

	34.	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. 

 

	35.	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 Italian FleetCo to the FleetCo Secured Creditors in
full for any reason, Italian 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 Italian FleetCo. 

 

	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.	AMENDMENT 

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

	38.	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 -

	39.	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. 

 

	40.	OBLIGATIONS AS CORPORATE OBLIGATIONS 

  

	40.1	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. 
  

	40.2	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. 

 

	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.	FLEETCO SECURITY AGENT NOT A PARTY 

  

	 	42.1.1	Except where this Agreement provides otherwise, the FleetCo Security Agent has agreed to become a party to this Agreement for the better preservation and enforcement of
its rights under this Agreement and the Italian FleetCo Security Deed and the Issuer’s rights under the FleetCo Italian Facility Agreement and neither the FleetCo Security Agent nor the Issuer shall assume any liabilities or obligations under
this Agreement unless such obligation or liability is expressly assumed by the FleetCo Security Agent only (and not the Issuer in this Agreement. 

  
 - 39 -

	 	42.1.2	The FleetCo Security Agent (acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement) shall not have any responsibility for any of the
obligations of the other Parties and the other Parties acknowledge that the FleetCo Security Agent (acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement) has no such responsibility and that the FleetCo Security
Agent (acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement) is entitled to the protections contained in and on the terms set out in this Agreement and in the Italian FleetCo Security Deed and the Framework
Agreement. The FleetCo Security Agent acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement) hereby declares that each of the FleetCo Security Agent and the Issuer accepts, for the purposes of article 1411 et
seq. of the Italian Civil Code, the rights 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. 

  

	 	42.1.3	The Parties (other than the FleetCo Security Agent) acknowledge and accept that the Issuer Has appointed the FleetCo Security Agent to act as their agent (mandatario
con rappresentanza) under and in connection with the FleetCo Italian Facility Agreement, this Agreement and the other Transaction Documents governed by Italian law. 

 

	43.	CHANGE OF FLEETCO SECURITY AGENT 

 If there is an appointment of a replacement FleetCo Security Agent in accordance with the terms of the relevant FleetCo Deed of Charge, 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. 
  

	44.	EXERCISE OF ITALIAN REPAYMENT OPTION 

 Immediately following the exercise of the Italy Repayment Option and payment in full of the amount specified in paragraph 6.2.2(ii) of the Framework Agreement, the Parties hereto agree that the FleetCo
Security Agent shall cease to be a party to this Agreement and shall be automatically released from its obligations hereunder. 
  

	45.	GOVERNING LAW 

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

  
 - 40 -

	46.	JURISDICTION 

  

	 	46.1.1	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 Rome and agrees that Rome is the most appropriate and convenient courts to settle any suit, action, Dispute or Proceedings and accordingly neither party will argue to the contrary.

  

	 	46.1.2	Clause 44.1.1 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. 

  
 - 41 -

 SCHEDULE 1 
 FORM OF MASTER LEASE RENEWAL AGREEMENT 
  

			
	To:	    	Avis Budget Italia S.p.A. Fleet Co. S.A.p.A. (the “Lessor”)
		    	Viale Carmelo Bene 70
		    	Rome 00139
		    	Italy
		
	From:	    	Avis Budget Italia S.p.A. (the “Lessee”)
		    	Viale Carmelo Bene 70
		    	00139 Rome
		    	Italy
		
	Copy to:	    	Crédit Agricole Corporate and Investment Bank, (the “FleetCo Security Agent” for itself and on behalf of the Issuer 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/renewed] until [date] [year] on the terms set out in the Master Lease Agreement. 
 This letter is a
Master Lease Renewal Agreement and all provisions of the Master Lease Agreement shall 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

  
 - 42 -

 SCHEDULE 2 
 FORM OF VEHICLE REQUEST NOTICE 
 Master Lease Agreement between

 Avis Budget Italia S.p.A. Fleet Co. S.A.p.A. and Avis Budget Italia S.p.A. 

Vehicle Request Notice 

Number of Vehicles 
 Manufacturer 

Vehicle model and year 
 Expected date of
delivery to the Lessee’s premises 
 Executed by: 
 Lessee 
 Avis Budget Italia S.p.A. 

 

			
	By:	 	  

	Date:	 	  

 Executed by: 

Lessor 
 Avis Budget Italia S.p.A. Fleet Co.
S.A.p.A. 
  

			
	By:	 	  

	Date:	 	  

  
 - 43 -

 SCHEDULE 3 
 FORM OF VEHICLE SCHEDULE 
 Master Lease Agreement between 

Avis Budget Italia S.p.A. Fleet Co. S.A.p.A. and Avis Budget Italia S.p.A. 

Vehicle Schedule 
  

	
	
	Vehicle Identification Number(s):
	
	Motor vehicle number:
	
	Registration Number:
	
	Vehicle Manufacturer:
	
	Model Year:
	
	Model:
	
	Colour:
	
	Mileage:
	
	On Rent Indicator:
	
	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

  
 - 44 -

	
	Delivery date
	
	Programme/Non–Programme
	
	Lease Commencement Date:
	
	[Contemplated lease end date (“durata/scadenza del leasing prevista”):
[date]1.]

 Executed by: Lessor 
 Avis Budget Italia S.p.A. Fleet Co. S.A.p.A. 
  

			
	By:	 	  

 We refer to the agreement entitled “Italian Master Lease Agreement” entered into on or about
5 March 2013, between ourselves and Yourselves (as amended, renewed and restated from time to time, the “Master Lease Agreement”). Unless otherwise defined, terms defined in the Master Lease Agreement shall have the same
meaning when used in this Vehicle Schedule (lettera di esecuzione per la concessione in leasing con facoltà di acquisto). 
 We
hereby acknowledge and agree that the Vehicles referred hereunder are leased (concessi in leasing) as from the relevant Lease Commencement Date until the contemplated lease end date specified hereunder, in accordance with the Master Lease
Agreement. 
 The Vehicles leased hereunder are subject to the purchase option in favour of the Lessee (facoltà di acquisto del
locatario) as set out in Clause 30.5 of the Master Lease Agreement. 
 The contemplated lease end date specified hereunder may be postponed
(prorogata) by executing a letter substantially in the form of this Vehicle Schedule in accordance with, and subject to, the terms of the Master Lease Agreement. 
 Lessee 
 Avis Budget Italia S.p.A. 

 

			
	By:	 	  

 With a copy to: Crédit Agricole Corporate and Investment Bank as Transaction Agent and FleetCo Security Agent

  
  

	1 	 Date to be specified for operating purposes - PRA registrations, it may be extended exclusively within the limits set out in the definition of
“Lease Expiration Date” of the Master Definitions Agreement. 

  
 - 45 -

 * * * * 
 [Italian courtesy translation for operating purposes –  

English version prevails in case of conflict] 
 Contratto Quadro di Locazione di Veicoli 
 tra Avis Budget Italia S.p.A.
Fleet Co. S.A.p.A. 
 e Avis Budget Italia S.p.A. 

Lettera di esecuzione per la concessione in leasing di Veicoli 

(Vehicle Schedule) 
 Numero Veicoli: 
 Numeri identificativi dei Veicoli: 

Fornitore: 
 Modello e anno di produzione:

 Veicolo appartenente al Programma/ non appartenente al Programma: 
 Luogo di consegna: 
 Data di Inizio del Leasing (Lease Commencement Date): 

[Durata/data di scadenza del Leasing prevista: [data]2.] 

Sottoscritta da: Locatore 
 Avis
Budget Italia S.p.A. Fleet Co. S.A.p.A. 
  

			
	By:	 	  

 Facciamo riferimento al contratto quadro di locazione di autoveicoli denominato “Italian Master Lease
Agreement” stipulato in data [—] 2013, tra la nostra società e la Vostra società (come di volta in volta modificato, rinnovato e/o integrato il “Contratto Quadro di
Locazione”). Salvo ove diversamente previsto, i termini definiti nel Contratto Quadro di Locazione avranno lo stesso significato qualora utilizzati nella presente lettera di esecuzione per la concessione in leasing di Veicoli
(Vehicle Schedule). 
 Ai sensi della presente, prendiamo atto e concordiamo che i Veicoli qui indicati sono concessi in leasing,
a far data dalla Data di Inizio del Leasing (Lease Commencement Date) e per la durata del Leasing sino alla di scadenza del leasing qui prevista, in conformità alle previsioni del Contratto Quadro di Locazione.

 I Veicoli indicati nella presente lettera sono locati con facoltà di acquisto a favore del Locatario ai sensi dell’articolo 30.5
del Contratto Quadro di Locazione. 
 La durata/data di scadenza del Leasing prevista per i Veicoli indicati nella presente potrà
essere prorogata mediante sottoscrizione di una lettera sostanzialmente nella forma di questa lettera (Vehicle Schedule), in conformità e secondo i termini del Contratto Quadro di Locazione. 

 
  

	2 	 Data da specificare ai fini operativi per l’iscrizione al PRA - può essere prorogata esclusivamente nei limiti previsti dalla definizione
di “Lease Expiration Date” inclusa nella “Master Definitions Agreement”. 

  
 - 46 -

			
	Locatario
	Avis Budget Italia S.p.A.
		
	By:	 	  

 [Una copia sottoscritta é da fornire al FleetCo Security Agent e al Transaction
Agent] 

  
 - 47 -

 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. 

  
 - 48 -EX-10.11

 Exhibit 10.11 
 CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AS INDICATED BY [REDACTED] AND SEPARATELY FILED WITH THE COMMISSION. 

 

			
	 

	 	CLIFFORD CHANCE LLP

 EXECUTION VERSION 
 FINCAR FLEET B.V., SUCURSAL EN ESPAÑA 
 AS DUTCH FLEETCO 

AVIS ALQUILE UN COCHE, S.A. 
 AS SPANISH SERVICER 
 AND 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 
 AS FLEETCO SECURITY AGENT 
  

 
 SPANISH
SERVICING AGREEMENT 
  
  

 CONTENTS 

 

							
	Clause	 	 	  	Page	 
			
	1.	 	Definitions	  	 	2	  
			
	2.	 	Principles of Interpretation	  	 	2	  
			
	3.	 	Common Terms	  	 	3	  
			
	4.	 	Appointment of Spanish Servicer	  	 	4	  
			
	5.	 	Outsourcing	  	 	4	  
			
	6.	 	Grant of Powers of Attorney	  	 	5	  
			
	7.	 	Liability and Force Majeure	  	 	6	  
			
	8.	 	Spanish Servicer Representations and Warranties	  	 	9	  
			
	9.	 	Dutch FleetCo Representation	  	 	13	  
			
	10.	 	Spanish Servicer Covenants	  	 	13	  
			
	11.	 	Dutch FleetCo Covenants	  	 	15	  
			
	12.	 	Spanish Servicer Fees	  	 	16	  
			
	13.	 	Costs and Expenses	  	 	16	  
			
	14.	 	Payment Mechanics	  	 	16	  
			
	15.	 	Servicer Termination Events	  	 	18	  
			
	16.	 	Obligations of Spanish Servicer after Termination	  	 	19	  
			
	17.	 	Entire Agreement	  	 	21	  
			
	18.	 	Further Assurance	  	 	21	  
			
	19.	 	FleetCo Security Agent Party to Agreement	  	 	22	  
			
	20.	 	Change of FleetCo Security Agent	  	 	22	  
			
	21.	 	Services Non-Exclusive	  	 	22	  
			
	22.	 	No Partnership	  	 	23	  
			
	23.	 	Continuation of Obligations	  	 	23	  
			
	24.	 	Assignment and Subcontracting	  	 	23	  
			
	25.	 	Obligations as Corporate Obligations	  	 	23	  
			
	26.	 	Time of the Essence	  	 	24	  
			
	27.	 	Value Added Tax and Stamp Taxes	  	 	24	  
			
	28.	 	Insufficient Recoveries	  	 	25	  
			
	29.	 	Amendment	  	 	25	  
			
	30.	 	Governing Law	  	 	25	  
			
	31.	 	Jurisdiction	  	 	25	  
			
	32.	 	Governing Language	  	 	25	  
			
	33.	 	Execution	  	 	25	  
		
	Schedule 1 Services	  	 	27	  

  
 - i -

					
	 Part A Fleet Management
	  	 	27	  
		
	 Part B Administrative Management Services
	  	 	34	  
		
	 Part C Cash Management, Records and Information Reporting
	  	 	37	  
		
	 Schedule 2 Negotiation Guidelines in relation to New Buy-Back Agreements to be entered into between Fleetcos and Vehicles
Manufacturers
	  	 	46	  
		
	 Schedule 3 Rejected Vehicle Schedule
	  	 	58	  
		
	 Schedule 4 Conditions Precedent
	  	 	59	  
		
	 Schedule 5 Form of Officer’s Certificate
	  	 	60	  
		
	 Schedule 6 Form of Director’s Certificate Regarding Negotiation Guidelines Compliance
	  	 	61	  
		
	 Schedule 7 Spanish Servicer Communication to Dutch FleetCo Due to Subprocessing Agreement
	  	 	62	  
		
	 Schedule 8 Contrato De Subencargo De Tratamiento Suscrito Entre Avis AlQuile Un CochE, S.A. Y [Insert Sub
Encargado]
	  	 	63	  

  
 - 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 “Dutch FleetCo”); 

  

	(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
fiscal identification number A28152767), a company incorporated in Spain with its principal place of business in Spain, whose registered office is at Avenida Manoteras, no 32, 28050 (Madrid) (the “Spanish Servicer”); and

  

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

 INTRODUCTION: 

 

	(A)	The Spanish Servicer carries on the business of operating a vehicle rental business in Spain. 

 

	(B)	Dutch FleetCo owns or will own Vehicles and lease them to Avis Alquile un Coche, S.A. in its capacity as lessee under the Spanish Master Lease Agreement.

  

	(C)	Spanish Servicer has agreed to act as servicer to provide certain administrative services to Dutch FleetCo in respect of, amongst other things, the Vehicles, in
accordance with the terms of this Agreement. 

  

	(D)	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 PRINCIPLES OF INTERPRETATION 
  

	1.	DEFINITIONS 

  

	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) and shall be governed by Spanish law when used in this Agreement. 

  

	 	1.1.2	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. 

  

	 	1.1.3	In this agreement the following definition is also used: 

 “Tax on Motor Vehicles” means “Impuesto sobre Vehículos de Tracción Mecánica” and is a Spanish annual fee in respect of any motor vehicle suitable
for use on public roadways. 
  

	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	Meaning of “to ensure” or “to procure” 

 In this Agreement, where there is a reference to the giving of notices, performing of calculations, provision of documents, making of determinations and other administrative activities, in each case, to
be carried out “to ensure” or “to procure” the compliance with or performance of certain terms in certain agreements, any such reference means the giving of all such notices, the making of all such calculations, the provision of
all such documents, the making of all such determinations and all such other administrative activities as are required by the terms of such agreements to make such compliance or performance possible. 

 

	2.3	Meaning of “to arrange” 

 Where this Agreement states that the Spanish Servicer is “to arrange” for a payment to be made, or other obligations to be performed, to or by Dutch FleetCo or any other person, the Spanish
Servicer (unless expressly provided otherwise) shall be obliged to use best endeavours to make all the necessary arrangements within the Spanish Servicer’s control required on the part of Dutch FleetCo and/or of itself to facilitate such
payment or performance and to the extent that it has done so shall have discharged its obligation “to arrange” for the relevant payment to be made or other obligation to be performed and shall not be liable as primary debtor, indemnitor,
guarantor or otherwise as surety, in respect of such payment or other obligations. 

  
 - 2 -

	2.4	Construction of “Lessee” 

 In this Agreement, any reference to the “Lessee” shall be deemed to be a reference to Avis Alquile Un Coche, S.A. acting as lessee under the Spanish Master Lease Agreement. 

 

	2.5	Spanish Servicer not regarded as payer 

 In this Agreement the Spanish Servicer shall not be regarded as the “payer” merely by reason of it making necessary arrangements within the Spanish Servicer’s control for the
transmission or payment of funds. 
  

	2.6	Prevalence of Third Party Holding Agreement 

 Each of Dutch FleetCo and the Spanish Servicer agrees that the role of the Spanish Servicer as Third Party Holder shall prevail over the role of the same as Spanish Servicer 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. 
  

	3.	COMMON TERMS 

  

	3.1	Incorporation of Common Terms 

 The Common Terms apply to this Agreement and shall be binding on the parties to this Agreement as if set out in full in 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 
 APPOINTMENT AND DELEGATION 
  

	4.	APPOINTMENT OF SPANISH SERVICER 

  

	4.1	Appointment 

 Dutch
FleetCo hereby appoints the Spanish Servicer in accordance with this Agreement to be the Servicer, to provide the Services (as defined and set out in Schedule 1 (Services)) in accordance with the terms of this Agreement with effect from the
date hereof and the Spanish Servicer accepts such appointment. 
  

	4.2	Conditions precedent 

 The
appointment of the Spanish Servicer pursuant to Clause 4.1 (Appointment) is subject to the satisfaction of all the conditions precedent required to be satisfied by the Lessee pursuant to clause 6.2 (Conditions precedent to lease) of
the Spanish Master Lease Agreement and the receipt of the documents listed in Schedule 4 (Conditions Precedent), each in a form satisfactory to Dutch FleetCo. 
  

	4.3	Spanish Servicer’s agency limited 

 The Spanish Servicer shall have no authority by virtue of this Agreement to act for or represent Dutch FleetCo as agent or otherwise save in respect of those functions and duties which it is expressly
authorised to perform and discharge by this Agreement in an agency capacity and for the period during which this Agreement so authorises it to perform and discharge those functions and duties. 

 

	4.4	Spanish Servicer’s authority necessary to exercise of rights 

 In connection with the rights, powers and discretions conferred on the Spanish Servicer under this Agreement, the Spanish Servicer shall have the full power, authority and right to do or cause to be done
any and all things which it reasonably considers necessary in relation to the exercise of such rights, powers and discretions in relation to the performance of the relevant Services. 

 

	4.5	Spanish Servicing Standard 

The Spanish Servicer shall, at all times during the term of this Agreement, perform its obligations with all reasonable care, skill and
diligence and in the utmost good faith and in the same manner as it would service assets to which it was beneficially entitled and with at least the same care and skill that would be expected of a professional servicer of similar assets (the
“Servicing Standard”). 
  

	5.	OUTSOURCING 

  

	5.1	The Spanish Servicer may delegate all or part of the Services to any person as its Sub-contractor on the condition that: 

 

	 	5.1.1	the Spanish Servicer reasonably believes that the Sub-contractor is capable of, and experienced in, performing the sub-contracted Services; 

  
 - 4 -

	 	5.1.2	no cost shall be borne by Dutch FleetCo or the FleetCo Security Agent in connection with such delegation; 

 

	 	5.1.3	the Spanish Servicer shall maintain up-to-date records of the Services which have been delegated to any Sub-contractor, and such records shall contain the name and
contact information of the Sub-contractor; 

  

	 	5.1.4	in delegating any of the Services to a Sub-contractor, the Spanish Servicer shall act as a principal and not as an agent of Dutch FleetCo and shall use reasonable skill
and care in choosing a Sub-contractor; 

  

	 	5.1.5	the Spanish Servicer shall not be released or discharged from any liability under this Agreement, and no liability shall be diminished, and shall remain primarily
liable for the performance of all of the obligations of the Spanish Servicer under this Agreement; 

  

	 	5.1.6	the performance or non-performance and the manner of performance by any Sub-contractor of any of the Services shall not affect the Spanish Servicer’s obligations
under this Agreement; 

  

	 	5.1.7	any breach in the performance of the Services by a Sub-contractor shall be treated as a breach of this Agreement by the Spanish Servicer; 

 

	 	5.1.8	neither Dutch FleetCo nor the FleetCo Security Agent shall have any liability for any act or omission of any Sub-contractor and shall have no responsibility for
monitoring or investigating the suitability of any Sub-contractor; 

  

	 	5.1.9	any obligations delegated to an entity are identical or similar to those obligations undertaken by the Spanish Servicer vis-a-vis Dutch FleetCo under this Agreement;
and 

  

	 	5.1.10	to the extent that the Spanish Servicer retains the services of third parties to transport Vehicles belonging to Dutch FleetCo in respect of which the lease has expired
pursuant to the Spanish Master Lease Agreement, and provided that such Vehicles are transported in connection with the provision of the Services, the Spanish Servicer shall promptly send or cause to be sent to each transporter at the latest
on the date on which the first aforementioned Vehicle is transported by such transporter, a notice confirming the ownership of the Vehicles by Dutch FleetCo. 

 

	5.2	The Spanish Servicer shall (i) notify the Transaction Agent and the FleetCo Security Agent of the identity of any such delegate, and (ii) provide a copy of
any sub-delegation agreement to the Transaction Agent and FleetCo Security Agent as soon as reasonably practicable after it is entered into. 

  

	6.	GRANT OF POWERS OF ATTORNEY 

 Dutch FleetCo shall from time to time upon receipt of request by the Spanish Servicer, promptly give to the Spanish Servicer any powers of attorney or other written authorisations or mandates and
instruments as are reasonably necessary to enable the Spanish Servicer to perform its obligations under this Agreement. Such powers of attorney shall cease to have effect when the Spanish Servicer ceases to act as servicer under this Agreement.

  
 - 5 -

	7.	LIABILITY AND FORCE MAJEURE 

  

	7.1	Liabilities 

 The Spanish
Servicer shall not be liable in respect of any Liabilities suffered or incurred by Dutch FleetCo or the FleetCo Security Agent as a result of the performance of its obligations under this Agreement save where such Liability is suffered or incurred
as a result of any negligence, fraud or wilful default of the Spanish Servicer or a Sub-contractor or any material breach by them of the provisions of this Agreement (including any breach under Clause 4.5 (Spanish Servicing Standard)).

  

	7.2	Spanish Servicer not liable for obligations 

 Subject to Clause 7.1 (Liabilities) but notwithstanding any other provisions of this Agreement, if the Spanish Servicer is rendered unable to carry out any of its obligations under this Agreement
as a result of: 
  

	 	7.2.1	failure by a FleetCo Secured Creditor to comply with any of its obligations under a Relevant Transaction Document; or 

 

	 	7.2.2	it being prevented from so doing by any Regulatory Direction or any Requirement of Law (other than arising as a result of an Insolvency Event in respect of the Spanish
Servicer); or 

  

	 	7.2.3	the occurrence of a Force Majeure Event, 

 the Spanish Servicer shall not be liable for any failure to carry out such obligations for so long as it is so prevented, provided that this Clause shall not apply if such event arises as a result of a
wilful default, fraud, illegal dealing or breach of an agreement by the Spanish Servicer or its Sub-contractor. 
  

	7.3	Spanish Servicer to minimise loss 

 Notwithstanding that in the circumstances specified in Clause 7.2 (Spanish Servicer not liable for obligations) it is relieved from liability for failure to perform its obligations under this
Agreement, the Spanish Servicer shall take such reasonable steps as are available to it (if any) to meet such obligations while such circumstances subsist and shall take such reasonable steps as are available to it in its sole discretion to procure
that such event ceases to occur and/or that any loss resulting from any such event is minimised, including the installation and use of back-up information technology systems. 

 

	7.4	Spanish Servicer notice of failure to carry out obligations 

 If the Spanish Servicer is prevented from carrying out any of its obligations under this Agreement as a result of any event referred to in Clause 7.2 (Spanish Servicer not liable for obligations),
the Spanish Servicer shall give notice to Dutch FleetCo and the Transaction Agent and FleetCo Security Agent as soon as reasonably practicable after 

  
 - 6 -

 
being so prevented detailing the particulars of such event and, as soon as reasonably practicable thereafter, upon written request of Dutch FleetCo, the Transaction Agent and the FleetCo Security
Agent, a notice indicating the steps, if any, which the Spanish Servicer proposes to take pursuant to Clause 7.3 (Spanish Servicer to minimise loss). 
  

	7.5	Vehicle Loss 

 If a loss,
damage, theft, destruction, attachment, seizure, confiscation or other Liability is suffered with respect to a Vehicle (“Vehicle Loss”), however caused or occasioned, the Spanish Servicer shall bear the risk of such Vehicle Loss and
indemnify Dutch FleetCo forthwith for Liabilities suffered in relation thereto, and may assert such claims or other appropriate actions which it considers to have a reasonable prospect of success on behalf of Dutch FleetCo or itself, after taking
into account the desirability of pursuing such claim and the costs of such action, as may be required to recover such Vehicle Loss from the party responsible for such Vehicle Loss. 

 

	7.6	Data protection 

 The
Spanish Servicer and Dutch FleetCo acknowledge and accept that for the provision of services under the Spanish Master Lease Agreement and the Spanish Servicing Agreement it may be necessary for the Spanish Servicer to have access to personal data
for which Dutch FleetCo is responsible (the “Data Files”), whereby the Spanish Servicer will process such Data Files on Dutch FleetCo’s behalf. 
 The Spanish Servicer and Dutch FleetCo acknowledge and accept that for the provision of services under the Spanish Master Lease Agreement and the Spanish Servicing Agreement it may be necessary that some
of the Spanish Servicer’ providers have access to personal data for which Dutch FleetCo is responsible (the “Sub-processor” or “Sub-processors”). 

 

	 	7.6.1	Processing: 

 In
order to comply with the provisions of Article 12 of Organic Law 15/1999, dated 13 December, on the Protection of Personal Data (the “LOPD”) and implementing regulations, the parties agree that if the Spanish Servicer or the
Sub-processor/s are requested to process protected data, the following rules will apply: 
  

	 	(i)	The Spanish Servicer will maintain the secrecy and confidentiality of the Data Files. 

 

	 	(ii)	The Spanish Servicer must follow Dutch FleetCo’s instructions when processing the Data Files. 

 

	 	(iii)	The Spanish Servicer will not apply or use these Data Files for purposes other than for the provision of the services referred to herein. 

 

	 	(iv)	The Spanish Servicer must not communicate or assign these Data Files to third parties even if such assignment is for conservation purposes. 

  
 - 7 -

	 	(v)	The Spanish Servicer will adopt, with regard to the Data Files, the security measures required in order to comply with Article 9 of the LOPD and Royal Decree 1720/2007,
dated 21 December, which approves the implementing regulations of the LOPD. Such security measures may be modified at Dutch FleetCo ́s request in order to adapt them pursuant to changes in the regulations or as a result of variations to
the type of personal data included in the Data Files. 

 Upon termination of this Agreement or, if applicable, at
the request of Dutch FleetCo upon completion of the services, the Data Files that the Spanish Servicer may have in its possession (as well as any files or documents that contain any personal data included in the Data Files), will be returned to
Dutch FleetCo or, upon the latter’s written request, destroyed in their entirety, all of this within a period of seven (7) business days, and the Spanish Servicer will be responsible for providing proof that it has done so should Dutch
FleetCo request the same. 
 The Spanish Servicer undertakes to assume directly liability and to hold Dutch FleetCo harmless
from any liabilities, including but not limited to, administrative sanctions, which Dutch FleetCo may face as a result of the failure by the Spanish Servicer to comply with all or part of its obligations established in this Clause, to the extent
that such liability or breach derives from actions or omissions on the part of the Spanish Servicer within its remit. 
  

	 	7.6.2	Subprocessing: 

In order to comply with the provisions of Article 21 of Royal Decree 1720/2007 dated 21 December, the parties agree that the
Sub-processor/s may have access to personal data for which Dutch FleetCo is responsible, in order to co-operate and/or render services necessary and linked with those administrative services to be rendered by the Spanish Servicer in respect of,
amongst other things, the Vehicles as described in this Agreement and/or the Spanish Master Lease Agreement. 
 For this
purposes, the Spanish Servicer hereby shall communicate to Dutch FleetCo the identity of each Sub-processor before each sub-processing takes place, by means of the communication form attached as Schedule 7. 

The Spanish Servicer must ensure that the Sub-processor/s proceed/s according to Dutch FleetCo’s instructions and guidelines.

 Additionally, the Spanish Servicer shall enter into an agreement with the Sub-processor/s in the same terms as those set out
in the template attached as Schedule 8 and provide a copy of such sub-processor agreement to the Transaction Agent and the FleetCo Security Agent as soon as practicable after it has been entered into. 

  
 - 8 -

 SECTION C 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  

	8.	SPANISH SERVICER REPRESENTATIONS AND WARRANTIES 

 The Spanish Servicer makes (i) the representations and warranties it makes under clause 3.2 (Representations and Warranties of the Avis Obligors) of the Framework Agreement at the times set
out in the Framework Agreement and (ii) the representations and warranties of this Clause 8 to Dutch FleetCo and the FleetCo Security Agent on the terms set out below, as at the Effective Date and on each Lease Determination Date and each Lease
Payment Date, with reference to the facts and circumstances then existing. 
  

	8.1	Solvency 

 No Insolvency
Event has occurred in respect of the Spanish Servicer. 
  

	8.2	No Cross Default 

 To the
best of the Spanish Servicer’s knowledge and belief, it is not in breach of or default under any agreement, indenture, contract, mortgage, deed or other instrument to which it is a party or which is binding on it or any of its assets,
(i) where such agreement, indenture, contract, mortgage, deed or other instrument relates to Financial Indebtedness, the aggregate amount of such Financial Indebtedness exceeds EUR 30,000,000 (or its equivalent in any other currency); or
otherwise (ii) where such breach or default would reasonably be expected to have a Material Adverse Effect in respect of the Spanish Servicer (as if references in the definition of Material Adverse Effect to Dutch FleetCo, Italian FleetCo and
the Issuer were a reference to the Spanish Servicer). 
  

	8.3	Arm’s Length Transactions 

 This Agreement has been entered into by the Spanish Servicer in good faith for the benefit of the Spanish Servicer and on arm’s length commercial terms. 

 

	8.4	Insurances 

 Neither the
Insurance Policies (as defined in the Spanish Master Lease Agreement) nor any part thereof are subject to any Security. 
  

	8.5	Employees 

  

	 	8.5.1	Deemed Reiteration 

In relation to all employees involved in the provision of the services provided to Dutch FleetCo: 

 

	 	(i)	the Spanish Servicer has complied with all material labour and social security laws and regulations, as well as any applicable collective bargaining agreement;

  
 - 9 -

	 	(ii)	the Spanish Servicer has punctually made all payments due by it in application of labour or any social security laws or regulations as well as with any applicable
collective bargaining agreement (to the extent such non-payment may create liability for Dutch FleetCo); and 

  

	 	(iii)	no claim (a “Claim”) is asserted, or to the best of its knowledge, expected against it in connection with its application of such labour and social
security laws and regulations and any applicable collective bargaining agreement (to the extent such Claim may create liability for Dutch FleetCo), 

 this representation being made from the Signing Date and which shall be deemed repeated on each Reporting Date. 
  

	 	8.5.2	Disclosure Certificate 

 If the Spanish Servicer becomes aware, in relation to any of its employees involved in the provision of the services provided to Dutch FleetCo, of any non-payment referred to under Clause 8.5.1
(i) above or any Claim referred to under Clause 8.5.1 (ii) above, which renders the representation made on the preceding Reporting Date incorrect or misleading, it shall disclose with sufficient details in a certificate (the
“Disclosure Certificate”) to be delivered to Dutch FleetCo on the immediately following Reporting Date, the element which renders such representation incorrect or misleading. 

 

	 	8.5.3	Information Undertaking and inspection 

 

	 	(i)	The Spanish Servicer will provide Dutch FleetCo, on the Signing Date and on a monthly basis (upon request by Dutch FleetCo), with the updated “certificates of
compliance” issued by the General Treasury of the Social Security. 

  

	 	(ii)	Dutch FleetCo has the right to request the delivery by the Spanish Servicer, at any time during usual business hours and upon 15 days’ reasonable prior written
notice (but not more than once within a calendar month) of the Social Security Contribution Bulletins of the Services (as defined and set out in Schedule 1 (Services)), with the relevant registry data and stamps, or the electronic certificate
from the General Treasury of the Social Security demonstrating that the relevant monthly payments to the Social Security have been made. 

  

	 	(iii)	Dutch FleetCo has the right to inspect, at any time, during usual business hours and upon giving 15 days’ prior written notice (specifying the documentation to be
inspected), all documentary evidence of the Spanish Servicer’s fulfilment of the relevant payment obligations which the latter has undertaken in application of any labour or Social Security laws, provided in that respect that no more than two
inspections referred to in this paragraph are instigated by Dutch FleetCo within the same year, unless such inspection is instigated as a result of any existing failure or misrepresentation by the Spanish Servicer. 

  
 - 10 -

	 	8.5.4	Non-covered risk 

If any inspection or information request reveals that: 
  

	 	(i)	the Spanish Servicer has not punctually made all payments due by it in application of labour or any social security laws and regulations and applicable collective
bargaining agreement and/or Claim(s) are asserted, or to the best of its knowledge, expected against it in connection with its application of such labour and social security laws and regulations and applicable collective bargaining agreement (to the
extent such non-payment or such Claim(s), as the case may be, may create liability for Dutch FleetCo); and 

  

	 	(ii)	the Spanish Servicer has not paid the amount it should have paid to Dutch FleetCo had such fact or information been fully and duly disclosed, 

then the Spanish Servicer shall pay to Dutch FleetCo, within 15 Business Days after reception of the inspection report, an amount equal to
the amount claimed or at stake (as such amount will be conclusively determined by Dutch FleetCo, after having discussed such calculation in good faith with the Spanish Servicer, on the basis of the detailed conclusions of the relevant inspection (a
copy of which being provided to the Spanish Servicer) or of the information it has received and taking into account all amounts (including any fixed amount) already paid (if any) to cover such non-payment and/or Claim). 

Such amount shall be repaid by Dutch FleetCo to the Spanish Servicer only (i) when, in relation to the event which gave rise to the
payment of such reserve, the Spanish Servicer is able to clearly demonstrate that it has punctually made all payments due by it and/or that no Claim is asserted against it in connection therewith and (ii) subject to the terms of the Schedule 3
(Priorities of Payments) of the Framework Agreement. 
  

	 	8.5.5	Sanctions 

Non-delivery 
 Upon the failure by the Spanish Servicer to comply with or perform any of its delivery obligations set out in items (i) and/or (ii) of paragraph 8.5.3 above (to the extent provided to the
Spanish Servicer by the relevant competent authority, unless the Spanish Servicer has failed to duly request the relevant document to the competent authority and subject to a five (5) Business Days, cure period), it shall pay, on demand and to Dutch
FleetCo, a fixed amount of EUR 100,000 (subject to (i) downward adjustment with the prior consent of the FleetCo Security Agent or (ii) upwards adjustment upon request of rating agencies) by way of indemnity. 

Inspection Failure 
 Without prejudice to the foregoing: 
  

	 	(i)	if the Spanish Servicer fails to provide Dutch FleetCo (or any professional instructed by it) with any document which may be reasonably required during any inspection;
and 

  
 - 11 -

	 	(ii)	if the lack of such document results in a material liability risk according to Dutch FleetCo (or any professional instructed by it) (acting reasonably),

 then the Spanish Servicer shall immediately pay, on demand and to Dutch FleetCo, a fixed amount of EUR 100,000
(subject to (i) downward adjustment with the prior consent of the FleetCo Security Agent or (ii) upwards adjustment upon request of rating agencies) by way of indemnity. 

This amount shall be increased (by way of additional payment to Dutch FleetCo) or decreased (by way of repayment to the Spanish Servicer,
subject to the terms of Schedule 3 (Priorities of Payments) of the Framework Agreement), as the case may be, on the date Dutch FleetCo (or any professional instructed by it) is able to precisely determine the relevant non-payment and/or Claim
(or the absence of any such liability risk, should the Spanish Servicer be able to clearly demonstrate that it has punctually made all payments due by it and/or that no Claim is asserted against it in connection with the liability risk referred to
above). 
  

	 	8.5.6	Outsourcing 

 To
the extent that the outsourcing may entail a risk of assumption by Dutch FleetCo of the employment, tax and Social Security related liabilities of the sub-contractor, the Spanish Servicer shall not be entitled, at any event and under any
circumstances, to sub-contract, outsource or delegate part of the services to perform under the Services (as defined in Schedule 1 (Services)), to any person as its sub-contractor. 

To the extent that it may not entail a risk of assumption by Dutch FleetCo of the employment, tax and Social Security related liabilities
of the sub-contractor, the Spanish Servicer may, with the prior written consent of Dutch FleetCo, delegate part of the services to perform under the Services (as defined in Schedule 1 (Services)) to any person as its sub-contractor on the
condition that: 
  

	 	(i)	the Spanish Servicer shall maintain records of the services which have been delegated to any sub-contractor; 

 

	 	(ii)	the Spanish Servicer shall not be released or discharged from any liability or obligation under this Agreement and shall remain responsible for the performance of all
of its obligations under this Agreement; 

  

	 	(iii)	any breach in the performance of the services by a sub-contractor shall be treated as a breach of this Agreement by the Spanish Servicer (subject to it being entitled
to remedy such breach during the applicable grace period (if any)) under a FleetCo Event of Default; 

  

	 	(iv)	Dutch FleetCo shall not have any liability for any act or omission of any sub-contractor and shall have no responsibility for monitoring or investigating the
suitability of any sub-contractor; and 

  

	 	(v)	where any sub-contractor gains or will gain custody of any vehicles of Dutch FleetCo in carrying out its obligations, the Spanish Servicer shall be required to ensure
that such sub-contractor acknowledges Dutch FleetCo’s ownership of such assets and waives any retention right it may have thereover. 

  
 - 12 -

 The Spanish Servicer shall provide a copy of each document delivered either by or to it
pursuant to this Clause 8.5 to each of the Transaction Agent and the FleetCo Security Agent as soon as reasonably practicable. 
  

	 	8.5.7	Further representations 

  

	 	(a)	it is not a member of the same “group” of companies (as defined for the purposes of article 42.1 of the Spanish Commercial Code) as Dutch FleetCo; and

  

	 	(b)	it is not a de factor director of Dutch FleetCo 

  

	9.	DUTCH FLEETCO REPRESENTATION 

 Dutch FleetCo represents, as at the Effective Date and on each Lease Determination Date and each Lease Payment Date, with reference to the facts and circumstances then existing, that it is not a member of
the same “group” of companies (as defined for the purposes of article 42.1 of the Spanish Commercial Code) as Spanish Servicer. 
  

	10.	SPANISH SERVICER COVENANTS 

The Spanish Servicer covenants from the date hereof to Dutch FleetCo and the FleetCo Security Agent, on the terms set out below, that:

  

	10.1	Compliance with Relevant Transaction Documents 

 it will at all times comply with and perform all of its obligations under the Relevant Transaction Documents and use all reasonable efforts to procure that Dutch FleetCo comply with and perform all its
obligations under the Relevant Transaction Documents. 
  

	10.2	Notification 

 it shall
promptly, upon becoming aware of any: 
  

	 	10.2.1	breach of any of the representations and warranties in Clause 8 (Representations and Warranties); 

 

	 	10.2.2	breach of any undertaking given by the Spanish Servicer (in such capacity) under this Agreement; 

 

	 	10.2.3	FleetCo Event of Default; 

  

	 	10.2.4	expiry or termination (without renewal or replacement of contract with the same Vehicle Manufacturer and/or Vehicle Dealer) of a Vehicle Manufacturer Buy-Back Agreement
or Vehicle Dealer Buy-Back Agreement with a Vehicle Manufacturer and/or Vehicle Dealer; 

  

	 	10.2.5	Potential Servicer Termination Event; or 

  

	 	10.2.6	Servicer Termination Event, 

  
 - 13 -

 notify Dutch FleetCo, the Transaction Agent and the FleetCo Security Agent of the occurrence
of any such event and (in connection with an event under Clauses 10.2.1, 10.2.2 and 10.2.5) the action the Spanish Servicer proposes to take with respect thereto and, to the extent that Dutch FleetCo has an obligation to deliver notices required by
a Relevant Transaction Document in relation to such event, deliver such notices on behalf of Dutch FleetCo in accordance with the terms of such Relevant Transaction Document to which the Spanish Servicer is a party, and do all other things and make
all such arrangements as are permitted and necessary pursuant to such Relevant Transaction Document in relation to such event, and it shall send a copy of all notifications and/or communication to the FleetCo Security Agent, Dutch FleetCo and the
Transaction Agent. 
  

	10.3	Delivery of Certificate 

upon delivery of the annual financial statements of the Spanish Servicer by the Central Servicer pursuant to clause 4.2.18 of the
Framework Agreement, the Spanish Servicer shall deliver to Dutch FleetCo, the Transaction Agent and the FleetCo Security Agent a certificate from an Authorised Signatory of the Spanish Servicer stating whether there exists on the date of the
certificate any condition or event which then constitutes a Potential Servicer Termination Event or Servicer Termination Event, and, in the case of a Potential Servicer Termination Event, specifying the action that the Spanish Servicer proposes to
take with respect thereto. 
  

	10.4	No Assignment 

 without
prejudice to Clause 5 (Outsourcing) and Clause 23.2 (Assignment), the Spanish Servicer shall not assign its rights or novate any of its obligations under this Agreement other than pursuant to or as contemplated in any Relevant
Transaction Document. 
  

	10.5	Instructions 

 following a
Servicer Termination Event, comply with any reasonable directions, orders or instructions which Dutch FleetCo or the FleetCo Security Agent may from time to time give in accordance with this Agreement (and in the event of conflict, those of the
FleetCo Security Agent shall prevail). 
  

	10.6	Prevalence of Third Party Holding Agreement 

 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. 
  

	10.7	Fictitious company 

 It
shall not take any action which would result in Dutch FleetCo being a fictitious company. 
  

	10.8	Repossession or disposal of Vehicles 

 following the Liquidation Agent being directed by the Transaction Agent to dispose of any Vehicles in Spain in accordance with the Liquidation Agent Agreement, it shall not lodge any appeal or take any
action to prejudice such repossession or disposal procedure. 

  
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	10.9	Tax on Motor Vehicles 

 it
will pay the Tax on Motor Vehicles in respect of each Vehicle as agent on behalf of the Lessor and provide the Lessor with a certificate from the relevant Tax Authorities confirming that such Tax has been paid. 

 

	10.10	Charge Costs 

 it shall
ensure that Dutch FleetCo has sufficient funds to pay the Charge Costs on or prior to the date upon which the purchase price of the Vehicles becomes due and payable. 
  

	11.	DUTCH FLEETCO COVENANTS 

Dutch FleetCo covenants that: 
  

	 	11.1	following the retention of the Monthly Target Corporate Profit Amount in respect of its Spanish Vehicle fleet and the payment of any necessary Spanish Taxes therefrom,
it will declare and pay a dividend to its shareholders in an amount equal to the Monthly Target Corporate Profit Amount less such Taxes; 

  

	 	11.2	it is and will continue to act through its Spanish branch in respect of any activities conducted under or in accordance with this Agreement and with the Spanish Master
Lease Agreement; and 

  

	 	11.3	as soon as practicable following receipt of the certificate referred to in Clause 10.9 (Tax on Motor Vehicles) above from the Lessee, it will reimburse the
Lessee for the amount of Tax on Motor Vehicles specified in the relevant certificate. 

  
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 SECTION D 
 FEES, COSTS AND EXPENSES 
  

	12.	SPANISH SERVICER FEES 

 As
consideration for the provision to Dutch FleetCo of the relevant Services by the Spanish Servicer, Dutch FleetCo shall pay on a monthly basis, on each Lease Payment Date, subject to the FleetCo Priority of Payments, a fee (exclusive of VAT) in
arrear to the Servicer in respect of the Related Month in an amount equal to [REDACTED] per cent. per annum, payable at one-twelfth of the annual rate, of the Net Book Value as of the last day of the preceding calendar month of the Vehicles of Dutch
FleetCo as detailed in the relevant Fleet Report(s) (the “Spanish Servicer Fee”). 
  

	13.	COSTS AND EXPENSES 

  

	13.1	Dutch FleetCo to reimburse Spanish Servicer for Liabilities 

 Dutch FleetCo will reimburse the Spanish Servicer on each Lease Payment Date, in accordance with the FleetCo Priority of Payments, in respect of all Liabilities incurred by the Servicer in such capacity
or on behalf of Dutch FleetCo pursuant to this Agreement in respect of the Related Month, provided that, for the purposes of this Clause 13.1, “Liabilities” shall not include payments made (or to be made hereunder) by the
Spanish Servicer by way of indemnity or otherwise hereunder to Dutch FleetCo, including payments in connection with Vehicle Loss pursuant to Clause 7.5 (Vehicle Loss) or the disposal of Non-Eligible Vehicles pursuant to Schedule 1
(Services), Part A (Fleet Management), paragraph 2.2 or any Liabilities incurred by the Spanish Servicer other than in accordance with this Agreement or which the Spanish Servicer has incurred as a result of a breach of, or failure to
perform under, this Agreement. 
  

	13.2	Unreimbursed costs and expenses to bear interest 

  

	 	13.2.1	If Dutch FleetCo fails to pay any amount payable by it under this Agreement on its due date, without prejudice to any other remedies of the Spanish Servicer, 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 1.00% per annum during the period of non-payment. 

 

	 	13.2.2	Any interest accruing under Clause 13.2.1 shall be payable by Dutch FleetCo to the Spanish Servicer, in accordance with and on the dates specified in the FleetCo
Priority of Payments. 

  

	14.	PAYMENT MECHANICS 

  

	14.1	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). 

  
 - 16 -

	14.2	Currency of account 

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

	14.3	Set-off 

 All payments
required to be made by any party under this Agreement shall be calculated without reference to any set-off or counterclaim and shall be made free and clear of and without any deduction for or on account of any set-off or counterclaim, except that
any fees and expenses or other amounts due and payable by (i) Dutch FleetCo to the Spanish Servicer, or (ii) the Spanish Servicer to the Dutch FleetCo shall be reduced by any amount owed by, as the case may be, the Spanish Servicer in such
capacity or as Lessee to Dutch FleetCo, or Dutch FleetCo to the Spanish Servicer or Lessee at such time under this Agreement or the Spanish Master Lease Agreement. 
  

	14.4	After-tax basis 

 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 (“Payer”) shall pay such amount (the “Payment”) to the other party
(“Payee”) and shall ensure that the Payee is, so far as is practically possible, restored to the same position as it would have been in had the matter giving rise to the Payer’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 the Payee which results from the matter giving rise to the Payment and (b) whether the
Payment is subject to tax in the Payee’s hands. 

  
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 SECTION E 
 TERMINATION OF SERVICER’S APPOINTMENT 
  

	15.	SERVICER TERMINATION EVENTS 

  

	15.1	Termination by notification 

 At any time: 
  

	 	15.1.1	Dutch FleetCo is entitled to withdraw from this Agreement for any reason whatsoever upon giving 60 days’ notice to the Spanish Servicer and upon receiving consent
to withdraw from the FleetCo Security Agent (a copy of such notice to be provided to the Transaction Agent). The Spanish Servicer 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; or 

  

	 	15.1.2	following one or more of the following events (each a “Servicer Termination Event”): 

 

	 	(i)	the occurrence of an Opco Event of Default; 

  

	 	(ii)	a Master Lease End Date occurs as a result of the occurrence of a Master Lease Termination Event in relation to any Master Lease Agreement to which such Spanish
Servicer acts as servicer for Dutch FleetCo; or 

  

	 	(iii)	if the Spanish Servicer is prevented or severely hindered for a period of 60 days or more from complying with its obligations under this Agreement as a result of a
Force Majeure Event and such Force Majeure Event continues for 30 Business Days after written notice of such Force Majeure Event has been given by the Security Agent, 

Dutch FleetCo (with prior consent of the FleetCo Security Agent) and/or the FleetCo Security Agent may terminate the appointment of the
Spanish Servicer under this Agreement by giving not less than 5 (five) days’ written notice (a “Servicer Termination Notice”) to the Spanish Servicer, which termination shall take effect on (but not prior to) the earlier to
occur of the following events: 
  

	 	(iv)	the FleetCo Security Agent notifies the Spanish Servicer that alternative servicing and vehicle recovery arrangements have been implemented which are satisfactory to
the FleetCo Security Agent; and 

  

	 	(v)	the leases, pursuant to the Spanish Master Lease Agreement, relating to the Vehicles in the Relevant Jurisdiction, which are the subject of the Services under this
Agreement, have been or will be, simultaneously with the termination of the Spanish Servicer’s appointment, terminated or expire in accordance with the provisions thereof, 

 provided that, notwithstanding any of the above, (i) if the Spanish Servicer has breached any of its Servicing Obligations (as that term is defined in the Parent Guarantee), no Servicer
Termination Event shall be deemed to occur if and to the extent that the Parent has performed 

  
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its obligations under the Parent Guarantee, and (ii) if the Spanish Servicer has breached any payment obligation, no Servicer Termination Event shall be deemed to occur if and to the extent
that Finco has performed its obligations under the Finco Payment Guarantee, and in each case the appointment of the Spanish Servicer shall continue in full force and effect. 

 

	15.2	Resignation 

 The Spanish
Servicer may, by giving not less than 30 (thirty) days’ written notice to Dutch FleetCo, the Transaction Agent and the FleetCo Security Agent, resign as Spanish Servicer, provided that, a replacement Spanish Servicer satisfactory
to the FleetCo Security Agent and Dutch FleetCo has been or will, simultaneously with the termination of the Spanish Servicer’s appointment under this Agreement, be appointed. 

 

	15.3	Termination on Final Maturity Date 

 Unless previously terminated in accordance with Clause 15.1 (Termination by notification) or Clause 15.2 (Resignation), the appointment of the Spanish Servicer under this Agreement shall
terminate on the earlier of the Final Maturity Date and the date on which all FleetCo Advances are repaid in full and the FleetCo Spanish Facility Agreement is terminated. 

 

	16.	OBLIGATIONS OF SPANISH SERVICER AFTER TERMINATION 

  

	16.1	Spanish Servicer to deliver records 

 On the Servicer Termination Date, the Spanish Servicer shall (save as prohibited or required otherwise by any Requirement of Law or any Regulatory Direction) promptly deliver to the order of or make
available to (and in the meantime shall hold to the order of) the FleetCo Security Agent, the Transaction Agent, the Liquidation Agent (or as it may direct) and Dutch FleetCo the Servicer Records and the Vehicle Documents (provided that the
Spanish Servicer shall have the right to promptly make and retain such copies of any such records as it desires at its own cost and provided that the exercise of such right shall not materially delay the return of such documents to Dutch
FleetCo) and any other assets of Dutch FleetCo then held by it. 
  

	16.2	Spanish Servicer to co-operate with FleetCo before termination 

 If a notice of termination or resignation of the appointment of the Spanish Servicer under the provisions of Clause 15 (Servicer Termination Events) is validly given, the Spanish Servicer shall,
both prior to and after such termination or resignation becomes effective, co-operate with Dutch FleetCo and the FleetCo Security Agent to ensure that any replacement Spanish Servicer has all the documents and information it requires in order to
fully perform the Services and the Spanish Servicer agrees to co-operate with Dutch FleetCo, the FleetCo Security Agent and any replacement Spanish Servicer to effect such replacement and, on or prior to the termination of this Agreement, to
facilitate the obtaining of new FleetCo Account Mandates for the Dutch FleetCo Spanish Bank Account as soon as reasonably practical to enable Dutch FleetCo, the FleetCo Security Agent and any replacement Spanish Servicer to operate such Dutch
FleetCo Spanish Bank Account. 

  
 - 19 -

	16.3	Obligations of Spanish Servicer from Servicer Termination Date 

 From the Servicer Termination Date: 
  

	 	16.3.1	all authority and power of the Spanish Servicer under this Agreement shall be terminated and shall be of no further effect; 

 

	 	16.3.2	the Spanish Servicer shall no longer hold itself out in any way as the agent of Dutch FleetCo; and 

 

	 	16.3.3	the rights and obligations of the Spanish Servicer under this Agreement and any obligations of Dutch FleetCo and the FleetCo Security Agent to the Spanish Servicer
shall cease but the relevant termination shall be without prejudice to: 

  

	 	(a)	any rights, liabilities or obligations of the Spanish Servicer hereunder incurred or arising prior to and up to the Servicer Termination Date; 

 

	 	(b)	any rights, liabilities or obligations of Dutch FleetCo or the FleetCo Security Agent incurred or arising prior to and up to the Servicer Termination Date; and

  

	 	(c)	any of the Spanish Servicer’s obligations under this Clause 16. 

  

	16.4	Fees and other amounts owed to Spanish Servicer 

 Subject always to clause 27 (Non-Petition and Limited Recourse) of the Framework Agreement, the Spanish Servicer shall be entitled to receive all fees and other monies accrued and owing to it under
this Agreement (whether or not due and payable) pro-rated up to the Servicer Termination Date but shall not be entitled to any compensation which accrues after the Servicer Termination Date. Without prejudice to Dutch FleetCo’s rights under
Clause 14.3 (Set-Off), any monies so receivable by the Spanish Servicer shall be paid by Dutch FleetCo at the times on which they would otherwise have fallen due under this Agreement. 

 

	16.5	Appointment of a new Spanish servicer 

 Following the termination of the appointment of the Spanish Servicer, no other person may be appointed to act as a replacement Spanish servicer under the terms of this Agreement or any other agreement
unless: 
  

	 	(a)	Dutch FleetCo has granted a power of attorney in such person’s favour in a form (i) substantially similar to the power of attorney granted by Dutch FleetCo to
the Spanish Servicer on or about the date hereof, and (ii) agreed by the FleetCo Security Agent; and 

  

	 	(b)	the replacement Spanish servicer is resident for tax purposes only in Spain. 

  
 - 20 -

 SECTION F 
 MISCELLANEOUS 
  

	17.	ENTIRE AGREEMENT 

  

	17.1	Entire Agreement 

 This
Agreement and any document referred to in this Agreement constitute the entire agreement and understanding between the parties hereto relating to the subject matter of this Agreement and supersede any previous agreements between the parties relating
to the subject matter of this Agreement. 
  

	17.2	No Waiver 

 A failure to
exercise or delay in exercising a right or remedy provided by this Agreement or by law does not constitute a waiver of the right or remedy or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by this
Agreement or by law prevents 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 any party hereto 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 such party 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 party granting such waiver. 
  

	17.3	No reliance 

 Each party
hereto agrees that: 
  

	 	17.3.1	it has not entered into this Agreement in reliance upon any representation, warranty or undertaking of any other party which is not expressly set out or referred to in
Clause 8 (Representations and Warranties), the Spanish Master Lease Agreement or any other Relevant Transaction Document; 

  

	 	17.3.2	except in respect of an express representation or warranty under Clause 8 (Representations and Warranties), the Spanish Master Lease Agreement or any other
Relevant Transaction Document, it shall not have any claim or remedy in respect of any misrepresentation or breach of warranty by any other party or in respect of any untrue statement by any other party, regardless of whether such misrepresentation,
breach or untrue statement was made, occurred or was given prior to the execution of this Agreement. 

  

	18.	FURTHER ASSURANCE 

 Each
of Dutch FleetCo and the Spanish Servicer shall (at such Party’s cost) do and execute, or arrange for the doing and executing of, each act, document and thing requested of it by the FleetCo Security Agent in order to implement and/or give
effect to this Agreement. 

  
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	19.	FLEETCO SECURITY AGENT PARTY TO AGREEMENT 

  

	19.1	Better preservation and enforcement of rights 

 Except where this Agreement provides otherwise, the FleetCo Security Agent has agreed to become a party to this Agreement for the better preservation and enforcement of its rights under this Agreement and
shall not assume any liabilities or obligations under this Agreement unless such obligation or liability is expressly assumed by the FleetCo Security Agent in this Agreement. 

 

	19.2	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. The FleetCo Security Agent hereby declares that it accepts, for the purposes of article 1257 of
the Spanish Civil Code, the rights 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. 
  

	20.	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. 
  

	21.	SERVICES NON-EXCLUSIVE 

  

	21.1	Non-Exclusivity 

 Subject
to the provisions of this Agreement, nothing in this Agreement shall prevent any Party from rendering services similar to those provided for in this Agreement to other persons, firms or companies or from carrying on any business similar to or in
competition with the business of any of the Parties. 
  

	21.2	Existing Businesses 

Nothing in this Agreement shall prevent any Party from carrying on its own business in the manner which it thinks fit, unless, by so
doing, it would render itself unable to perform its obligations under this Agreement in the manner contemplated in this Agreement. 

  
 - 22 -

	22.	NO PARTNERSHIP 

 Except
where this Agreement provides otherwise, no provision of this Agreement creates a partnership between any of the Parties or makes a Party the agent of another Party for any purpose. Except where this Agreement provides otherwise, a Party has no
authority or power to bind, to contract in the name of, or to create a liability for another Party in any way or for any purpose. 
  

	23.	CONTINUATION OF OBLIGATIONS 

 Except to the extent that they have been performed and except where this Agreement specifically provides otherwise, the warranties, representations, indemnities and obligations contained in this Agreement
remain in force after the date on which they were expressed to take effect until the date on which all obligations due or owing by Dutch FleetCo under the Relevant Transaction Documents have been paid or discharged in full. 

 

	24.	ASSIGNMENT AND SUBCONTRACTING 

  

	24.1	Successors 

 This
Agreement shall be binding upon and inure to the benefit of each Party and its or any subsequent successors, transferees and assigns. 
  

	24.2	Assignment 

 No party may
assign or transfer or purport to assign or transfer any right or obligation under this Agreement except (a) where any Relevant Transaction Document provides otherwise, (b) with the prior written consent of the FleetCo Security Agent or (c) in
connection with the grant of the Security by Dutch FleetCo in any FleetCo Security Document. 
  

	24.3	Benefit 

 Each Party
(other than the FleetCo Security Agent) is entering into this Agreement for its own benefit and not for the benefit of another person. The FleetCo Security Agent is entering into this Agreement in its own name and on behalf of the FleetCo Secured
Creditors. 
  

	24.4	Delegation 

 Except where
this Agreement specifically provides otherwise, a Party may not subcontract or delegate the performance of any of its obligations under this Agreement. 
  

	25.	OBLIGATIONS AS CORPORATE OBLIGATIONS 

  

	25.1	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, the Spanish Servicer or the FleetCo Security
Agent in its capacity as such, by any proceedings or otherwise, in respect of any obligation, covenant, or agreement of Dutch FleetCo, the Spanish Servicer or the FleetCo Security Agent contained in this Agreement. 

  
 - 23 -

	25.2	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 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. 
  

	26.	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 Spanish Servicer of its obligations under this Agreement.

  

	27.	VALUE ADDED TAX AND STAMP TAXES 

  

	27.1	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. 

 

	27.2	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”) hereto 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) 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. 
  

	27.3	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. 

  
 - 24 -

	27.4	Stamp Taxes 

 The Spanish
Servicer 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 (on an after-tax basis)
Dutch FleetCo 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. 
  

	28.	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. 
  

	29.	AMENDMENT 

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

	30.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising from it shall be governed by and construed in accordance with the laws of Spain. 
  

	31.	JURISDICTION 

  

	31.1	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
(“Proceedings”), 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. 

  

	31.2	Nothing in this Clause 31 shall prevent Dutch FleetCo or the FleetCo Security Agent taking any Proceedings in any other courts with jurisdiction. To the extent allowed
by law, Dutch FleetCo and/or the FleetCo Security Agent may take concurrent Proceedings in any number of jurisdictions. 

  

	32.	GOVERNING LANGUAGE 

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

	33.	EXECUTION 

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

  
 - 25 -

 IN WITNESS WHEREOF this agreement has been duly executed by the parties hereto and is intended to be
and is hereby delivered on the date first above written. 
 FINCAR FLEET B.V., SUCURSAL EN ESPAÑA 

as Dutch FleetCo 
  

			
	By:	 	 /s/ Biatriz Diez Arranz

 AVIS ALQUILE UN COCHE, S.A. 
 as Servicer 
  

			
	By:	 	 /s/ Massimo Marsili

	Massimo Marsili
	Managing Director

 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 
 as FleetCo Security Agent 
  

			
	By:	 	 /s/ Carlos Aranguren

		
	By:	 	 /s/ Myriam Cantero

  
 - 26 -

 SCHEDULE 1 
 SERVICES 
 PART A 

FLEET MANAGEMENT 
  

	1.	PURCHASE OF VEHICLES 

  

	1.1	Vehicle Manufacturer Agreements, Vehicle Manufacturer Agreements and Vehicle Purchase Agreements 

 

	 	1.1.1	Negotiation and Renewal of Vehicle Purchasing Agreements 

  

	 	(i)	The Spanish Servicer shall, prior to the expiry of a Vehicle Manufacturer Agreement and/or Vehicle Dealer Agreement to which Dutch FleetCo is a party, commence
negotiations with the relevant Vehicle Manufacturers and Vehicle Dealers on behalf of Dutch FleetCo to renew (and use its best endeavours to renew) such Vehicle Manufacturer Agreement and/or Vehicle Dealer Agreement (where a renewal of the Vehicle
Manufacturer Agreement and/or Vehicle Dealer Agreement is sought) and in circumstances where entry into a Vehicle Manufacturer Agreement and/or Vehicle Dealer Agreement with a new Vehicle Manufacturer and/or Vehicle Dealer is sought (subject to the
conditions below) the Spanish Servicer shall negotiate the terms of such new Vehicle Manufacturer Agreement and/or Vehicle Dealer Agreement on behalf of Dutch FleetCo including, without limitation, the Imperative Principles and the Non-Imperative
Principles forming the Negotiation Guidelines (or seeking a waiver from the FleetCo Security Agent in relation to any deviations from the Imperative Principles (the “Waiver Consent”), provided that the FleetCo Security Agent
shall not under any circumstance grant a waiver in respect of a deviation from the substance of items 2.1.2(a) (No-petition) and 2.1.2(b) (Limited recourse) of the Imperative Principles, or notifying the FleetCo Security Agent of the
Non-Imperative Principles that have not been implemented into the Vehicle Manufacturer Agreement and/or Vehicle Dealer Agreement ). 

  

	 	(ii)	The Spanish Servicer shall, promptly after receipt of a Waiver Consent, and subject to the recipient being under a duty of confidentiality, deliver to Dutch FleetCo,
the Transaction Agent, the FleetCo Security Agent and the Liquidation Agent signed copies of each agreement (howsoever described) amending, supplementing or replacing any Vehicle Manufacturer Agreement and/or Vehicle Dealer Agreement entered into by
Dutch FleetCo and also a list of Non-Imperative Principles that have not been incorporated into the relevant Vehicle Manufacturer Agreement and/or Vehicle Dealer Agreement . 

 

	 	(iii)	 Annually, the Spanish Servicer shall prepare and deliver to Dutch FleetCo, the Transaction Agent, the Liquidation Agent and the FleetCo Security Agent
a certificate (the “Certificate”) signed by a director of the Spanish Servicer in the form of Schedule 6 (Form of Director’s 

  
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Certificate Regarding Negotiation Guidelines Compliance), confirming that each Vehicle Manufacturer Agreement and/or Vehicle Dealer Agreement entered into or renewed by Dutch FleetCo
during the twelve (12) month period ending on the most recent delivery of the Certificate satisfies the applicable Negotiation Guidelines, or with reference to those Vehicle Manufacturer Agreements and/or Vehicle Dealer Agreement s in respect
of which a waiver has been obtained pursuant to subparagraph (iii) or in respect of which the relevant Non-Imperative Principles have not been applied, the Negotiation Guidelines excluded by such waiver and/or not implemented.

  

	 	(iv)	The Spanish Servicer shall deliver to the FleetCo Security Agent as soon as reasonably practicable (with a copy to the Transaction Agent and the Liquidation Agent) a
copy of any supplemental agreement from time to time entered into in respect of any Vehicle Manufacturer Agreement and/or Vehicle Dealer Agreement and not delivered pursuant to another provision of this Schedule. 

 

	 	1.1.2	Designation of Programme Vehicles 

 In order to designate a Vehicle as a Programme Vehicle in the Fleet Report where such Vehicle relates to a model year on or after 2013 and in respect of which the Vehicle Manufacturer Buy-Back Agreement
and/or Vehicle Dealer Buy-Back Agreement for that model year has not been entered into, the Spanish Servicer shall either: 
  

	 	(i)	arrange for an Authorised Signatory of the Company to provide a certificate to the Transaction Agent and the FleetCo Security Agent, substantially in the form of
Schedule 5 (Form of Officer’s Certificate) of the Spanish Servicing Agreement prior to the purchase of such Vehicles; or 

  

	 	(ii)	obtain a written acknowledgement from the relevant Vehicle Manufacturer or Vehicle Dealer which acknowledges that the terms of the relevant Vehicle Dealer Buy-Back
Agreement and/or Vehicle Manufacturer Buy-Back Agreement for the previous model year (other than as related to the Commercial Terms) will continue to apply until a new relevant Vehicle Dealer Buy-Back Agreement and/or Vehicle Manufacturer Buy-Back
Agreement is executed and provide a copy of such acknowledgement to the Transaction Agent and the FleetCo Security Agent. 

  

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

 The Spanish Servicer shall deliver to the Transaction Agent, the FleetCo Security 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 

  
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Terms and are reasonably likely to have a Material Adverse Effect on Dutch FleetCo, the Spanish Servicer, acting on behalf of Dutch FleetCo, shall not agree to (and shall procure that Dutch
FleetCo shall not agree to) such proposed changes. 
  

	1.2	Operation of Vehicle Manufacturer Agreements and/or Vehicle Dealer Agreements 

The Spanish Servicer shall manage the on-going operation of the Vehicle Manufacturer Agreements and/or Vehicle Dealer Agreements on behalf
of Dutch FleetCo), including, without limitation: 
  

	 	1.2.1	Ordering Vehicles 

acting as Dutch FleetCo’s agent in placing Vehicle orders pursuant to the terms of the Vehicle Manufacturer Agreements and/or
Vehicle Dealer Agreements following receipt of a Vehicle Request Notice from the Lessee for a lease of such Vehicles under the Spanish Master Lease Agreement, provided that the Spanish Servicer shall ensure that, in relation to order
purchasing, it acts in compliance with clause 4.2 (Purchase of Vehicles and agreement to lease) of the Spanish Master Lease Agreement; 
  

	 	1.2.2	Pick-up of Vehicles 

 conducting any pre-delivery inspection of Vehicles and arranging for transportation of Vehicles from Vehicle delivery locations specified in the Vehicle Manufacturer Agreements and/or Vehicle Dealer
Agreement s (or otherwise agreed with the Vehicle Manufacturer and/or Vehicle Dealer or other selling party, as applicable) to the order of the Lessee (at the cost of the Lessee, to the extent such cost is not included in the Capitalised Cost of
such Vehicles); 
  

	 	1.2.3	Preparation of Vehicles prior to delivery to Lessee 

 promptly following delivery of the Vehicles to Dutch FleetCo, preparing each Vehicle to the extent required to be placed in service in the rental business of the Lessee; 

 

	 	1.2.4	Return of Vehicles 

requiring the Lessee to return, in accordance with clause 30 (Return/Redelivery of Vehicles) of the Spanish Master Lease
Agreement, (a) in respect of Eligible Vehicles being sold to the Vehicle Manufacturer and/or Vehicle Dealer, each Programme Vehicle, and (b) each Non-Programme Vehicle, in each case, together with all relevant Vehicle Documents to, in the
case of (a), the relevant vehicle collection location specified in the relevant Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement or otherwise to a place requested by the Vehicle Manufacturer and/or Vehicle Dealer in
accordance with the Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement and, where necessary, notify the Vehicle Manufacturer or Vehicle Dealer that the Vehicle is ready for inspection and, in the case of (b), to the
destination provided for in paragraph 2.3.2 (Transportation of Vehicles) below; 

  
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	 	1.2.5	Preparation of Eligible Vehicles prior to delivery to the Vehicle Manufacturers and Vehicle Dealers 

where required under a Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement, and only to the extent that the
Lessee does not do so under the Spanish Master Lease Agreement, arranging for the refurbishment and repair of Eligible Vehicles prior to or (as the case may be) following the inspection of the Eligible Vehicles by the Vehicle Manufacturer and/or
Vehicle Dealer (which cost shall be charged to the Lessee pursuant to clause 30.4 (Preparation of Programme Vehicles) of the Spanish Master Lease Agreement); 
  

	 	1.2.6	Verification of inspection report 

 verifying or (as the case may be) countersigning the inspection report in respect of the Eligible Vehicles in accordance with the terms of the Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer
Buy-Back Agreement (including, without limitation, exercising on behalf of Dutch FleetCo the right to dispute any items in the inspection report); 
  

	 	1.2.7	Invoices 

arranging for the despatch of invoices to the Vehicle Manufacturer and/or Vehicle Dealer in respect of Eligible Vehicles to be purchased
by the relevant Vehicle Manufacturer and/or Vehicle Dealer and verifying the accuracy of invoices (and any invoice adjustments) in respect of Vehicles purchased by Dutch FleetCo; 

 

	 	1.2.8	Notifications to Vehicle Manufacturers/Vehicle Dealers 

 on behalf of Dutch FleetCo, making any notifications to Vehicle Manufacturers or Vehicle Dealers required under the Vehicle Manufacturer Agreements and/or Vehicle Dealer Agreements including, without
limitation, (a) any changes to forecasted delivery schedules (in accordance with Vehicle Schedules entered into with the Lessee), and (b) any defects to Vehicles discovered which are covered by a new vehicle warranty; 

 

	 	1.2.9	Records/Access 

maintaining all Vehicle Documents and, where permitted under the Vehicle Purchasing Agreement, allowing the relevant Vehicle Manufacturer
and/or Vehicle Dealer, or their agents access to such records; and 
  

	 	1.2.10	Filing Claims 

filing claims with the relevant Vehicle Manufacturer and/or Vehicle Dealer, or transporter on behalf of Dutch FleetCo for damage in
transit and other delivery claims related to the Vehicles. 

  
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	 	1.2.11	Sub-lease documentation 

 delivering a copy of the sub-lease documentation entered into pursuant to Clause 8 of the Spanish Master Lease Agreement to the FleetCo Security Agent (with a copy to the Transaction Agent) as soon as
practicable after such agreements have been entered into. 
  

	1.3	Registration of Vehicles and formalities to preserve ownership rights 

 The Spanish Servicer shall arrange for the Vehicles purchased by Dutch FleetCo to be registered in the name of Dutch FleetCo as owner (and in each case arranging for the payment of all applicable
registration costs, such costs to be for the account of the Lessee pursuant to clauses 17.1 (Payments of fees, penalties and fines etc. by Lessee) and 23.6 (Registration of Vehicles) of the Spanish Master Lease Agreement) and for any
registration and filings to be made in the Relevant Jurisdiction which are required by applicable law to fully evidence and preserve Dutch FleetCo’s interest in the Vehicles (such costs to be for the account of the Lessee). 

The Spanish Servicer shall, upon the request of the FleetCo Security Agent, the Transaction Agent or the Liquidation Agent (or any of
their agents or Affiliates) produce without delay satisfactory evidence of the ownership of Dutch FleetCo’s Vehicle Fleet in Spain. 
  

	1.4	Tax on Motor Vehicles 

The Spanish Servicer shall pay the Tax on Motor Vehicles in respect of each Vehicle as agent on behalf of Dutch FleetCo and provide Dutch
FleetCo with a certificate from the relevant Tax Authorities confirming that such Tax has been paid. 
 As soon as practicable
following receipt of the certificate referred to above, the Spanish Servicer shall arrange for Dutch FleetCo to reimburse it for the amount of Tax on Motor Vehicles specified in the relevant certificate. 

 

	1.5	Rejected Vehicles 

 If the
Lessee rejects a Vehicle in accordance with the terms of the Spanish Master Lease Agreement, the Spanish Servicer shall promptly deliver a duly completed Rejected Vehicle Schedule (in the form set out in Schedule 3 (Rejected Vehicle Schedule)
in respect of such Vehicle to Dutch FleetCo and the FleetCo Security Agent. 
  

	2.	RETURN/DISPOSAL OF VEHICLES 

  

	2.1	Disposal of Programme Vehicles 

 To the extent that the Lessee does not do so under the Spanish Master Lease Agreement, the Spanish Servicer shall act as Dutch FleetCo’s agent in disposing of (including issuing instructions to the
Lessee for the delivery of any Vehicle to the Vehicle Manufacturer and/or Vehicle Dealer) each Programme Vehicle on or promptly after redelivery of the Vehicle to the Lessor (or its order) by the Lessee under clause 30 (Return/Redelivery of
Vehicles) of the Spanish Master Lease Agreement. 

  
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	2.2	Disposal of Non-Programme Vehicles 

 If a Non-Programme Vehicle is returned by the Lessee under the Spanish Master Lease Agreement, the Spanish Servicer shall use commercially reasonable efforts, at its own expense, to arrange for the sale
of each Non-Programme Vehicle to a third party and to maximise the sale price thereof (having regard to the then current wholesale or where the context requires, retail market value of such Non-Programme Vehicles) in accordance with clause 31.1 of
the Spanish Master Lease Agreement. 
  

	2.3	Disposals following an Event of Default in respect of the Spanish Servicer 

 Following the occurrence of an Event of Default in relation to the Spanish Servicer, 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 and such termination shall 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. 
  

	2.4	Transportation of Vehicles 

  

	 	2.4.1	Upon receipt of a Programme Vehicle for return to the related Vehicle Manufacturer and/or Vehicle Dealer, the Spanish Servicer will return such Programme Vehicle to the
nearest related manufacturer official auction site or other facility designated by such Vehicle Manufacturer and/or Vehicle Dealer in accordance with the terms of the Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement at
the Lessee’s expense and otherwise in accordance with the requirements of the applicable Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement. 

 

	 	2.4.2	If a Non-Programme Vehicle is to be sold to a third party, the Spanish Servicer shall, where necessary, deliver the Non-Programme Vehicle to the purchaser thereof
(together with all relevant Vehicle Documents), or, as the case may be, relevant auction site or other site at the request of such third party at the Lessee’s expense. 

 

	2.5	Disposal proceeds 

 If a
Programme Vehicle or a Non-Programme Vehicle is sold to a third party, the Spanish Servicer shall direct that the funds paid for such Vehicle by the purchaser are deposited in the Dutch FleetCo Spanish Bank Account as soon as possible and in any
event not later than seven (7) Business Days after receipt thereof. 
  

	2.6	Procedure for Disposals 

  

	 	2.6.1	The Spanish Servicer agrees to comply with all Requirements of Law and (in respect of a Programme Vehicle) all requirements under the relevant Vehicle Dealer Buy-Back
Agreement and/or Vehicle Manufacturer Buy-Back Agreement with respect to each Vehicle in connection with the transfer of ownership by Dutch FleetCo of such Vehicle, including, without limitation, the Vehicle Documents and, where available, any
warranty/servicing booklet. 

  
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	 	2.6.2	The Spanish Servicer shall not oppose the repossession or disposal of the Vehicles by the FleetCo Security Agent or the Liquidation Agent (or any of their agents or
Affiliates) following the delivery of a Master Lease Termination Notice under the Spanish Master Lease Agreement or the delivery of a Servicer Termination Notice under this Agreement. 

 

	2.7	Licensee/Lessee Bankruptcy 

In the event of a bankruptcy of a licensee or, as the case may be, lessee, the Spanish Servicer (and party to the licence or, as
applicable, sublease with such licensee or, as the case may be, lessee) shall immediately use its best efforts to recover any Vehicles subject of such sublease or licence in accordance with its usual recovery processes. 

 

	3.	ANY OTHER SERVICES 

 The
Spanish Servicer shall carry out any other services necessary for the proper implementation of the Spanish Master Lease Agreement, this Agreement and any other Transaction Document on behalf of the Dutch FleetCo that are not otherwise set out in
this Schedule 1, including, without limitation, conducting any calculations and the submission of any notices. 

  
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 PART B 
 ADMINISTRATIVE MANAGEMENT SERVICES 
  

	1.	INSURANCE 

  

	1.1	The Spanish Servicer shall monitor compliance by the Lessee of its obligations under clause 23.5 (Insurance) of the Spanish Master Lease Agreement. If the
Insurance Policies are not maintained by the Lessee, the Spanish Servicer shall, if required to do so by Dutch FleetCo, make arrangements in respect of the relevant Insurance Policy, as contemplated by clause 23.5.1 of the Spanish Master Lease
Agreement. 

  

	1.2	Upon knowledge of the occurrence of an event giving rise to a claim under any of the Insurance Policies, the Spanish Servicer shall arrange for a claim to be filed on
Dutch FleetCo’s behalf with the relevant insurance company or underwriters and provide assistance in attempting to bring the claim to a successful conclusion. 

 

	1.3	The Spanish Servicer shall ensure that the Insurance Policies are renewed or (as the case may be) replaced in a timely manner in accordance with the requirements of the
relevant Insurance Policy. 

  

	2.	FINANCIAL ACCOUNTS AND AUDITORS 

 Preparation and basis of Accounts 
 The Spanish Servicer will, where
required, assist with the preparation of a profit and loss account, balance sheet, Dutch FleetCo’s financial statements, directors’ report and any other report or information in accordance with: 

 

	 	2.1.1	any Requirement of Law (including, without limitation, in accordance with any time limits thereunder); and 

 

	 	2.1.2	on a consistent basis in accordance with generally accepted accounting principles and practices in Spain, 

so as to show a true and fair view of the assets and liabilities and profit and loss of Dutch FleetCo at the end of Dutch FleetCo’s
financial year. 
  

	3.	TAX 

  

	3.1	Spanish Servicer to prepare tax returns 

  

	 	3.1.1	The Spanish Servicer shall, where necessary, assist with the preparation of any Spanish tax returns required to be filed by Dutch FleetCo as required by any Requirement
of Law, in each case on a prompt and timely basis and shall, where necessary, file such returns at least 5 (five) Business Days before such returns are due to be filed under applicable Requirement of Law. 

 

	 	3.1.2	The Spanish Servicer shall, where necessary, provide Dutch FleetCo with administrative assistance in relation to compliance by Dutch FleetCo with relevant tax
legislation (including, without limitation, assistance in relation to the payment by Dutch FleetCo of applicable taxes). 

  
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	 	3.1.3	The Spanish Servicer shall arrange for the payment of all Spanish corporate income tax out of the Monthly Target Corporate Profit Amount standing to the credit of the
Dutch FleetCo Spanish Transaction Account. 

  

	3.2	Dutch FleetCo to furnish information 

 Dutch FleetCo shall furnish the Spanish Servicer with all such information as the Spanish Servicer may reasonably require to enable it to perform its obligations under this paragraph 3. 

 

	4.	VAT MANAGEMENT 

 The
Spanish Servicer shall, where necessary, provide Dutch FleetCo with such administrative assistance as is necessary for Dutch FleetCo to comply with relevant Spanish VAT legislation (including, without limitation, assistance in relation to the
preparation and filing of Spanish VAT returns, VAT refunds (including any documents required to be prepared and filed in respect of the monthly VAT refund procedure and the issue of VAT invoices and credit notes for VAT purposes). 

 

	5.	MAINTENANCE OF LICENCES AND CONSENTS 

  

	5.1	Spanish Servicer to prepare and submit applications 

 The Spanish Servicer will prepare and submit on behalf of Dutch FleetCo all necessary applications and requests for any approval, authorisation, consent or licence required under any Requirement of Law,
in each case on a prompt and timely basis to enable Dutch FleetCo to perform its obligations under the Relevant Transaction Documents and conduct its business. 
  

	5.2	Servicer to notify litigation 

 Upon becoming aware of the same, the Spanish Servicer shall promptly notify Dutch FleetCo, the Transaction Agent and the FleetCo Security Agent of any litigation instituted or threatened against Dutch
FleetCo in which it is alleged that Dutch FleetCo has breached the terms of any applicable law or regulation and, if adversely determined, would be reasonably likely to have a Material Adverse Effect. 

 

	6.	SPANISH MASTER LEASE AGREEMENT 

  

	6.1	General 

 The Spanish
Servicer shall perform on behalf of Dutch FleetCo the following services in accordance with the terms of the Spanish Master Lease Agreement to which Dutch FleetCo is a party: 

 

	 	6.1.1	arrange on behalf of Dutch FleetCo for the completion, signature and delivery of Vehicle Schedules to the Lessee in accordance with the terms of the Spanish Master
Lease Agreement; 

  

	 	6.1.2	arrange for any payments required to be made by Dutch FleetCo; 

  
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	 	6.1.3	arrange for the ordering, cancelling amending and purchasing of Vehicles for Dutch FleetCo in accordance with the Vehicle Request Notice received by the Lessor and the
terms of clauses 4.2 (Purchase of Vehicles and agreement to lease) and 4.3 (Amendment and cancellation of Vehicle Request Notices) of the Spanish Master Lease Agreement; 

 

	 	6.1.4	arrange for the transfer of title of a Vehicle where required by and in accordance with the terms of clause 15 (Casualties and Non-Eligible Vehicles) of the
Spanish Master Lease Agreement; and 

  

	 	6.1.5	calculate payments owed to Dutch FleetCo by the Lessee (including, without limitation, the Rent, Casualty Payments and any Redesignation Amounts) under the terms of the
Spanish Master Lease Agreement and under Schedule 1. 

  

	6.2	Redesignation 

 The
Spanish Servicer shall determine the relevant Redesignation Event pursuant to clause 25 of the Spanish Master Lease Agreement and effect the redesignation of Vehicles as Eligible Vehicles or Non-Eligible Vehicles from time to time and produce an
updated Fleet Report, in each case, in accordance with clause 27 (Redesignation Mechanics) of the Spanish Master Lease Agreement. 
  

	6.3	Spanish Servicer to make determinations and calculations of payments under the Spanish Master Lease Agreement 

The Spanish Servicer shall calculate in accordance with clause 19.1 (Calculations) of the Spanish Master Lease Agreement all
amounts of Rent, Redesignation Amounts, all Casualty Payments, Programme Vehicle Special Default Payments, Early Termination Payments and any other amounts payable by the Lessee under the Spanish Master Lease Agreement, and shall, no later than the
Lease Determination Date immediately prior to the Lease Payment Date upon which such payment is due or, where a payment is due on a date other than a Lease Payment Date, the Business Day preceding such date, provide a copy of such calculations to
Dutch FleetCo, the Central Servicer and the FleetCo Security Agent for its records. 
  

	7.	ARRANGING PAYMENTS AND PERFORMANCE 

  

	7.1	The Spanish Servicer will arrange for Dutch FleetCo to perform its payment and other administrative obligations (including the sending of any notices) under the
Relevant Transaction Documents and the Vehicle Purchasing Agreements to which it is a party in a timely manner in accordance with the relevant time limits specified in such documents and in accordance with the relevant provisions of such documents.

  

	7.2	The Spanish Servicer will assist the Dutch FleetCo, as far as is necessary, in declaring and paying the dividends which the Dutch FleetCo agrees to pay under Clause 11
(Dutch FleetCo Covenants) of this Agreement. 

  

	8.	GENERAL 

 The Spanish
Servicer shall not take any action or do anything that could result in it being considered a de facto director of Dutch FleetCo. 

  
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 PART C 
 CASH MANAGEMENT, RECORDS AND INFORMATION REPORTING 
  

	1.	ESTABLISHMENT OF ACCOUNTS 

  

	1.1	The Spanish Servicer shall ensure that it establishes each Dutch FleetCo Spanish Bank Account (on behalf of and in the name of Dutch FleetCo) with the Dutch FleetCo
Spanish Account Bank which shall not commingle with any other monies or accounts whatsoever other than those of Dutch FleetCo (excluding Excluded Payments). 

 

	1.2	The Spanish Servicer shall ensure that the mandates relating to the Dutch FleetCo Spanish Bank Accounts opened on or prior to the Signing Date have been delivered to
and accepted by the Dutch FleetCo Spanish Account Bank and the Dutch FleetCo Spanish Account Bank Operator. 

  

	1.3	The Spanish Servicer hereby acknowledges that each Dutch FleetCo Spanish Bank Account is subject to an Spanish law pledge thereon and that, notwithstanding any
provision to the contrary in this Agreement, it shall not take any action which may be contrary to, or result in Dutch FleetCo being in breach of any of its obligations or warranties under, the relevant FleetCo Spanish Security Document.

  

	2.	OPERATION OF LEDGERS 

  

	2.1	Dutch FleetCo Spanish Transaction Account 

  

	 	2.1.1	The Spanish Servicer shall ensure that it maintains ledgers (in Computer Readable Form) for the proper management of funds (the “Ledgers”) including,
without limitation, ledgers relating to Dutch FleetCo in respect of: 

  

	 	(i)	Rent and other amounts paid to Dutch FleetCo under the Spanish Master Lease Agreement (including as distinct line items, pre-paid Rent in accordance with clause 18
(Prepayments) of the Spanish Master Lease Agreement, Casualty Payments received from Lessee in accordance with clause 14.1 (Notification by Lessee and Casualty Payment) of the Spanish Master Lease Agreement, Redesignation Amounts
received from Lessee in accordance with clause 26 (Redesignation Events) of the Spanish Master Lease Agreement, Early Termination Payments received from Lessee and Programme Vehicle Special Default Payments received from Lessee in accordance
with clause 15 (Programme Vehicle Special Default Payments) of the Spanish Master Lease Agreement), in each case during the period starting on (and including) the previous Lease Determination Date and ending on but excluding) the immediately
following Lease Determination Date; 

  

	 	(ii)	Eligible Receivables and Disposal Proceeds in respect of Vehicles turned-back or sold (on a Vehicle by Vehicle and Vehicle Manufacturer and/or Vehicle Dealer by Vehicle
Manufacturer and/or Vehicle Dealer basis); 

  
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	 	(iii)	interest (if any) received on any balance standing from time to time to the credit of its Dutch FleetCo Spanish Bank Account credited during the preceding calendar
month; 

  

	 	(iv)	the VAT charged or to be charged by Dutch FleetCo on supplies of goods or services treated for Spanish VAT purposes as made by Dutch FleetCo in the relevant month (the
“Monthly Output VAT Ledger”); 

  

	 	(v)	the VAT paid or to be paid by Dutch FleetCo on supplies of goods or services treated for Spanish VAT purposes as made to Dutch FleetCo in the relevant month (the
“Monthly Input VAT Ledger”); 

  

	 	(vi)	the principal amount of all FleetCo Advances; 

  

	 	(vii)	monies standing to the credit of the Dutch FleetCo Spanish Transaction Account which constitute Excluded Payments; 

 

	 	(viii)	the Monthly Target Corporate Profit Amount in respect of the Spanish Vehicle Fleet; 

 

	 	(ix)	amounts received from the Lessee as a prepayment of Variable Rent which represent Charge Costs in respect of a particular Vehicle; 

 

	 	(x)	amounts for which a provision is made on a Settlement Date in accordance with item (B), Part A, Part 5, Schedule 3 of the Framework Agreement (the “provisioned
items ledger”); 

  

	 	(xi)	amounts which are Excluded Payments and are distributed in accordance with paragraph 8, Part C, Schedule 1 of this Agreement (the “Excluded Payments
ledger”). 

  

	 	2.1.2	The Spanish Servicer shall ensure that all Ledgers are updated on a regular basis. 

 

	2.2	Charge Costs ledger 

  

	 	2.2.1	The Spanish Servicer shall maintain a separate ledger for Charge Costs in the Dutch FleetCo Spanish Transaction Account. 

 

	 	2.2.2	The Spanish Servicer shall ensure that upon receipt of a prepayment (or portion) of Variable Rent from the Lessee which is to be used to satisfy Dutch FleetCo’s
obligation to pay Charge Costs in respect of a particular Vehicle, the Spanish Servicer shall credit such amount to the Charge Costs ledger in the Dutch FleetCo Spanish Transaction Account. 

 

	 	2.2.3	The Spanish Servicer shall not withdraw any amount from the Charge Costs ledger except for the sole purpose of paying the Vehicle Manufacturers and/or Vehicle Dealers
in accordance with the relevant supplemental agreement to the Vehicle Purchasing Agreements. 

  

	 	2.2.4	 Upon the date upon which any Charge Costs in respect of a particular Vehicle are due to be paid to the relevant Vehicle Manufacturer or Vehicle Dealer,
the 

  
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Spanish Servicer shall debit the respective Charge Costs from the Charge Costs ledger of the Dutch FleetCo Spanish Transaction Account, provided that such amounts have previously been received
from the Lessee and credited to this ledger. 

  

	2.3	Dutch FleetCo Spanish Reserve Account 

  

	 	2.3.1	The Spanish Servicer shall operate the Dutch FleetCo Spanish Reserve Account (if any) and create and maintain any necessary ledgers to evidence deposits and withdrawals
of funds from this account. 

  

	3.	CHANGE OF ACCOUNT BANK 

  

	3.1	Change of Account Bank 

If, in accordance with the terms of the Spanish Account Bank Agreement, (a) the Spanish Servicer or Dutch FleetCo wishes to terminate
the appointment of the Dutch FleetCo Spanish Account Bank and/or the Dutch FleetCo Spanish Account Bank Operator, or (b) the Dutch FleetCo Spanish Account Bank at which the Dutch FleetCo Spanish Bank Accounts are held and/or the Dutch FleetCo
Spanish Account Bank Operator tenders its resignation in accordance with the terms of clause 13.3 (Resignation of Dutch FleetCo Spanish Account Bank or Dutch FleetCo Spanish Account Bank Operator) of the Spanish Account Bank Agreement, the
Spanish Servicer shall ensure that: 
  

	 	(i)	in the case of paragraph 3.1.1(a) Dutch FleetCo obtains the prior written consent of the FleetCo Security Agent to effect such termination (such consent not to be
unreasonably delayed or withheld by the FleetCo Security Agent), and, following the receipt of such consent, provides written notice of such termination to the relevant Dutch FleetCo Spanish Account Bank and Dutch FleetCo Spanish Account Bank
Operator not less than 30 (thirty) days prior to the proposed date of such termination; 

  

	 	(ii)	Dutch FleetCo appoints a successor to the relevant Dutch FleetCo Spanish Account Bank in accordance with clause 13.7 (Successor Dutch FleetCo Spanish Account Bank
and Dutch FleetCo Spanish Account Bank Operator) of the Dutch FleetCo Spanish Account Bank Agreement; and 

  

	 	(iii)	Dutch FleetCo transfers the Dutch FleetCo Spanish Bank Accounts to a successor Account Bank. 

 

	3.2	Spanish Servicer action on transfer of Dutch FleetCo Spanish Bank Accounts 

 Simultaneously with the transfer of the Dutch FleetCo Spanish Bank Accounts to a new account bank: 
  

	 	3.2.1	the Spanish Servicer shall ensure that such new Dutch FleetCo Spanish Bank Accounts are secured in the same manner as the original Dutch FleetCo Spanish Bank Accounts
were secured under the FleetCo Security Documents and Dutch FleetCo shall execute such documents and give such notices as may be required by the FleetCo Security Agent for that purpose; and 

  
 - 39 -

	 	3.2.2	the provisions of this Agreement relating to the Dutch FleetCo Spanish Bank Accounts shall continue to apply to the new Dutch FleetCo Spanish Bank Accounts.

  

	4.	OPERATION OF DUTCH FLEETCO SPANISH TRANSACTION ACCOUNT 

  

	4.1	FleetCo Funds 

 The
Spanish Servicer shall ensure that all amounts payable to the Dutch FleetCo (save for any amounts required to be credited to the Dutch FleetCo Spanish Reserve Account in accordance with paragraph 2.3, Part C, Schedule 1 of this Agreement) shall be
paid directly into the Dutch FleetCo Spanish Transaction Account. Upon the Spanish Servicer becoming aware that any of such amounts is inadvertently deposited into any of the Spanish Servicer’s bank accounts, such amount shall be transferred to
the Dutch FleetCo Spanish Transaction Account by the Spanish Servicer within 2 (two) Business Days. 
  

	4.2	FleetCo Payment Date Payments 

 On each FleetCo Payment Date, the Spanish Servicer (acting on behalf of Dutch FleetCo) shall direct that funds standing to the credit of the Dutch FleetCo Spanish Transaction Account will be applied
towards the satisfaction of amounts due and payable by Dutch FleetCo under the Relevant Transaction Document in accordance with the relevant FleetCo Priority of Payments. 

 

	4.3	Provisioned Payments 

 The
Spanish Servicer (acting on behalf of Dutch FleetCo) may, on any Business Day, withdraw any amounts credited by way of a provision on a previous Settlement Date to the provisioned items ledger of the Dutch FleetCo Spanish Transaction Account and
apply such amounts, inter alia, towards the following payments: 
  

	 	4.3.1	towards payment of any amounts that are due and payable to the relevant Transaction Party and as set out as amounts due and payable by Dutch FleetCo in accordance with
the relevant FleetCo Priority of Payments (other than amounts listed in paragraphs 4.3.2, 4.3.3 and 4.3.4 below), otherwise than on the next FleetCo Payment Date, in accordance with the provisions of the Relevant Transaction Documents;

  

	 	4.3.2	towards payment of any accrued and unpaid Taxes (and VAT) imposed upon Dutch FleetCo by any applicable Tax Authority; 

 

	 	4.3.3	towards payment of the purchase price in relation to the purchase of Vehicles by Dutch FleetCo pursuant to any Vehicle Manufacturer Agreement or Vehicle Dealer
Agreement; 

  

	 	4.3.4	towards payment of any Excess Mileage Charges, Excess Damage Charges and any other amounts due and payable to any Vehicle Manufacturer and/or Vehicle Dealer in respect
of any Vehicle to the extent that the same are not deducted from the relevant Repurchase Price payable by such Vehicle Manufacturer and/or Vehicle Dealer in respect of such Vehicle, 

  
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 provided that upon the delivery of a FleetCo Enforcement Notice to Dutch FleetCo
pursuant to the terms of the Relevant Transaction Document, the Spanish Servicer shall not withdraw any such amounts from the Dutch FleetCo Spanish Transaction Account. 
  

	 	4.3.5	The Spanish Servicer (acting on behalf of Dutch FleetCo) may, on any Business Day, withdraw any amounts from the Dutch FleetCo Spanish Transaction Account not
previously provided for on the provisioned items ledger of such account and not payable on a Settlement Date towards (i) payment of the purchase price in relation to the purchase of Vehicles by Dutch FleetCo pursuant to any Vehicle Manufacturer
Agreement or Vehicle Dealer Agreement, provided that Dutch FleetCo has previously received a FleetCo Advance under the FleetCo Spanish Facility Agreement to fund such payment, and (ii) the repayment of any FleetCo Advances.

  

	4.4	Reconciliations 

 On the
last Business Day of each month, the Spanish Servicer shall carry out a reconciliation of the balances of each Dutch FleetCo Spanish Bank Account against its record of the directions given by it to the Dutch FleetCo Spanish Account Bank and the
Dutch FleetCo Spanish Account Bank Operator pursuant to this Agreement and shall promptly contact the Dutch FleetCo Spanish Account Bank and the Dutch FleetCo Spanish Account Bank Operator in order to resolve any discrepancy which it identified.

  

	5.	CALCULATIONS AND REPORTS 

  

	5.1	Calculations 

 The Spanish
Servicer shall, on behalf of Dutch FleetCo, make all the calculations on a timely basis with respect to: 
  

	 	5.1.1	any fees and amounts in respect of Dutch FleetCo’s participation in the Transaction (including all amounts due under the FleetCo Spanish Facility Agreement and
other Relevant Transaction Documents); and 

  

	 	5.1.2	ensuring that the FleetCo Advances made to the Dutch FleetCo in respect of its Spanish Vehicle Fleet do not exceed the Country Asset Value Test.

  

	 	5.1.3	the amount proposed to be drawn by Dutch FleetCo under the FleetCo Spanish Facility Agreement, the FleetCo Advance Drawdown Date, the FleetCo Advance Repayment Date and
the FleetCo Proposed Repayment Schedule for each FleetCo Advance. 

  

	 	5.1.4	The Spanish Servicer shall calculate the FleetCo Available Funds in respect of Dutch FleetCo on each Reporting Date. 

 

	 	5.1.5	The Spanish Servicer shall notify the Transaction Agent, the FleetCo Security Agent, the Issuer Security Trustee, the Issuer Cash Manager and the Central Servicer in
writing before 5pm (GMT) on each Reporting Date in the event of a FleetCo AF Shortfall of the Dutch FleetCo in respect of its Spanish Vehicle Fleet. 

  
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	 	5.1.6	The Spanish Servicer shall notify the Central Servicer of any prepayment or repayment of any FleetCo Advance. 

 

	5.2	Reports 

  

	 	5.2.1	The Spanish Servicer shall co-ordinate with the Central Servicer and provide to the Central Servicer the relevant information required under the Monthly Servicer Report
and Intra-Month Central Servicer Report that the Central Servicer is required to produce under clause 15 of the Framework Agreement. 

  

	 	5.2.2	The Spanish Servicer shall provide Dutch FleetCo, the Transaction Agent, the Liquidation Agent and the FleetCo Security Agent with the Fleet Report and the FleetCo Cash
Management and Lease Report on each Reporting Date. 

  

	 	5.2.3	The Spanish Servicer will also provide to the Central Servicer any other information required by the Central Servicer to comply with its obligations under the Framework
Agreement. 

  

	5.3	Compliance Certificate 

The Spanish Servicer shall prepare the Dutch FleetCo Compliance Certificate and deliver it to the Transaction Agent, the FleetCo Security
Agent, the Issuer, the Issuer Security Trustee and the Issuer Cash Manager on each Reporting Date or Intra-Month Reporting Date, as applicable. 
  

	6.	CONCENTRATION LIMITS 

  

	6.1	The Spanish Servicer shall ensure that the Dutch FleetCo shall: 

  

	 	6.1.1	not take any action which might reasonably be expected to cause any of the Concentration Limits to be exceeded; 

 

	 	6.1.2	to the extent any of the Concentration Limits is exceeded at any time, take all reasonable actions to ensure that such Concentration Limit ceases to be exceeded as soon
as practically feasible or that the Vehicles which result in the Concentration Limits being exceeded are financed by alternative sources, provided that such financing is permitted under the terms of the Transaction Documents; and

  

	6.2	The Spanish Servicer shall provide information about the constitution of the Vehicle Fleet to the Central Servicer and liaise with the Central Servicer to allow the
latter to determine whether the Concentration Limits are/will be exceeded. 

  

	7.	RECORDS 

  

	7.1	Maintenance of Vehicle Documents 

 The Spanish Servicer shall: 
  

	 	7.1.1	 keep or procure that the Vehicle Documents are kept in safe custody either on its premises or with third parties who provide the service of keeping
custody of such Vehicle Documents, provided that, in the latter case, the Spanish 

  
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Servicer shall direct that any such third parties allow Dutch FleetCo, the FleetCo Security Agent and the relevant Vehicle Manufacturers, Vehicle Dealers or their agents access the Vehicle
Documents in accordance with Paragraph 1.2.9 of Part A of this Schedule 1; 

  

	 	7.1.2	maintain an up-to-date record of custodians of Vehicle Documents and inform Dutch FleetCo, the Transaction Agent, the Liquidation Agent and the FleetCo Security Agent
of the location or locations at which the Vehicle Documents are kept (including in circumstances where custody is retained by a Sub-contractor) and promptly notify Dutch FleetCo and the FleetCo Security Agent of any changes to such location effected
from time to time; and 

  

	 	7.1.3	ensure that the Vehicle Documents are kept in such manner as to ensure each is uniquely identifiable and distinguishable, by a reference number, from the records and
other documents which relate to other agreements which are held by or on behalf of the Spanish Servicer. 

  

	7.2	Access to records 

 The
Spanish Servicer shall, subject to any Requirement of Law, permit Dutch FleetCo and the FleetCo Security Agent and any other person reasonably nominated by Dutch FleetCo and the FleetCo Security Agent at any time during normal business hours upon
reasonable notice to have access to, and take copies of, the Vehicle Documents and the Servicer Records. Such right of access may not be exercise more than once in any one year, unless a FleetCo Event of Default has occurred and is continuing.

  

	7.3	Records of payments and correspondence 

 The Spanish Servicer shall keep and maintain in Computer Readable Form a daily record: 
  

	 	7.3.1	on a Vehicle by Vehicle basis, of the amounts paid by and to each Vehicle Manufacturer and/or Vehicle Dealer, any amount due by or to a Vehicle Manufacturer and/or
Vehicle Dealer and the balance from time to time outstanding on a Vehicle Manufacturer’s and/or Vehicle Dealer’s account; 

  

	 	7.3.2	of all correspondence with Vehicle Manufacturers and Vehicle Dealers; 

  

	 	7.3.3	of the amounts which are recorded as a credit entry or as a debit entry in the Ledgers and each Dutch FleetCo Spanish Bank Account; 

 

	 	7.3.4	of the purpose for which any amounts are recorded as a credit entry or as a debit entry in the Ledgers and each Dutch FleetCo Spanish Bank Account;

 all in a manner which is consistent with the Relevant Transaction Documents to which Dutch FleetCo is a party
and as may be necessary to enable the Spanish Servicer to perform its obligations under this Agreement and for all Spanish Tax and VAT purposes. 

  
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	8.	EXCLUDED PAYMENTS 

 Any
Excluded Payments standing to the credit of the Excluded Payments ledger of the Dutch FleetCo Spanish Transaction Account shall be remitted by the Spanish Servicer, upon the Spanish Servicer becoming aware of the same, to the person who is entitled
to such funds. In particular this may include, inter alia, any amounts paid into the Dutch FleetCo Spanish Transaction Account: 
  

	 	8.1	which constitute any rebates, credit or similar incentive for the purchase of Vehicles and such amounts shall be paid to Spanish OpCo in accordance with clause 39 of
the Spanish Master Lease Agreement; 

  

	 	8.2	in reimbursement for repair work performed on such Vehicle by the Lessee (at its own cost), where such work is covered by warranty and such amounts shall be paid to the
Lessee; 

  

	 	8.3	in relation to insurance proceeds paid in respect of a Vehicle which has been purchased by the Lessee from the Lessor (including, without limitation, a Casualty) and
such amounts shall be paid to the Lessee; 

  

	 	8.4	in respect of a Vehicle which is owned by Spanish OpCo, and such amounts shall be paid to Spanish OpCo; 

 

	 	8.5	in reimbursement of Tax on Motor Vehicles paid by Spanish OpCo in accordance with clause 10.9 of this Agreement and such amounts shall be paid to Spanish OpCo in
accordance with paragraph 1.4, Part A, Schedule 1 to this Agreement; and 

  

	 	8.6	in error to Dutch FleetCo and to which Dutch FleetCo is not contractually entitled, to the person who is so entitled to such funds. 

 

	9.	FLEETCO ADVANCE DRAWDOWN NOTICES/NO DRAWING CONFIRMATION 

  

	 	9.1.1	The Spanish Servicer shall deliver on each Reporting Date or Intra-Month Reporting Date, as applicable, a draft but completed FleetCo Advance Drawdown Notice on behalf
of Dutch FleetCo to the Central Servicer (who is acting as the agent of the Issuer) (with a copy being sent to the Transaction Agent, the Issuer Security Trustee, the FleetCo Security Agent and the Issuer Cash Manager). 

 

	 	9.1.2	In the event that Dutch FleetCo is not requesting any funding under the FleetCo Spanish Facility Agreement when Dutch FleetCo and/or Italian FleetCo are requesting
funding under the FleetCo German Facility Agreement and/or FleetCo Italian Facility Agreement, respectively, the Spanish Servicer shall provide a no drawing confirmation to the Issuer, the Issuer Cash Manager, the Issuer Security Trustee, the
FleetCo Security Agent and the Transaction Agent by 2pm (CET) on the Reporting Date or Intra-Month Reporting Date, as applicable. 

  

	 	9.1.3	 Following receipt of confirmation of compliance with the Country Asset Value Test and the Issuer Borrowing Base Test from the Transaction Agent on

  
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the Information Date pursuant to clause 14A.1.1.2 of the Framework Agreement, the Spanish Servicer shall sign each FleetCo Advance Drawdown Notice (which shall include any necessary amendments)
and deliver such FleetCo Advance Drawdown Notice to the Central Servicer (acting as agent of the Issuer) on the Information Date or Intra-Month Information date, as applicable. 

  
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 SCHEDULE 2 
 NEGOTIATION GUIDELINES IN RELATION TO NEW BUY-BACK 
 AGREEMENTS TO BE
ENTERED INTO BETWEEN FLEETCOS AND VEHICLES 
 MANUFACTURERS 

 

	1.	General No confusion: (definitions, parties etc) 

 Recitals to the Pro-forma Supplemental Agreement 
 “WHEREAS: 

 

	(A)	The Supplier carries on the business of manufacturing and selling vehicles. 

 

	(B)	OpCo purchases vehicles from the Supplier pursuant to fleet agreements entered into with the Supplier and which are renewed on an annual basis.

  

	(C)	FleetCo is a special purpose entity incorporated for the purposes of, inter alia, purchasing Vehicles from the Supplier and leasing the Vehicles so purchased to OpCo
and wishes to accede as additional purchaser to future fleet agreements to be entered into by OpCo and the Supplier and benefit from similar purchase terms and conditions. 

 

	(D)	FleetCo proposes to finance the purchase of its Vehicles from the Supplier through a specific financing structure. Such financing structure requires certain specific
provisions to be contained in future fleet agreements. Accordingly, the parties wish to provide for such specific provisions to be incorporated into future fleet agreements to be entered into between OpCo, FleetCo and the Supplier.”

 Clause 1 of the Pro-forma Supplemental Agreement 
 “NOW THEREFORE IT IS HEREBY AGREED: 
  

	1.	DEFINITIONS 

Wherever used in this Agreement and the recitals hereto, and unless the context otherwise requires, the following terms shall have the
following meanings: 
 “Affiliate” means, in relation to any person, a Subsidiary of that
person or a Holding Company of that person or any other Subsidiary of that Holding Company; 

“Contract” has the meaning as set out in Clause 2.1 (The Contract) hereof; 

“Finance Documents” means, collectively, the transaction documents entered into by, inter alios, FleetCo
in connection with the execution of the Finance Transaction; 
 “Finance Transaction” has
the meaning ascribed to such term in Clause 11.2 (Permitted Disclosure); 
 “Group” means
OpCo and its Affiliates; 
 “Holding Company” means, in relation to a company or
corporation, any other company or corporation in respect of which it is a Subsidiary; 

  
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 “Repurchase Obligations” means the obligations of the
Supplier to re-purchase, at the applicable Repurchase Price, those Vehicles previously purchased by FleetCo from the Supplier pursuant to this Agreement; 
 “Repurchase Price” means, in relation to any Vehicle, the purchase price payable by the Supplier to FleetCo for the re-purchase by the Supplier of such Vehicle, in each
case, as calculated pursuant to and in accordance with the Sale and Repurchase Terms; 
 “Required
Repurchase Condition Standards” means any applicable provisions or eligibility criteria set out in the Contract requiring Vehicles to meet specified condition standards or eligibility criteria in relation to the Repurchase
Obligations; 
 “Required Repurchase Procedures” means any applicable procedures or
requirements, including any minimum or maximum holding periods, set out in the Contract and required to be followed by FleetCo (or its agents, if any) in relation to the Repurchase Obligations; 

“Sale and Repurchase Terms” means the general terms and conditions for sale and repurchase of vehicles
set out in Schedule 1 (Sale and Repurchase Terms); 
 “Subsidiary” means any company or
corporation (a) which is controlled, directly or indirectly, by (and would be treated as a subsidiary in the latest financial statements of) the first-mentioned company or corporation; or (b) of which more than half the issued share
capital of which is beneficially owned, directly or indirectly, by the first-mentioned company or corporation; or (c) which is a Subsidiary of another Subsidiary of the first-mentioned company or corporation, and, for these purposes, a company
or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body; 

“Turnback Damages” means damages payable by FleetCo or deductions to the Repurchase Price applicable by
the Supplier as a result of failure by FleetCo to comply with the Required Repurchase Condition Standards; and 

“Vehicles” means any passenger vehicle, van or other light duty or heavy duty commercial vehicle or
truck purchased by FleetCo or OpCo subject to an in accordance with the terms of the Contract.” 
  

	2.	Separate Notices 

 Clause 16 of the
Pro-forma Supplemental Agreement 
  

	16.	“NOTICE 

  

	16.1	Communications in writing 

 Any
notice to be served by a party to the Contract: 
  

	 	16.1.1	shall be in writing; 

  
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	 	16.1.2	shall be in the English language or accompanied by a translation thereof into English certified (by an officer of the person making or delivering the same) as being a
true and accurate translation thereof; and 

  

	 	16.1.3	shall be delivered personally or sent by first class post (and air mail if overseas) or by fax or by e mail to the party due to receive the Notice at its address, fax
number or e mail address set out below and marked for the attention of the person or persons set out in below or to another address or fax number or e mail address or marked for the attention of another person or persons specified by the receiving
party by not less than 7 days’ written notice to the other Parties received before the notice was despatched. 

  

	16.2	Time of receipt 

Unless there is evidence that it was received earlier, a notice marked for the attention of the person specified in accordance the
above sub-clause is deemed given: 
  

	 	16.2.1	if delivered personally, when left at the relevant address referred to below; 

 

	 	16.2.2	if sent by post, except air mail, two business days after posting it; 

  

	 	16.2.3	if sent by air mail, six business days after posting it; 

  

	 	16.2.4	if sent by fax, when confirmation of its transmission has been recorded by the sender’s fax machine; and 

 

	 	16.2.5	if sent by e mail, two business days after sending it. 

  

	16.3	Business day 

In the above clause 16.2 (Time of Receipt), “business day” means a day other than a Saturday, Sunday or public holiday in
either the country from which the notice is sent or in the country to which the notice is sent. 
  

	16.4	Notice details 

In the case of the Supplier: 
 Address: 
 Tel: 

Fax: 

Email: 

Attention: 

In the case of OpCo: 
 Address: 
 Tel: 

  
 - 48 -

 Fax: 
 Email: 
 Attention: 

In the case of FleetCo: 
 Address: 
 Tel: 

Fax: 

Email: 

Attention: 
  

	3.	Vehicle Purchasing 

 Clause 3 of the
Pro-forma Supplemental Agreement 
  

	3.	“VEHICLE PURCHASING 

  

	3.1	Purchases by OpCo 

Unless otherwise agreed in writing by the parties, with effect from the Contract Commencement Date, OpCo shall purchase Vehicles under
the Contract in accordance with the Sale and Repurchase Terms only and FleetCo shall remain a potential purchaser under the Contract but shall not, until the FleetCo Commencement Date (as defined below), itself purchase Vehicles under the Contract.

  

	3.2	FleetCo Commencement Date 

 [Imperative] 
 OpCo shall notify the Supplier of the date from which
FleetCo shall start purchasing Vehicles under the Contract (such date, the “FleetCo Commencement Date”). With effect from and following the FleetCo Commencement Date, OpCo and FleetCo shall both be entitled to purchase Vehicles from
the Supplier pursuant to and in accordance with this Contract. For the avoidance of doubt, FleetCo shall have no obligation (contractual or non-contractual) to purchase any Vehicle from the Supplier under this Contract, unless a purchase order in
respect of such Vehicle has been issued by FleetCo. 
  

	3.3	No Liability of FleetCo for OpCo obligations 

 [Imperative] 
  

	 	3.3.1	FleetCo shall not have any liability (howsoever described) for the obligations (contractual or non-contractual) of OpCo (in its capacity as a guarantor, purchaser of
vehicles or howsoever otherwise arising) under the Contract. 

  
 - 49 -

	 	3.3.2	To the extent that OpCo enters into or is party to any other vehicles sale arrangement with the Supplier, FleetCo shall not have any liability (howsoever described)
for the obligations (contractual or non-contractual) of OpCo under any such arrangement or any contractual agreement relating thereto. 

  

	3.4	No Liability of FleetCo for OpCo failure 

 [Imperative] 
  

	 	3.4.1	The Supplier agrees and recognises that the obligation of FleetCo to turn-back Vehicles (if any) under the Contract is conditional on the full and timely performance
by OpCo of its corresponding obligation to return such Vehicles under its separate lease contractual arrangements with FleetCo. 

  

	 	3.4.2	Whenever the Supplier suffers any damage or loss in relation to the re-possession by the Supplier of a Vehicle from FleetCo whether pursuant to the applicable
retention of title provisions provided for under the Sale and Repurchase Terms (if any) or upon turn back of a Vehicle by FleetCo in breach of the Sale and Repurchase Terms or the Supplier otherwise wishes to claim any amounts under or in connection
with this Agreement, such damage, loss or amounts shall in each case only be recoverable from OpCo and in no event shall FleetCo be liable for any such damage, loss or amounts, provided however that, for the avoidance of doubt,
any damages suffered by the Supplier which are Turnback Damages owed by FleetCo to such Supplier may be off set by the Supplier against any amount of the Repurchase Price owed by it to FleetCo in accordance with the provisions of Clause 9 (Set Off).

  

	3.5	Several obligation (obligaciunes mancomunadas) 

 [Imperative] 
 Without prejudice to the provisions under Clause 6
(Guarantee), the obligations and liabilities of FleetCo and OpCo under the Contract shall in each case be several and not joint (mancomunadas). 
  

	3.6	No waiver 

[Non-imperative] 
 The purchase by FleetCo of Vehicles under the Contract shall not prejudice or affect any liability of any party under the Contract which may have arisen prior to the FleetCo Commencement Date or,
except as expressly mentioned herein, waive or modify any obligation of any party under the Sale and Repurchase Terms to the extent that such obligation was to be performed or observed at any time prior to the execution of the Contract.”

  
 - 50 -

	4.	Volume Targets and Rebates (non-imperative) 

 Clause 4 of the Pro-forma Supplemental Agreement 
  

	4.	“VOLUME TARGETS AND REBATES 

 [Non-imperative] 
  

	4.1	Vehicles purchased by OpCo and FleetCo under the Contract shall be aggregated when determining or calculating any minimum volume of Vehicles required to be purchased
under the Sale and Repurchase Terms and the minimum requirements of purchase against which various rebates and discounts provided under the Sale and Repurchase Terms may apply. 

 

	4.2	Any bonus payment or other similar amount payable by the Supplier for Vehicles purchased under the Contract by OpCo or by FleetCo shall, in each case, be paid to
OpCo. 

  

	4.3	Any reduction to the purchase price of Vehicles as a result of any minimum vehicle purchase levels being reached (such minimum purchase levels being determined or
calculated in accordance with clause [4.1] above) shall inure to the benefit of FleetCo and OpCo and such reduction to the purchase price shall apply to all Vehicles to be purchased by FleetCo and OpCo. 

 

	4.4	In the event that any minimum vehicle purchase level required under the Contract in the relevant year is not met, any rebate of bonus payment or other reduction of
benefits applied to the purchase price on Vehicles purchased by FleetCo, or any other amount recoverable by the Supplier (howsoever described and including, without limitation, penalty payments, if applicable), shall in each case only be recoverable
from OpCo and in no event shall FleetCo be liable for any such amounts.” 

  

	5.	Purchase Orders and Transfer of title 

Clause 5 of the Pro-forma Supplemental Agreement 
  

	5.	“PURCHASE ORDERS AND TRANSFER OF TITLE 

 [Imperative] 
  

	5.1	The Supplier hereby agrees to: 

  

	 	5.1.1	invoice OpCo and FleetCo separately whenever this Contract (including pursuant to the Sale and Repurchase Terms) provides that an amount shall be due to the Supplier by
any of them; and 

  

	 	5.1.2	record any order of Vehicles made by OpCo or, as the case may be, FleetCo in the name of the company that made the order. 

  
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	5.2	[Option 1 below is the best position for Avis and should be our starting position. If Suppliers will not agree to Option 1, Option 2 should be used. The number of
days in Option 2 should be as small as possible, every additional day has a detrimental effect on the securitisation. In no event should this period be longer than 30 days.] 

Notwithstanding anything to the contrary in this Agreement, FleetCo may, at any time and for any reason whatsoever, cancel all
outstanding vehicle orders (but not some of them) it has placed with the Supplier by giving a notice in writing (the “Cancellation Notice”) to the Supplier (with a copy to OpCo). The Cancellation Notice will be
effective [OPTION 1: immediately upon] [OPTION 2: [—] days after] receipt by the Supplier in legible form, upon which FleetCo shall
(i) irrevocably and definitely be discharged from all obligations and liabilities towards the Supplier arising or which may arise from such cancelled orders and (ii) cease to be able to make any new vehicle order under the Contract.

  

	5.3	OpCo irrevocably acknowledges and agrees that, upon Supplier’s request in writing, OpCo shall unconditionally assume all FleetCo’s obligations and
liabilities and benefit from all FleetCo’s rights (including the right to receive delivery of the relevant vehicles) which may arise from the cancelled orders. The Supplier irrevocably acknowledges and agrees that any default by OpCo or the
unenforceability for any reason of the assumption by OpCo of FleetCo’s rights and obligations (including the right to receive delivery of the relevant vehicles) shall not affect the validity and enforceability of the discharge of FleetCo’s
obligations and liabilities as set out in Clause 5.2 above.” 

  

	6.	Repurchase Obligations unconditional 

Clause 7 of the Pro-forma Supplemental Agreement 
  

	7.	“REPURCHASE OBLIGATIONS UNCONDITIONAL 

 [Non-imperative] 
  

	7.1	The Repurchase Obligations shall be unconditional and irrevocable obligations of the Supplier, subject only to (a) any applicable Required Repurchase
Procedures, and (b) any Required Repurchase Condition Standards. Without limiting the generality of the foregoing, no Repurchase Obligation shall be conditional upon FleetCo or OpCo or any other person, individually or in aggregate purchasing
any minimum number of Vehicles or meeting any other minimum threshold level over or within any period or the solvency of FleetCo, OpCo or any other member of the Group. 

 

	7.2	By exception to any terms of the Required Repurchase Procedures or Required Repurchase Condition Standards, no Repurchase Obligations shall be conditional upon
whether FleetCo turns back Vehicles to the Supplier within agreed vehicles holding periods.” 

  
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	7.	Termination 

 Clause 8 of the Pro-forma
Supplemental Agreement 
  

	8.	“TERMINATION 

  

	8.1	“Each of the parties hereto may terminate the Contract (including the Sale and Repurchase Terms) subject to and in accordance with the terms thereof,
provided always that (a) such termination is without prejudice to any Required Repurchase Procedures or Required Repurchase Condition Standards and (b) notwithstanding any other provisions of the Sale and Repurchase
Terms to the contrary: 

  

	 	8.1.1	the Supplier shall not at any time be entitled to terminate its Repurchase Obligations in relation to any Vehicle which has previously been delivered to or to the
order of FleetCo prior to the termination date and any such Repurchase Obligations shall survive any termination of the Contract irrespective of whether such termination is as a result of any breach by OpCo of any of its obligations under this
Contract; [Non-imperative] 

  

	 	8.1.2	the provisions of Clauses 9 (Set Off), 13 (Limited Recourse) and 14 (Non Petition) shall survive the termination of the Contract; [Imperative]

  

	 	8.1.3	the terminating party must have given prior reasonable notice in writing to the other party of its intention to terminate the Contract; and
[Non-imperative] 

  

	 	8.1.4	no amounts to be paid by FleetCo pursuant to the Contract shall become immediately due and payable as a result of, or in connection with, the termination of the
Contract. [Imperative]” 

  

	8.	Set off rights 

 Clause 9 of the
Pro-forma Supplemental Agreement 
  

	9.	“SET OFF 

[OPTION 1 – TO BE INSERTED WHENEVER POSSIBLE] 

 

	9.1	The Supplier may off set any amount owed by FleetCo in respect of Turnback Damages under the Contract against any amount of the Repurchase Price owed under the
Contract by the Supplier to FleetCo. Other than the preceding sentence, the Supplier undertakes not to set off any amount owed to it by FleetCo (including any unpaid purchase price owed to the Supplier by FleetCo in relation to Vehicles ordered by
FleetCo (whether delivered or not) under any vehicle purchasing agreement entered into from time to time between such parties (including the Contract) against any amount (including, save as provided for in the preceding sentence, amounts of
Repurchase Price) owed by the Supplier to FleetCo under any vehicle purchasing agreement entered into from time to time between such parties (including the Contract). 

 

	9.2	 Notwithstanding the above, the Supplier undertakes not to set off any amount owed by OpCo to the Supplier under the Contract, or otherwise
(including under any other vehicle purchasing agreement entered into from time to time between such parties), 

  
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against any amounts owed by the Supplier to FleetCo pursuant to the Contract or to any other vehicle purchasing agreement entered into from time to time between FleetCo and the Supplier, even if
any are deemed to be connected (ex eadem causa) claims. 

 [OPTION 2 – TO BE INSERTED IF OEM WILL
NOT AGREE TO OPTION 1] 
  

	9.1	The Supplier may off set any amount owed by FleetCo to the Supplier pursuant to the Contract against any amount owed by it to FleetCo pursuant to the Contract or any
agreement made between FleetCo and the Supplier. FleetCo may off set any amount owed by the Supplier to FleetCo pursuant to the Contract against (a) any amount owed by it to the Supplier pursuant to the Contract or any agreement made between
FleetCo and the Supplier or (b) any amount which becomes owed by it to the Supplier pursuant to any agreement which may be entered into between them. [Non-imperative] 

 

	9.2	Notwithstanding the above, the Supplier undertakes not to set off any amount owed by OpCo to the Supplier under the Contract, or otherwise (including under any other
vehicle purchasing agreement entered into from time to time between such parties), against any amounts owed by the Supplier to FleetCo pursuant to the Contract or to any other vehicle purchasing agreement entered into from time to time between
FleetCo and the Supplier, even if any are deemed to be connected (ex eadem causa) claims. [Imperative]” 

  

	9.	Title 

 Clause 10 of the Pro-forma
Supplemental Agreement 
  

	10.	“TITLE 

[Non-imperative] 
  

	10.1	Transfer to FleetCo 

To the extent that credit terms are made available to FleetCo by the Supplier in relation to the payment by FleetCo of the applicable
purchase price in respect of the relevant Vehicle, title to such Vehicle shall not pass from the Supplier to FleetCo until the time of payment in full of the purchase price for that Vehicle by FleetCo to the Supplier following which title to the
Vehicle shall immediately and unconditionally pass from the Supplier to FleetCo. 
  

	10.2	Transfer to Supplier 

 To the extent that credit terms are made available to the Supplier by FleetCo in relation to the payment by such Supplier (or on its behalf) of the applicable Repurchase Price in respect of the
relevant Vehicle, title to a Vehicle shall not pass from FleetCo to the Supplier until the time of payment in full of the Repurchase Price for that relevant Vehicle by the Supplier (or if specified by the Supplier at the time of payment, by its
nominee) to FleetCo following which title to the Vehicle shall immediately and unconditionally pass to the Supplier.” 

  
 - 54 -

	10.	Confidentiality 

 Clause 11 of the
Pro-forma Supplemental Agreement 
  

	11.	“CONFIDENTIALITY 

 [Imperative] 
  

	11.1	General prohibition on disclosure 

 Subject only as provided in sub-clause 11.2 below, none of FleetCo, OpCo nor the Supplier may disclose the terms of the Contract, to any person without the prior written consent of: 

 

	 	11.1.1	in the case of disclosure by FleetCo or OpCo, the Supplier; or 

  

	 	11.1.2	in the case of disclosure by the Supplier, FleetCo and OpCo; 

 provided always that such prohibition on disclosure shall not apply to any disclosure to any court of competent jurisdiction in accordance with any requirement of or direction by
any regulatory body, regulatory investment exchange, listing authority or other competent or relevant authority or as otherwise required by applicable law or regulation. 

 

	11.2	Permitted disclosure 

 FleetCo shall be entitled to disclose any term of the Contract 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 it or FleetCo’s rights, interests or benefits under the Contract (a “Finance Transaction”): 
  

	 	11.2.1	to any Affiliate of 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, 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 FleetCo assigns,
pledges or transfers pursuant to clause 1.26 below as well as their agents, professional advisors and Affiliates; and 

  

	 	11.2.2	(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 FleetCo or OpCo pursuant to the Contract, discounts, depreciation, payment terms, bonus arrangements, refurbishment costs, overmileage 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.” 

  
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	11.	Assignment and transfer 

 Clause 12 of
the Pro-forma Supplemental Agreement 
  

	12.	“ASSIGNMENT AND TRANSFERS 

  

	12.1	Assignment by FleetCo 

 FleetCo may assign, pledge or transfer (by way of security or otherwise) its rights, interests and/or benefits under the Contract to a third party funding provider, a FleetCo Security Agent, a security
trustee or any other person in relation to or in connection with any Finance Transaction without restriction and without the need to obtain the consent of the Supplier or any other person. [Imperative] 

 

	12.2	Assignment by the Supplier 

 The Supplier may assign its rights under the Contract without the prior written consent of FleetCo, provided that such assignment or transfer does not prejudice any rights or
benefits of FleetCo (including, without limitation, any set-off rights under the Contract against any assignee of the Supplier) and does not grant such assignee any more rights against FleetCo than those granted to the Supplier under the Contract.
[Non-imperative]” 
  

	12.	No-Petition and Non-recourse 

 Clauses
13 and 14 of the Pro-forma Supplemental Agreement 
  

	13.	“LIMITED RECOURSE 

 [Imperative] 
  

	13.1	Save as otherwise expressly contemplated herein, each of the Supplier and OpCo may commence legal proceedings against FleetCo to the extent that the only relief
sought against FleetCo pursuant to such proceedings is the re-possession by the Supplier of a Vehicle (in respect of which the applicable purchase price remains unpaid) pursuant to the applicable retention of title provisions provided for under the
Sale and Repurchase Terms (if any) and shall not have recourse to any asset of FleetCo (other than any such Vehicle). [Imperative] 

 

	13.2	The Supplier hereby irrevocably and unconditionally covenants and undertakes that, other than as expressly specified herein, it shall not be entitled to and shall
not initiate or take any step prior to twenty-four (24) months and one (1) day after the termination of the Finance Documents in connection with the commencement of legal proceedings (howsoever described) to recover any amount owed to it
by FleetCo under the Contract (other than serving a written demand on FleetCo for payment subject to the terms of this Contract and solely for the purpose of avoiding forfeiture of right or any other action strictly necessary to prevent the legal
expiration of its rights hereunder). [Imperative] 

  

	13.3	 The Supplier irrevocably and unconditionally agrees that any amounts owed to it by FleetCo under the Contract will only become matured, due and
payable if and to the extent that the available funds of FleetCo are sufficient to pay for such amounts in 

  
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accordance with the relevant priority agreement of the Finance Documents, provided that any such amounts owed by FleetCo will become due and payable on the day which is
twenty-four (24) months and one (1) day after the termination of the Finance Documents (to the extent that they have not become due and payable prior to that day pursuant to this clause). [Non-imperative but is recommended
to be included] 

  

	14.	NON PETITION 

[Imperative] 
 The Supplier shall not be entitled to take, and unconditionally and irrevocably agrees that it shall not take, prior to twenty-four (24) months and one (1) day after the termination of the
Finance Documents, any step in connection with: 
  

	 	14.1.1	the liquidation, suspension of payments, bankruptcy, emergency regulations or insolvency (or any similar or analogous proceedings of circumstances) of FleetCo; or

  

	 	14.1.2	the appointment of an insolvency officer or any similar officer in relation to FleetCo or any of its assets whatsoever; or 

 

	 	14.1.3	the initiation (or the joining of any person to initiate) or the taking of any step (on behalf of itself or by any person on its behalf) in connection with the
liquidation or insolvency (or any similar or analogous proceedings of circumstances) of FleetCo. [This sub-paragraph is non-imperative but is recommended to be included]” 

 

	13.	Amendment – no amendment without prior written consent of each party 

 Clause 17 of the Pro-forma Supplemental Agreement 
  

	17.	“AMENDMENTS, MODIFICATIONS AND WAIVERS 

 No term of this Contract (including the Sale and Repurchase Terms and this Agreement) may be amended, modified or waived by any party hereto, except with the prior written consent of the parties hereto
and any such amendment, modification or waiver shall be binding on all the parties hereto.” 

  
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 SCHEDULE 3 
 REJECTED VEHICLE SCHEDULE 
 Relating to Dutch FleetCo 

Vehicle Identification Number: 
 Manufacturer:

 Model year and make: 

Programme/Non-Programme: 
 Drop location/owning
area: 
 Date of original purchase: 

Capitalised Cost: 
 Effective date of sale to
Dutch FleetCo: 
 Date of rejection by Lessee: 
 Net Book Value: 
 LESSOR 
 Dutch FleetCo 
  

			
	By:	 	  

		 	As Spanish Servicer, for and on behalf of Dutch FleetCo
		
	Date:	 	  

 AVIS ALQUILE UN COCHE S.A. 
 Spanish OpCo 
  

			
	By:	 	  

		
	Date:	 	  

  
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 SCHEDULE 4 
 CONDITIONS PRECEDENT 
  

	1.	A copy certified by an officer of the Spanish Servicer to be a true, complete and up-to-date copy, of the constitutional documents of the Spanish Servicer.

  

	2.	A copy certified by an officer of the Spanish Servicer 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 Spanish Servicer, amongst others: 

  

	 	(a)	approving the transactions contemplated by the Spanish Servicing Agreement; and 

 

	 	(b)	authorising a person or persons to sign and deliver on behalf of the Spanish Servicer, the Spanish Servicing Agreement and any notices or other documents to be given
pursuant thereto. 

  

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

  
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 SCHEDULE 5 
 FORM OF OFFICER’S CERTIFICATE 
 To 

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

France 
 (the “FleetCo Security
Agent” for itself and on behalf of the Spanish FleetCo Secured Creditors and the “Transaction Agent”) 
 The
undersigned,                             , an Authorised Signatory of Dutch FleetCo, pursuant to Paragraph
1.1.3 (Designation of Eligible Vehicles) of Part A of Schedule 1 of the Spanish Servicing Agreement hereby certifies that: 
  

	(a)	Dutch FleetCo is in receipt of the indicative terms for the Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement for the
[                    ] model year; 

  

	(b)	upon review of such terms there are no changes or indication of changes to the terms and conditions (other than changes related to Commercial Terms) of the relevant
Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement as compared to the Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement for the previous model year that are likely to have a Material Adverse
Effect on Dutch FleetCo or, where the changes do not comply with the foregoing, the undersigned confirms that the FleetCo Security Agent has consented to such changes and attaches a copy of such consent; and 

 

	(c)	the undersigned has no reason to believe that there will be any changes to the terms and conditions of the final Vehicle Dealer Buy-Back Agreement or Vehicle
Manufacturer Buy-Back Agreement for the [                    ] model year (when the Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer
Buy-Back Agreement is to be entered into) as compared to the Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement for the previous model year that would be likely to have a Material Adverse Effect on Dutch FleetCo (other than
changes related to Commercial Terms). 

 Capitalised terms used but not defined in this Certificate shall have the meanings
ascribed to such terms in the Spanish Servicing Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this certificate this
     day of         , 20    . 
  

	
	  

	[Name]
	[Title]

  
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 SCHEDULE 6 
 FORM OF DIRECTOR’S CERTIFICATE REGARDING NEGOTIATION 
 GUIDELINES
COMPLIANCE 
 To 
 FinCar Fleet
B.V., Sucursal en España 
 Avenida Manoteras no 32 
 28050 Madrid 
 Spain 
 (“Dutch FleetCo”) 
 Crédit Agricole Corporate and Investment Bank

 9 quai du Président Paul Doumer 
 92920 Paris La Défense Cedex 
 France 

(the “FleetCo Security Agent” for itself and on behalf of the Spanish FleetCo Secured Creditors and the “Transaction
Agent”) 
 Pursuant to Paragraph 1.1.1 of Part A of Schedule 1 of the Spanish Servicing Agreement, the undersigned,
                            , a Director of the Spanish Servicer, 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 Dutch FleetCo during the
calendar year [—], other than those Vehicle Manufacturer Agreements and Vehicle Dealer Agreements in respect of which the FleetCo Security Agent has granted a waiver pursuant to Paragraphs 1.1.1(a)
of Schedule 1 of the Spanish Servicing Agreement; 

  

	(b)	the undersigned hereby certifies that all Vehicle Manufacturer Agreements and Vehicle Dealer Agreements listed in Appendix A satisfy all of the Imperative Principles
and the Non-Imperative Principles of the Negotiation Guidelines set forth in Schedule 1 of the Spanish Servicing Agreement; and 

  

	(c)	the undersigned hereby certifies that the Vehicle Manufacturer Agreements and Vehicle Dealer Agreements listed in Appendix B satisfy all of the Imperative Principles
but not all of the Non-Imperative Principles of the Negotiation Guidelines. The number of the relevant Non-Imperative Principle that is not complied with is set out next to the name of the relevant Vehicle Manufacturer Agreements and Vehicle Dealer
Agreement. 

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

	
	  

	[Name]
	Director

  
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 SCHEDULE 7 
 SPANISH SERVICER COMMUNICATION TO DUTCH FLEETCO DUE TO 
 SUBPROCESSING
AGREEMENT 
 AVIS ALQUILE UN COCHE, S.A. 
 Avenida de Manoteras 32 
 28050 Madrid 

FINCAR FLEET B.V., SUCURSAL EN ESPAÑA 
 Avenida de Manoteras 32 
 28050 Madrid 
 I, hereby notify to FINCAR FLEET B.V., SUCURSAL EN ESPAÑA that the company [insert details] (registered at the Mercantile Registry of
[—] under volume [—], page [—], sheet number [—],
inscription [—] and with CIF number [—]), a company incorporated in Spain with its principal place of business in Spain will act as a sub-processor
of AVIS ALQUILE UN COCHE, S.A., and therefore will have access to personal data for which Dutch FleetCo is responsible. 
 In addition to
this, I hereby notify that in order to comply with provisions of Article 21 of the Royal Decree 1720/2007 dated 21 December, AVIS ALQUILE UN COCHE, S.A. has entered into a sub processing agreement with [insert sub-processor]. 

 

	
	AVIS ALQUILE UN COCHE, S.A.
	
	By:
	
	Name:
	
	Title:

  
 - 62 -

 SCHEDULE 8 
 CONTRATO DE SUBENCARGO DE TRATAMIENTO SUSCRITO ENTRE AVIS 
 ALQUILE UN
COCHE, S.A. Y [INSERT SUB ENCARGADO] 
 En Madrid, a
[—] de [—] de [—] 
 REUNIDOS 
 De una parte, D.
[—], mayor de edad con D.N.I. no [—], y domicilio profesional en [—]. 

Y de otra parte, D. [—], mayor de edad con D.N.I. no
[—], y domicilio profesional en [—]. 

INTERVIENEN 
 D. [—], en nombre y representación de la Mercantil AVIS ALQUILE UN COCHE, S.A., compañía inscrita en el Registro Mercantil de Madrid, volumen 2552, página 68,
hoja M-44527 inscripción 265a y CIF A28152767 (en adelante “OpCo”). D. [—]interviene en calidad de [—]en virtud de
escritura pública otorgada ante el Notario de [—]en fecha [—]de [—]de [—]bajo el número [—]de su protocolo. 

D. [—], en nombre y representación de la Mercantil [—], compañía inscrita en el Registro Mercantil de [—], volumen [—], página [—], hoja [—]inscripción [—]y CIF [—]. D. [—]interviene en calidad de [—]en virtud de escritura pública otorgada ante el Notario de [—]en
fecha [—]de [—]de [—]bajo el número [—]de
su protocolo. 
 EXPONEN 

I.- Que FINCAR FLEET B.V., SUCURSAL EN ESPAÑA (“Dutch FleetCo”) y OpCo han firmado dos Acuerdos de fecha 22 de junio
de 2012, denominados Spanish Interim Master Lease Agreement y Spanish Interim Servicing Agreement, respectivamente. 
 II.- Que como
consecuencia de la prestación de los servicios a los que OpCo se obliga bajo los contratos anteriormente mencionados, OpCo va a precisar de la colaboración de la compañía [insertar subencargado] para lo cual va a
ser necesario que [insertar subencargado] acceda, como subencargado del tratamiento, a los ficheros de datos pertenecientes a Dutch FleetCo. 
 III.- Que como consecuencia de lo anterior, resulta necesario, en cumplimiento de lo dispuesto en la Ley Orgánica 15/1999 de 13 de Diciembre (“LOPD”) y del Reglamento que la
desarrolla, el RD 1720/2007 de 21 de Diciembre (“Reglamento”) celebrar el correspondiente acuerdo entre OpCo, como encargada del tratamiento, y [insertar subencargado] como subencargada, que se regirá por las
siguientes 

  
 - 63 -

 CLÁUSULAS 
 PRIMERA.- OpCo como encargado del tratamiento (“Encargado”) de los ficheros de Dutch FleetCo va a proceder a dar acceso a dichos ficheros a [insertar subencargado], que
actuará como subencargada del tratamiento de los mismos. Siendo esto así, y al objeto de cumplir con lo previsto en el artículo 12 de la LOPD y con lo dispuesto en el artículo 21 del Reglamento, las Partes acuerdan lo
siguiente: 
  

	 	•	 	 [insertar subencargado] mantendrá el secreto y la confidencialidad de los ficheros. 

 

	 	•	 	 [insertar subencargado] sólo llevará a cabo tratamientos de los ficheros siguiendo las instrucciones de OpCo y de Dutch FleetCo.

  

	 	•	 	 [insertar subencargado] no aplicará ni utilizará estos ficheros con fines distintos a la prestación de los servicios de
realización de estudios de mercado mencionados en el presente Acuerdo. 

  

	 	•	 	 [insertar subencargado] no comunicará ni cederá a terceros estos ficheros ni siquiera con fines de conservación.

  

	 	•	 	 [insertar subencargado] implantará, con respecto a los ficheros, las medidas de Seguridad que sean necesarias con el fin de cumplir con
lo dispuesto en el artículo 9 de la LOPD y en el Reglamento. Dado el tipo de datos de carácter personal contenidos actualmente en los ficheros, las Medidas de Seguridad que deberá implantar el Prestador según lo
aquí regulado, serán aquellas calificadas de nivel básico en el Reglamento. Dichas medidas de seguridad podrán ser modificadas a instancias de OpCo al objeto de acomodarlas a cambios normativos o a variaciones en la
tipología de Datos. 

 Una vez terminada la prestación de los Servicios, los ficheros (así como
cualesquiera soportes o documentos que contengan algún dato de carácter personal de estos Ficheros) que [insertar subencargado] tenga en su poder, serán devueltos a OpCo o, a petición escrita de este último,
destruidos en su totalidad. 
 Las Partes se comprometen a asumir directamente sus respectivas responsabilidades y a mantenerse indemnes entre
sí por cuantas responsabilidades, incluidas, sin limitación, sanciones administrativas, tuvieran que hacer frente como consecuencia del incumplimiento total o parcial de la otra Parte en relación con sus obligaciones derivadas
del presente Acuerdo en la medida en que dicha responsabilidad o infracción sea consecuencia de actos u omisiones de la otra Parte en la esfera de sus competencias. 

 

					
	AVIS ALQUILE UN COCHE, S.A.	 		 	[insertar subencargado]
			
	  
	 		 	  

	Nombre:	 		 	Nombre:
	Cargo:	 		 	Cargo:

  
 - 64 -

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