Document:

EX-10.1

 Exhibit 10.1 

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. 
 Dated 16 April 2015 

CARFIN FINANCE INTERNATIONAL LIMITED 

as the Issuer and FCT Noteholder 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

as Arranger and Transaction Agent 

DEUTSCHE TRUSTEE COMPANY LIMITED 

as Issuer Security Trustee 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

as FleetCo Security Agent 

CERTAIN ENTITIES NAMED HEREIN 

as Opcos, Servicers and Lessees 

CERTAIN ENTITIES NAMED HEREIN 

as FleetCos 
 AVIS BUDGET CAR
RENTAL, LLC 
 as the Parent 

AVIS FINANCE COMPANY LIMITED 

as Finco, the Subordinated Lender and the Italian VAT Lender 

AVIS BUDGET EMEA LIMITED 

as Avis Europe 
 CERTAIN
ENTITIES NAMED HEREIN 
 as the Account Banks 

DEUTSCHE BANK AG, LONDON BRANCH 

as Issuer Cash Manager, Dutch FleetCo Spanish Account Bank Operator, Dutch FleetCo German Account Bank Operator, Dutch FleetCo Dutch Account
Bank Operator, French FleetCo Account Bank Operator, and FleetCo Back-up Cash Manager 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

 as French Intermediary Bank and FCT Servicer 

CACEIS BANK FRANCE 
 as FCT
Custodian 
 FCT CARFIN 

represented by 
 EUROTITRISATION

 as the FCT Management Company 

CERTAIN ENTITIES NAMED HEREIN 

as the Senior Noteholders 
 and

 CERTAIN OTHER ENTITIES NAMED HEREIN 

SIXTH MASTER AMENDMENT AND RESTATEMENT DEED 
  

 
 

 
 Ref: L-235254 

Linklaters LLP 

 Table of Contents 

 

							
	Contents	  	Page	 
			
	1	  	 Definitions and Interpretation
	  	 	3	  
			
	2	  	 Amendment and Restatement of the Original Master Definitions Agreement
	  	 	3	  
			
	3	  	 Amendments to the Original Framework Agreement
	  	 	4	  
			
	4	  	 Amendment Date
	  	 	5	  
			
	5	  	 Transaction Agent
	  	 	5	  
			
	6	  	 Issuer Security Trustee and FleetCo Security Agent
	  	 	5	  
			
	7	  	 Senior Noteholders Consent
	  	 	5	  
			
	8	  	 Transaction Documents
	  	 	6	  
			
	9	  	 Confirmation of Guarantees
	  	 	6	  
			
	10	  	 Illegality
	  	 	6	  
			
	11	  	 Rights and Remedies
	  	 	6	  
			
	12	  	 Counterparts
	  	 	6	  
			
	13	  	 Incorporation of Common Terms
	  	 	7	  
			
	14	  	 Third Party Rights
	  	 	7	  
			
	15	  	 Governing Law and Jurisdiction
	  	 	7	  
		
	 Schedule 1: The Parties
	  	 	8	  
		
	 Schedule 2 Amended and Restated Master Definitions Agreement
	  	 	11	  
		
	 Execution Page
	  	 	133	  

  
 i 

 This Amendment and Restatement Deed is made on 16 April 2015 between: 

 

	(1)	CARFIN FINANCE INTERNATIONAL LIMITED, a private limited company incorporated under the laws of Ireland with registered number 463656 and having its registered office at 1 Grant’s Row, Lower Mount Street,
Dublin 2, Ireland (the “Issuer” and the “FCT Noteholder”); 

  

	(2)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (“Transaction Agent” and “Arranger”); 

  

	(3)	DEUTSCHE TRUSTEE COMPANY LIMITED (the “Issuer Security Trustee”, acting for itself and on behalf of the Issuer Secured Creditors); 

 

	(4)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (the “FleetCo Security Agent”, acting for itself and on behalf of the FleetCo Secured Creditors); 

 

	(5)	THE OPCOS, the SERVICERS and LESSEES listed in part 1 of Schedule 1 (The Parties) hereto including AVIS BUDGET ITALIA S.P.A. (as “VAT Sharing Italian Opco”, in its
capacity as Italian Opco (as defined therein) under the VAT Sharing Agreement and the Italian Income Tax Consolidation Agreement); 

  

	(6)	THE FLEETCOS listed in part 2 of Schedule 1 (The Parties) hereto; 

  

	(7)	AVIS BUDGET CAR RENTAL, LLC (the “Parent”); 

  

	(8)	AVIS FINANCE COMPANY LIMITED (“Finco”, the “Subordinated Lender”, the “Central Servicer” and the “Italian VAT Lender”);

  

	(9)	AVIS BUDGET EMEA LIMITED (“Avis Europe”, together with the Opcos, the Servicers, the Lessees, the Parent and Finco, the “Avis Obligors”); 

 

	(10)	THE ACCOUNT BANKS listed in part 3 of Schedule 1 (The Parties) hereto; 

  

	(11)	DEUTSCHE BANK AG, LONDON BRANCH (the “Dutch FleetCo Spanish Account Bank Operator”, the “Dutch FleetCo German Account Bank Operator”, the “Dutch FleetCo Dutch Account
Bank Operator”, the “French FleetCo Account Bank Operator” the “Issuer Cash Manager”, the “FleetCo Dutch Back-up Cash Manager”, the “FleetCo French Back-up Cash Manager”,
the “FleetCo German Back-up Cash Manager”, the “FleetCo Italian Back-up Cash Manager” and the “FleetCo Spanish Back-up Cash Manager”); 

 

	(12)	THE SENIOR NOTEHOLDERS listed in part 4 of Schedule 1 (The Parties) hereto (the “Senior Noteholders”); 

 

	(13)	STRUCTURED FINANCE MANAGEMENT (IRELAND) LIMITED (the “Issuer Corporate Services Provider” and the “FleetCo Holdings Corporate Services Provider”); 

 

	(14)	CARFIN FINANCE HOLDINGS LIMITED, a private limited company incorporated under the laws of Ireland with registered number 463657 and having its registered office at 1 Grant’s Row, Lower Mount Street, Dublin
2, Ireland (“FleetCo Holdings”); 

  

	(15)	INTERTRUST (NETHERLANDS) B.V. and VISTRA B.V. (the “Dutch FleetCo Corporate Services Providers”, together with the Issuer Corporate Services Provider and the FleetCo Holdings Corporate
Services Provider, the “Corporate Services Providers”); 

  

	(16)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (“French Intermediary Bank” and “FCT Servicer”); 

  
 2 

	(17)	FCT CARFIN (the “FCT”) represented by EUROTITRISATION (the “FCT Management Company”); 

 

	(18)	CACEIS BANK FRANCE (the “FCT Custodian”); 

  

	(19)	THE BANK OF NOVA SCOTIA and CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (the “Issuer Hedge Counterparties”); 

 

	(20)	CACEIS CORPORATE TRUST (the “FCT Registrar”); and 

  

	(21)	DEUTSCHE BANK LUXEMBOURG S.A., a public limited liability company incorporated under the laws of Luxembourg, registered with the Register of Commerce and Companies in Luxembourg under number B 9164, whose
registered office is at 2, Boulevard Konrad Adenauer, L-1115 Luxembourg (the “Registrar”), 

 each of the above a
“Party” and together the “Parties” to this Deed. 
 WHEREAS 

 

	(A)	Certain of the Parties hereto entered into a Master Definitions Agreement dated 5 March 2013 as amended by an amendment letter dated 19 March 2013 and a second amendment agreement dated 15 April 2013 and
as amended and restated by a third amendment agreement dated 21 May 2014 and as amended by a fourth master amendment and restatement deed dated 15 December 2014 and a fifth master amendment deed dated 17 December 2014 (the
“Original Master Definitions Agreement”). 

  

	(B)	Certain of the Parties hereto entered into a Framework Agreement dated 5 March 2013, as amended by an amendment letter dated 19 March 2013 and a second amendment agreement dated 15 April 2013 and as
amended and restated by a third amendment agreement dated 21 May 2014 and as amended by a fourth master amendment and restatement deed dated 15 December 2014 (the “Original Framework Agreement”). 

 

	(C)	The Parties have agreed to amend and restate the Original Master Definitions Agreement and amend the Original Framework Agreement on the terms and conditions set out below. 

 

	1	Definitions and Interpretation 

  

	1.1	Unless otherwise defined herein or the context otherwise requires, terms defined in the Original Master Definitions Agreement (as amended or amended and restated from time to time) have the same meaning in this
Deed. Subject to Clause 1.2 below, the provisions of clause 2 (Principles of Interpretation and Construction) of the Original Master Definitions Agreement (as amended or amended and restated from time to time) shall apply herein as if set out
in full herein and as if references therein to a “Relevant Agreement” were to this Deed. In addition, “Amendment Date” means 20 April 2015. 

 

	1.2	A reference to a “Clause” is a reference to a clause of this Deed. 

  

	2	Amendment and Restatement of the Original Master Definitions Agreement 

  

	2.1	The Original Master Definitions Agreement is amended and restated in the form set out in Schedule 2 (Amended and Restated Master Definitions Agreement) (the “Amended and Restated Master Definitions
Agreement”) and the rights and obligations of the parties (excluding such rights and obligations accrued prior to the Amendment Date) to the Original Master Definitions Agreement shall be governed by the Amended and Restated Master
Definitions Agreement. 

  
 3 

	3	Amendments to the Original Framework Agreement 

  

	3.1	The Original Framework Agreement shall be amended as follows: 

  

	 	3.1.1	by deleting paragraph (ii)(B) of clause 4.2.27 (Liquidation Agent) in its entirety and replacing it with the following: 

 

	 	“(B)	in respect of the Vehicle Fleet of French FleetCo in France, on or prior to the 120th day falling after 20 April 2015, a copy of a liquidation plan in form and substance satisfactory to the Transaction Agent;
and” 

  

	 	3.1.2	by inserting a new clause 12.2(xvii) as follows: 

  

	 	“(xvi)	to the disclosure by any Conduit Senior Noteholder (or any administrative agent on its behalf) to any collateral trustee appointed by such Conduit Senior Noteholder to comply with Rule 3a-7 under the Investment Company
Act of 1940 (as amended), provided such collateral trustee is informed of the confidential nature of such information.” 

  

	 	3.1.3	by inserting a new clause 12A as follows: 

  

	 	“12A	Collateral Trustee 

 Notwithstanding any provision herein to the contrary, any Conduit
Senior Noteholder may at any time pledge or grant a security interest in all or any portion of its rights under the Transaction Documents to which it is a party and the Senior Notes to a collateral trustee in order to comply with Rule 3a-7 under the
Investment Company Act of 1940 (as amended), without notice to or consent of the Issuer or any other Party hereto; provided that no such pledge or grant of a security interest shall release a Conduit Senior Noteholder from any of its obligations
hereunder, or substitute any such pledgee or grantee for such Conduit Senior Noteholder as a Party hereto.” 
  

	 	3.1.4	by deleting paragraph (i) of clause 15.5.1 (Intra-Month Central Servicer Report) in its entirety and replacing it with the following: 

 

	 	“(i)	a drawdown of the FleetCo Advance, in each case, for a drawdown on a Business Day other than on a Settlement Date if: 

  

	 	(a)	the aggregate of all such drawdowns of FleetCo Advances under the same FleetCo Facility Agreement on the same date is in an amount greater than the outstanding FleetCo Advance(s) under the same FleetCo Facility
Agreement that are repaid on the same date, with the difference between such drawdown(s) of FleetCo Advance(s) and the outstanding FleetCo Advance(s) under the same FleetCo Facility Agreement that are being repaid on the same date being the
“FleetCo Advance Additional Amount”; and 

  

	 	(b)	the aggregate of FleetCo Advance Additional Amounts in relation to each FleetCo Facility Agreement (if any) since the date of the latest Intra-Month Central Servicer Report is greater than or equal to €40,000,000;
or” 

  
 4 

	 	3.1.5	by inserting a new clause 15.7 as follows: 

  

	 	“15.7	Annual Supplemental Agreement Reports 

 The Central Servicer shall procure that a
Supplemental Agreement Report is provided to the Transaction Agent: 
  

	 	(a)	on or prior to 30 June 2015 in respect of Supplemental Agreements which are in force and effect and entered into on or prior to the date on which such Supplemental Agreement Report is delivered; and

  

	 	(b)	thereafter, on or prior to 1 May of each year in respect of Supplemental Agreements entered into since the preceding Supplemental Agreement Report.” 

 

	4	Amendment Date 

 The Parties hereby agree that the amendments set out in Clause 2
(Amendment and Restatement of the Original Master Definitions Agreement) and Clause 3 (Amendments to the Original Framework Agreement) shall be effective as of the Amendment Date. Notwithstanding anything to the contrary
contained herein, if for any reason this Deed fails to be effective on the Amendment Date, this Deed shall terminate and the rights and obligations of the parties to the Transaction Documents shall be fully preserved as they existed prior to the
date hereof. 
  

	5	Transaction Agent 

  

	5.1	In accordance with clause 13.4 (Consents, Directions, Instructions, Amendments, Waivers and Modification of Transaction Documents by the Transaction Agent) of the Framework Agreement, each Senior
Noteholder hereby instructs and directs the Transaction Agent to consent to all the amendments required to be agreed by such Senior Noteholder as set out herein. 

 

	5.2	The Transaction Agent hereby consents to all amendments referred to herein. 

  

	6	Issuer Security Trustee and FleetCo Security Agent 

  

	6.1	In accordance with clause 24.3.1 (Consents, Directions, Instructions, Amendments, Waivers and Modifications of Transaction Documents by the Issuer Security Trustee) of the Framework Agreement, the
Transaction Agent, by the execution of this Deed, hereby instructs and directs the Issuer Security Trustee to enter into this Deed and all other relevant documents to be entered into in connection herewith and to consent to all the amendments
required to be agreed by the Issuer Security Trustee as set out herein. 

  

	6.2	In accordance with clause 14.2 (Instructions to FleetCo Security Agent) of the Framework Agreement, the Transaction Agent, by the execution of this Deed, hereby instructs and directs the FleetCo Security
Agent to enter into this Deed and all other relevant documents to be entered into in connection herewith and to consent to all the amendments required to be agreed by the FleetCo Security Agent as set out herein. 

 

	7	Senior Noteholders Consent 

 Each of the Senior Noteholders hereby consents to the
amendments contemplated by and set out in this Deed, the Senior Noteholder Commitment Increase Request Notice (as defined in the Issuer Note Issuance Facility Agreement) and Senior Noteholder Fee Letters dated on or about the date stated at the
beginning of this Deed. 

  
 5 

	8	Transaction Documents 

  

	8.1	Save as expressly amended by this Deed, the Original Master Definitions Agreement, the Original Framework Agreement and the other Transaction Documents shall otherwise remain unamended and in full force and effect in
accordance with the terms thereof. 

  

	8.2	By their acceptance of the terms of this Deed, each of the Issuer, the FleetCos and the Avis Obligors confirms that its obligations under the Transaction Documents to which it is a party will remain in full force and
effect. 

  

	8.3	The FleetCo Security Agent and the Transaction Agent hereby designate this Deed as a FleetCo Transaction Document. 

  

	8.4	The Transaction Agent hereby designates this Deed as an Issuer Transaction Document. 

  

	9	Confirmation of Guarantees 

  

	9.1	Avis Budget EMEA Limited as the guarantor under the Avis Europe Payment Guarantee hereby (i) expressly confirms that its obligations under the Avis Europe Payment Guarantee remain in full force and effect
notwithstanding the amendments to the Transaction Documents as set out in this Deed and (ii) acknowledges that it is not released from its obligations under the Avis Europe Payment Guarantee. 

 

	9.2	Finco as the guarantor under the Finco Payment Guarantee hereby (i) expressly confirms that its obligations under the Finco Payment Guarantee remain in full force and effect notwithstanding the amendments to the
Transaction Documents as set out in this Deed and (ii) acknowledges that it is not released from its obligations under the Finco Payment Guarantee. 

  

	10	Illegality 

 If, at any time, any provision hereof is or becomes illegal, invalid or
unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other
jurisdiction shall in any way be affected or impaired thereby. 
  

	11	Rights and Remedies 

 No failure by the Issuer Secured Creditors or the FleetCo Secured
Creditors to exercise, or any delay by the Issuer Secured Creditors or the FleetCo Secured Creditors in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy
prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies provided herein are cumulative and not exclusive of any rights or remedies provided by law or under any Transaction Document. 

 

	12	Counterparts 

 This Deed may be executed in any number of counterparts, and this has the
same effect as if the signatures on the counterparts were on a single copy of this Deed. 

  
 6 

	13	Incorporation of Common Terms 

 The Common Terms shall be incorporated by reference into
this Deed. If there is any conflict between the Common Terms as incorporated by reference into this Deed and the other provisions of this Deed, the provisions of the incorporated Common Terms shall prevail. 

 

	14	Third Party Rights 

 No person shall have any right under the Contracts (Rights of Third
Parties) Act 1999 to enforce any term of this Deed. 
  

	15	Governing Law and Jurisdiction 

 This Deed and all non-contractual obligations arising
out of or in connection with it shall be governed by, and shall be construed in accordance with, English law. Each of the parties hereto hereby submits to the jurisdiction of the courts of England and Wales. 

In Witness whereof this Deed has been delivered on the date stated at the beginning of this Deed. 

  
 7 

 Schedule 1: The Parties 

Part 1 Opcos, Servicers and Lessees 

Opcos 
  

			
	 Name of Opcos
	 	 Registration number (or equivalent, if any)

	Avis Budget Autovermietung GmbH & Co. KG (the “German Opco”)	 	HRA 3033
		
	Avis Budget Italia S.p.A. (the “Italian Opco”)	 	00421940586
		
	Avis Alquile un Coche S.A. (the “Spanish Opco”)	 	A28152767
		
	Avis Budget Autoverhuur B.V. (the “Dutch Opco”)	 	33129079
		
	Avis Location de Voitures SAS (the “French Opco”)	 	652 023 961 RCS Nanterre

 Servicers (excluding the Central Servicer) 

 

			
	 Name of Servicers
	 	 Registration number (or equivalent, if any)

	Avis Alquile un Coche S.A. (the “Spanish Servicer”) in respect of Dutch FleetCo’s fleet in Spain	 	A28152767
		
	In respect of Italian FleetCo: Avis Budget Italia S.p.A. (the “Italian Servicer”)	 	00421940586
		
	In respect of French FleetCo: Avis Location de Voitures SAS (the “French Servicer”)	 	652 023 961 RCS Nanterre

 Central Servicer 
  

			
	Name of Central Servicer	 	Registration number (or equivalent, if any)
	Avis Finance Company Limited (the “Central Servicer”)	 	02123807

 Lessees 
  

			
	 Name of Lessees
	 	 Registration number (or equivalent, if any)

	Avis Budget Autovermietung GmbH & Co. KG (as lessee under the Master German Fleet Lease Agreement)	 	HRA 3033
		
	Avis Budget Italia S.p.A. (as lessee under the Italian Master Lease Agreement)	 	00421940586
		
	Avis Alquile un Coche S.A. (as lessee under the Spanish Master Lease Agreement)	 	A28152767

  
 8 

			
	 Name of Lessees
	 	 Registration number (or equivalent, if any)

	Avis Budget Autoverhuur B.V. (as lessee under the Master Dutch Fleet Lease Agreement)	 	33129079
		
	Avis Location de Voitures SAS (as lessee under the French Master Lease Agreement)	 	652 023 961 RCS Nanterre

 Part 2 FleetCos 
  

			
	 Name of FleetCos

Jurisdiction of Incorporation and legal form
	 	 Registration number (or equivalent, if any)

	FinCar Fleet B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) (the “Dutch FleetCo”)	 	55227732
		
	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 (the “Dutch FleetCo, Spanish Branch”)	 	W0037096E
		
	Avis Budget Italia S.p.A. Fleet Co. S.A.p.A., a partnership limited by shares (the “Italian FleetCo”)	 	097550851009
		
	AB FleetCo a simplified limited stock company (société par actions simplifiée) (the “French FleetCo”)	 	799 383 997 R.C.S. Beauvais

 Part 3 Account Banks 
  

			
	 Name of Account Bank
	 	 Registration number (or equivalent, if any)

	Deutsche Bank AG, London branch (the “Issuer Account Bank”)	 	HRB 30 000, branch number BR00005
		
	Deutsche Bank S.A.E. (the “Dutch FleetCo Spanish Account Bank”)	 	A-08000614
		
	Deutsche Bank AG, London branch (the “Dutch FleetCo Spanish Account Bank Operator”)	 	HRB 30 000, branch number BR00005

  
 9 

			
	 Name of Account Bank
	 	 Registration number (or equivalent, if any)

	Deutsche Bank S.P.A (the “Italian FleetCo Account Bank”)	 	01340740156
		
	Deutsche Bank AG (the “Dutch FleetCo German Account Bank”)	 	HRB 30 000
		
	Deutsche Bank AG, London branch (the “Dutch FleetCo German Account Bank Operator”)	 	HRB 30 000, branch number BR00005
		
	Deutsche Bank AG, Amsterdam Branch (the “Dutch FleetCo Dutch Account Bank”) 	 	HRB 30 000, branch number 33304583
		
	Deutsche Bank AG, London Branch (the “Dutch FleetCo Dutch Account Bank Operator”) 	 	HRB 30 000, branch number BR00005
		
	Deutsche Bank AG, Paris Branch (the “French FleetCo Account Bank”) 	 	HRB 30 000, branch number 310327481
		
	Deutsche Bank AG, London Branch (the “French FleetCo Account Bank Operator”)	 	HRB 30 000, branch number BR00005

 Part 4 Senior Noteholders 
  

			
	 Names of Senior Noteholders
	 	 Registration number (or equivalent, if any)

	Blue Finn S.a.r.l., Luxembourg, Küsnacht Branch	 	CH-020.9.003.783-3
		
	Crédit Agricole Corporate and Investment Bank	 	304187701
		
	Deutsche Bank AG, London Branch	 	HRB 30 000, branch number BR00005
		
	Natixis	 	542044524
		
	Scotiabank Europe plc	 	00817692
		
	Elektra Purchase No. 34 Limited	 	548807
		
	Jupiter Securitization Company LLC	 	223771
		
	JPMorgan Chase Bank, N.A.	 	2118141

  
 10 

 Schedule 2 

Amended and Restated Master Definitions Agreement 

  
 11 

 EXECUTED VERSION 

CARFIN FINANCE INTERNATIONAL LIMITED 

as the Issuer and the FCT Noteholder 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

as Arranger and Transaction Agent 

DEUTSCHE TRUSTEE COMPANY LIMITED 

as Issuer Security Trustee 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

as FleetCo Security Agent 

CERTAIN ENTITIES NAMED HEREIN 

as Opcos, Servicers and Lessees 

CERTAIN ENTITIES NAMED HEREIN 

as FleetCos 
 AVIS BUDGET CAR
RENTAL, LLC 
 as the Parent 

AVIS FINANCE COMPANY LIMITED 

as Finco, the Subordinated Lender, the Central Servicer, the Dutch VAT Lender and the Italian VAT Lender 

AVIS BUDGET EMEA LIMITED 

as Avis Europe 
 CERTAIN
ENTITIES NAMED HEREIN 
 as the Account Banks 

DEUTSCHE BANK AG, LONDON BRANCH 

as the Issuer Cash Manager, Dutch FleetCo German Account Bank Operator, Dutch FleetCo Spanish Account Bank Operator, Dutch FleetCo Dutch
Account Bank Operator, French FleetCo Account Bank Operator and FleetCo Back-up Cash Manager 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK 
 as French Intermediary Bank and FCT Servicer 

CACEIS BANK FRANCE 
 as FCT
Custodian 
 FCT CARFIN 

represented by 
 EUROTITRISATION

 as the FCT Management Company 

CERTAIN ENTITIES NAMED HEREIN 

as the Senior Noteholders 
 and

 CERTAIN OTHER ENTITIES NAMED HEREIN 

MASTER DEFINITIONS AGREEMENT 
  

 
 

 
 Ref: L-235254 

Linklaters LLP 

 Table of Contents 

 

							
	Contents	  	Page	 
			
	1	  	 Definitions and Interpretation
	  	 	3	  
			
	2	  	 Principles of Interpretation and Construction
	  	 	122	  
			
	3	  	 Incorporation of Common Terms and Clause 24 of the Framework Agreement
	  	 	126	  
			
	4	  	 Governing Law and Jurisdiction
	  	 	127	  
			
	5	  	 Enforcement
	  	 	127	  
		
	 Schedule 1 The Parties
	  	 	128	  

  
 i 

 This Agreement is dated 5 March 2013 as amended pursuant to an amendment letter dated 19 March
2013 and a second amendment agreement dated 15 April 2013 and as amended and restated pursuant to a third master amendment and restatement deed dated 21 May 2014 and as amended pursuant to a fourth master amendment and restatement deed
dated 15 December 2014 and a fifth master amendment deed dated 17 December 2014 and as amended and restated pursuant to a sixth amendment and restatement deed dated 16 April 2015 and made between: 

 

	(1)	CARFIN FINANCE INTERNATIONAL LIMITED, a private limited company incorporated under the laws of Ireland with registered number 463656 and having its registered office at 1 Grant’s Row, Lower Mount Street,
Dublin 2, Ireland (the “Issuer” and the “FCT Noteholder”); 

  

	(2)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (the “Transaction Agent” and the “Arranger”); 

 

	(3)	DEUTSCHE TRUSTEE COMPANY LIMITED (the “Issuer Security Trustee”, acting for itself and on behalf of the Issuer Secured Creditors); 

 

	(4)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (the “FleetCo Security Agent”, acting for itself and on behalf of the FleetCo Secured Creditors); 

 

	(5)	THE OPCOS, the SERVICERS and LESSEES listed in Part 1 of Schedule 1 (The Parties) including AVIS BUDGET ITALIA S.P.A. (as “VAT Sharing Italian Opco”, in its capacity
as Italian Opco (as defined therein) under the VAT Sharing Agreement and the Italian Income Tax Consolidation Agreement); 

  

	(6)	THE FLEETCOS listed in Part 2 of Schedule 1 (The Parties); 

  

	(7)	AVIS BUDGET CAR RENTAL, LLC (the “Parent”); 

  

	(8)	AVIS FINANCE COMPANY LIMITED (“Finco”, the “Subordinated Lender”, the “Central Servicer”, the “Dutch VAT Lender” and the “Italian VAT
Lender”); 

  

	(9)	AVIS BUDGET EMEA LIMITED (“Avis Europe”, together with the Opcos, the Servicers, the Lessees, the Parent and Finco, the “Avis Obligors”); 

 

	(10)	THE ACCOUNT BANKS listed in Part 3 of Schedule 1 (The Parties); 

  

	(11)	DEUTSCHE BANK AG, LONDON BRANCH (the “Issuer Cash Manager”, the “Dutch FleetCo Spanish Account Bank Operator”, the “Dutch FleetCo German Account Bank Operator”,
the “Dutch FleetCo Dutch Account Bank Operator”, the “French FleetCo Account Bank Operator” and, the “FleetCo Back-up Cash Manager”); 

 

	(12)	THE SENIOR NOTEHOLDERS listed in Part 4 of Schedule 1 (The Parties) (the “Senior Noteholders”); 

  

	(13)	STRUCTURED FINANCE MANAGEMENT (IRELAND) LIMITED (the “Issuer Corporate Services Provider” and the “FleetCo Holdings Corporate Services Provider”); 

 

	(14)	INTERTRUST (NETHERLANDS) B.V. and VISTRA B.V. (the “Dutch FleetCo Corporate Services Providers”, together with the Issuer Corporate Services Provider and the FleetCo Holdings Corporate
Services Provider, the “Corporate Services Providers”); 

  

	(15)	FISERV AUTOMOTIVE SOLUTIONS, INC., a company duly incorporated under the laws of Delaware with registered number 2403201 (the “Liquidation Agent”); 

  
 1 

	(16)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (the “French Intermediary Bank” and the “FCT Servicer”); 

 

	(17)	CACEIS BANK FRANCE, the “FCT Custodian”); 

  

	(18)	FCT CARFIN (the “FCT”) represented by EUROTITRISATION (the “FCT Management Company”); 

 

	(19)	DEUTSCHE BANK AG, a company incorporated under the laws of Germany (the “Initial Issuer Hedge Counterparty”) and CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (the “Acceding Issuer
Hedge Counterparty” and, together with the Initial Issuer Hedge Counterparty, the “Issuer Hedge Counterparties”); 

  

	(20)	CARFIN FINANCE HOLDINGS LIMITED (the “FleetCo Holdings”); and 

  

	(21)	DEUTSCHE BANK LUXEMBOURG S.A., a public limited liability company incorporated under the laws of Luxembourg, registered with the Register of Commerce and Companies in Luxembourg under number B 9164, whose
registered office is at 2, Boulevard Konrad Adenauer, L-1115 Luxembourg (the “Registrar”), 

 each of the above a
“Party” and together the “Parties” to this Agreement. 
 It is agreed that the parties hereto have agreed to
incorporate into certain of the Transaction Documents to which they are a party the definitions and principles of construction and interpretation contained herein. 

Amendment and Restatement 
 The parties hereto have agreed
to amend and restate the terms of the master definitions agreement dated 5 March 2013 between, inter alios, the Issuer and the Transaction Agent (as amended pursuant to an amendment letter dated 19 March 2013 and a second amendment
agreement dated 15 April 2013 and as amended and restated pursuant to a third master amendment and restatement deed dated 21 May 2014 and amended pursuant to a fourth master amendment and restatement deed dated 15 December 2014 and a
fifth master amendment deed dated 17 December 2014, the “Original MDA”) as set out herein with effect, subject to clause 2.3.1 of the Framework Agreement, from the date hereof (the “Amendment Date”). As at the
Amendment Date, any future rights or obligations (excluding such rights and obligations accrued prior to the Amendment Date) of a party under the Original MDA shall be extinguished and shall instead be governed by this Agreement. 

Notwithstanding anything to the contrary contained herein, if for any reason this Agreement fails to be effective on the Amendment Date, this Agreement shall
terminate and be replaced by the Original MDA as existed immediately prior to the date hereof and the rights and obligations of the parties to the Transaction Documents shall be fully preserved as they existed immediately prior to the date hereof.

  
 2 

	1	Definitions and Interpretation 

 Each of the parties hereto agrees that in any agreement, deed or other
document expressly stating that terms defined herein shall have the same meanings therein (except where otherwise defined therein): 
 “2009
Act” means the Land and Conveyancing Law Reform Act 2009 of Ireland. 
 “ABCP” means asset backed commercial paper having a
maturity of less than or equal to one year from the date of issue. 
 “ABCP Market” means the market for ABCP. 

“ABCP Market Disruption” means, in respect of any issuer of ABCP or the ABCP Market generally, a circumstance in which market conditions
prevent the issuance of ABCP. 
 “ABG” means Avis Budget Group, Inc. 

“Acceding Issuer Hedge Counterparty” any Issuer Hedge Counterparty which accedes to the Framework Agreement pursuant to clause 11
(Additional Issuer Secured Creditors and Accession of Liquidation Agent) of the Framework Agreement. 
 “Acceding Senior Noteholder”
means, subject to and in accordance with clause 21.4 (Transfers by Senior Noteholders; Accession of further Senior Noteholders) of the Issuer Note Issuance Facility Agreement, a Conduit or a Financial Institution which enters into a relevant
Senior Noteholder Accession Deed. 
 “Acceding Subordinated Lender” means any Subordinated Lender which accedes to the Framework Agreement
pursuant to clause 11 (Additional Issuer Secured Creditors and Accession of Liquidation Agent) of the Framework Agreement. 
 “Acceleration
Notice” means: (i) a notice delivered by the Issuer Security Trustee pursuant to the Framework Agreement by which the Issuer Security Trustee declares that all Issuer Secured Liabilities shall be accelerated; or (ii) a notice
delivered by the FleetCo Security Agent pursuant to the Framework Agreement by which the FleetCo Security Agent declares that all FleetCo Secured Liabilities shall be accelerated which, for the avoidance of doubt, may be delivered simultaneously
with or after the delivery of an Enforcement Notice. 
 “Acceptable Bank” means: 

 

	(i)	

  

	 	(a)	to the extent that the Senior Notes are rated by one or more Rating Agencies, a bank or financial institution approved by the Transaction Agent which has a rating for its long-term unsecured, unsubordinated,
unguaranteed debt obligations from at least two Rating Agencies of “Baa2” by Moody’s or “BBB” by S&P or “BBB” by Fitch or “BBB” by DBRS, provided that each of Deutsche Bank S.A.E. and Deutsche Bank
SpA, to the extent that either of them is or will become an Account Bank, will qualify as an Acceptable Bank in accordance with the Transaction Documents for so long as (i) Deutsche Bank AG has a rating for its long-term unsecured,
unsubordinated, unguaranteed debt obligations from at least two Rating Agencies of “Baa2” by Moody’s or “BBB” by S&P or “BBB” by Fitch or “BBB” by DBRS; (ii) each of Deutsche Bank S.A.E. and
Deutsche Bank SpA continues to be owned (directly and indirectly) by Deutsche Bank AG; and (iii) the words “Deutsche Bank” are contained in its legal name, and, in any case, only until such date when the relevant Rating Agency which
may have attributed the rating to the Senior Notes notifies the Issuer that either of Deutsche Bank S.A.E. and Deutsche Bank SpA no longer qualifies as an Acceptable Bank; or 

  
 3 

	 	(b)	any Deutsche Bank entity or other bank or financial institution nominated by the Parent or Finco and approved by (i) the Transaction Agent and (ii) (if the Senior Notes are rated by one or more Rating
Agencies) the relevant Rating Agency, 

 provided that, if (x) Deutsche Bank AG does not have the required ratings
pursuant to paragraph (i)(a) above or (y) the relevant Rating Agency will not provide an approval of the relevant Deutsche Bank entity or other such bank or financial institution pursuant to paragraph (i)(b), a certificate from the Central
Servicer confirming that, in its reasonable opinion, the Rating Agencies will not take adverse rating action in respect of the Senior Notes would be sufficient; and 
  

	(ii)	a bank or financial institution which is a bank or financial institution authorised to accept deposits in (in relation to the Spanish Account Bank Agreement) Spain, (in relation to the German Account Bank Agreement)
Germany, (in relation to the Italian Account Bank Agreement) Italy, (in relation to the Dutch Account Bank Agreement) The Netherlands, (in relation to the French Account Bank Agreement) France and (in relation to the Issuer Account Bank Agreement
and in respect of the Issuer Accounts) the United Kingdom or Ireland. 

 “Accession Deed” means each deed of accession
substantially in the relevant form set out in schedule 6 (Forms of Accession Deed) to the Framework Agreement. 
 “Account Bank
Agreement” means, as applicable, the Issuer Account Bank Agreement, the German Account Bank Agreement, the Italian Account Bank Agreement, the Spanish Account Bank Agreement, the Dutch Account Bank Agreement or the French Account Bank
Agreement. 
 “Additional Accounts” means any additional account is opened in accordance with the relevant Account Bank Agreement and the
Framework Agreement. 
 “Advance Proportion Limit” means the following limits: 

 

	(i)	the FleetCo Spanish Advances Proportion shall not exceed [REDACTED] per cent.; 

  

	(ii)	the FleetCo Italian Advances Proportion shall not exceed [REDACTED] per cent.; and 

  

	(iii)	the aggregate of the FleetCo Spanish Advances Proportion and the FleetCo Italian Advances Proportion shall not exceed [REDACTED] per cent, excluding from this calculation any Excess Advance Proportion Amount calculated
in (i) and (ii) above. 

 “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. 
 “Aggregate Redesignation Amount” means, in respect of a Master
Lease Agreement, the sum of all Redesignation Amounts under such Master Lease Agreement. 
 “Applicable Accounting Principles” means GAAP.

 “Applicable EURIBOR” means: (i) in respect of a Senior Advance from the Senior Noteholder Group in respect of Jupiter
Securitization Company LLC as a Senior Noteholder, three month EURIBOR for each day during such Interest Period, and (ii) in respect of (x) a Senior Advance with a Senior Advance Interest Period or (y) a Subordinated Advance or a VAT
Loan Advance with an Interest Period: 

  
 4 

	(i)	if the Interest Period End Date falls on or before: 

  

	 	A.	the seventh day; or 

  

	 	B.	if such seventh day is not a Business Day: 

  

	 	(x)	the Business Day immediately following such seventh day; or 

  

	 	(y)	if the day in (x) above would otherwise be in the next calendar month, the Business Day immediately preceding such seventh day, 

in each case, following, as applicable, the Senior Advance Drawdown Date of such Senior Advance or the drawdown date of such Subordinated
Advance or such VAT Loan Advance, one-week EURIBOR; 
  

	(ii)	if the Interest Period End Date does not fall within paragraph (i) above but does fall on or before: 

  

	 	A.	the fourteenth day; or 

  

	 	B.	if such fourteenth day is not a Business Day: 

  

	 	(x)	the Business Day immediately following such fourteenth day; or 

  

	 	(y)	if the day in (x) above would otherwise be in the next calendar month, the Business Day immediately preceding such fourteenth day, 

in each case, following, as applicable, the Senior Advance Drawdown Date of such Senior Advance or the drawdown date of such Subordinated
Advance or such VAT Loan Advance, two-week EURIBOR; 
  

	(iii)	if the Interest Period End Date does not fall within paragraphs (i) and (ii) above but does fall on or before: 

  

	 	A.	the twenty-first day; or 

  

	 	B.	if such twenty-first day is not a Business Day: 

  

	 	(x)	the Business Day immediately following such twenty-first day; or 

  

	 	(y)	if the day in (x) above would otherwise be in the next calendar month, the Business Day immediately preceding such twenty-first day, 

in each case, following, as applicable, the Senior Advance Drawdown Date of such Senior Advance or the drawdown date of such Subordinated
Advance or VAT Loan Advance, three-week EURIBOR; 
  

	(iv)	if the Interest Period End Date does not fall within paragraphs (i), (ii) and (iii) above but does fall on or before: 

  

	 	A.	the corresponding calendar day of the month immediately following, as applicable, the Senior Advance Drawdown Date of such Senior Advance or the drawdown date of such Subordinated Advance or VAT Loan Advance; or

  

	 	B.	if such calendar day is not a Business Day: 

  

	 	(x)	the Business Day immediately following such calendar day; or 

  

	 	(y)	 if the day in (x) above would otherwise be in the next calendar month, the Business Day immediately preceding such calendar day,

  
 5 

 one-month EURIBOR; and 
  

	(v)	if the Interest Period End Date does not fall within paragraphs (i), (ii), (iii) and (iv) above but does fall after: 

  

	 	A.	the corresponding calendar day of the month immediately following, as applicable, the Senior Advance Drawdown Date of such Senior Advance or the drawdown date of such Subordinated Advance or VAT Loan Advance; or

  

	 	B.	if such calendar day is not a Business Day: 

  

	 	(x)	the Business Day immediately following such calendar day; or 

  

	 	(y)	if the day in (x) would otherwise be in the next calendar month, the Business Day immediately preceding such calendar day, 

two-month EURIBOR, 
 provided that, for the
purposes of this definition, “Interest Period End Date” means, in respect of a Senior Advance Interest Period or the interest period relating to a Subordinated Advance or a VAT Loan Advance, the last day of such relevant interest
period. 
 “Appointee” means any attorney, manager, agent, delegate, nominee, custodian or other person appointed pursuant to the
provisions of the relevant Transaction Document. 
 “Arranger” means Crédit Agricole Corporate and Investment Bank. 

“Asset Enhancement Amount” means the higher of: 
  

	(i)	an amount equal to the sum of the product, with respect to each Credit Enhancement Asset of each Country, of: 

  

	 	(a)	the Asset Enhancement Value of such Credit Enhancement Asset on the relevant Calculation Date or the relevant Intra-Month Cut-Off Date (as the case may be); and 

 

	 	(b)	the rate provided in the Credit Enhancement Matrix applicable to such Credit Enhancement Asset; and 

  

	(ii)	[REDACTED] per cent. of the Combined Eligible Country Asset Value. 

 “Asset Enhancement Value”
means, in respect of each Credit Enhancement Asset: 
  

	(i)	if such Credit Enhancement Asset is a Vehicle, the Net Book Value of such Vehicle on the relevant Calculation Date or the relevant Intra-Month Cut-Off Date (as applicable); and 

 

	(ii)	if such Credit Enhancement Asset is Credit Enhancement Investment Grade Receivables, Credit Enhancement Non-Investment Grade Receivables or VAT Receivables net of the VAT Payables Amount, the Eligible Receivables Amount
of such Credit Enhancement Asset on the relevant Calculation Date or the relevant Intra-Month Cut-Off Date. 

 “Assets in Progress
Amount” means the aggregate amount of the Capitalised Costs of all Vehicles which have been purchased by and delivered to the relevant FleetCo and for which no registration has been effected. 

“At Risk Asset” means (i) each Non-Programme Vehicle and (ii) each Non-Eligible Programme Vehicle. 

“Auditors” means an internationally recognised reputable firm of independent auditors and accountants which are licensed and qualified to
practise in the jurisdiction of incorporation and/or the permanent establishment of the relevant FleetCo or the Issuer and which are appointed by the relevant FleetCo or the Issuer (as applicable) as its auditors. 

  
 6 

 “Authorisation” means an authorisation, consent, approval, resolution, licence, exemption,
filing, notarisation or registration from or with any Governmental Authority or regulatory authority having jurisdiction. 
 “Authorised
Signatory” means, in relation to any party, any person who is duly authorised and in respect of whom a certificate has been provided signed by a director or another duly authorised person of such party setting out the name and signature of
such person and confirming such person’s authority to act. 
 “Available Commitment” means the Total Senior Noteholder Commitments
under the Issuer Note Issuance Facility Agreement less the sum of all outstanding Senior Advances. 
 “Available LC Commitment Amount”
means the aggregate of the available commitment amount under each Issuer Letter of Credit. 
 “Avis” or “Avis Group” means
Avis Budget Group, Inc. and its subsidiaries. 
 “Avis Europe” means Avis Budget EMEA Limited. 

“Avis Europe Change of Control” means Avis ceasing to (x) own directly or indirectly at least 100 per cent. of the share capital of
Avis Europe, (y) have the right or ability to cast at least 100 per cent. of the votes capable of being cast in shareholders’ general meetings of Avis Europe or (z) have the right or ability to appoint or remove all directors (or
equivalent officers) of the board of directors (or equivalent body) of Avis Europe or to give directions with respect to the operating and financial policies of Avis Europe with which the directors or other equivalent officers of Avis Europe are
obliged to comply. 
 “Avis Europe Compliance Certificate” means the compliance certificate substantially in the form set out in part 4
(Form of Avis Europe Compliance Certificate) of schedule 7 to the Framework Agreement signed by Avis Europe and delivered by Avis Europe. 

“Avis Europe Event of Default” means any of the following: 
  

	(a)	the occurrence of an Opco Change of Control, provided that, if (1) any cessation described in the Opco Change of Control is in relation to the share capital of, the shareholders’ general meetings of or the
board of directors of (as applicable) Spanish Opco, Italian Opco or French Opco and (2) the Spain Repayment Option, the Italy Repayment Option or the France Repayment Option is exercised within 30 days of such cessation, there shall not be any
Avis Europe Event of Default; 

  

	(b)	the occurrence of an Avis Europe Change of Control, provided that, for the avoidance of doubt, if all outstanding Senior Advances as of the date of such occurrence (and all accrued but unpaid interest thereon) and all
other amounts due to the Senior Noteholders and the other Issuer Secured Creditors (save for the Subordinated Lender) are repaid in full by the Issuer on or before such date, there shall not be an “Avis Europe Event of Default” under this
paragraph (b); 

  

	(c)	the occurrence of a Parent Change of Control; 

  

	(d)	the occurrence and continuation of an “event of default” under the Credit Agreement or Replacement Credit Agreement, that is not waived pursuant to the terms of such Credit Agreement or Replacement Credit
Agreement; 

  
 7 

	(e)	any Event of Default under paragraph (d) of the definition of “Event of Default” occurs where the Relevant Person is Avis Europe, its successor or replacement; and 

 

	(f)	failure by Avis Europe or its successor or replacement to comply with any of its payment obligations under the Avis Europe Payment Guarantee. 

“Avis Europe Group” means Avis Europe and each Subsidiary of Avis Europe from time to time and any joint venture company which is a member of
Avis Europe’s consolidated group for accounting purposes. 
 “Avis Europe Payment Guarantee” means the guarantee and indemnity from
Avis Europe in respect of the payment obligations of the Issuer under the Transaction Documents to which the Issuer Security Trustee is a party (save for the Issuer Subordinated Facility Agreement). 

“Avis Obligor” means each Opco, each Servicer, each Lessee, the Parent, Finco and Avis Europe. 

“Base Rent” means, in relation to any Vehicle which is leased to a Lessee under a Master Lease Agreement on any day during the Related Month
or, as the case may be, Related Months where such Related Months occur prior to a Lease Payment Date following the Lease Determination Date in respect of any Lease Payment Date, the sum of the Depreciation Charges that have accrued with respect to
each such Vehicle during the Related Month or, as the case may be, Related Months, as adjusted in accordance with the terms of such Master Lease Agreement. 

“Borrower Vehicle Fleet NBV” means, in respect of a Calculation Date or (if applicable) an Intra-Month Cut-Off Date: 

 

	(a)	the Net Book Value of the Vehicle Fleet of a FleetCo in each Country (save that, for the purposes of this definition, in calculating such Net Book Value, the Depreciation Percentage in respect of At Risk Assets shall
not be less than [REDACTED] per cent.) as determined on such Calculation Date or such Intra-Month Cut-Off Date, as the case may be; and 

  

	(b)	plus the Assets in Progress Amount for such FleetCo. 

 “Breach of Duty” means in relation to
any person, a wilful default (dol), fraud (fraude), illegal dealing, negligence or material breach of any agreement or breach of trust by such person. 

“Break Costs” means the amount (if any) by which: 
  

	(a)	the interest which a Senior Noteholder should have received for the period from the date of receipt of all or any part of its participation in a Senior Advance or Unpaid Sum to the last day of the current Senior Advance
Interest Period in respect of that Senior Advance or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Senior Advance Interest Period; 

exceeds: 
  

	(b)	the amount which that Senior Noteholder would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a
period starting on the Business Day following receipt or recovery and ending on the last day of the current Senior Advance Interest Period. 

“Business Day” means a day which is a TARGET Day and a day (other than a Saturday or Sunday) on which banks are open for general business in
(i) London, (ii) Paris, (iii) New York, (iv)

  
 8 

 
Munich, (v) Dublin and, in relation to any date for payment or purchase of Euro or calculation of an amount payable in Euro by: 

 

	(a)	Spanish Opco or Dutch FleetCo in connection with the Vehicle Fleet in Spain, Madrid; 

  

	(b)	German Opco or Dutch FleetCo in connection with the Vehicle Fleet in Germany, Frankfurt; 

  

	(c)	Dutch Opco or Dutch FleetCo in connection with the Vehicle Fleet in The Netherlands, Amsterdam; 

  

	(d)	Italian Opco or Italian FleetCo, Milan; and 

  

	(e)	French Opco or French FleetCo, Paris. 

 “Business Day Convention” means that if any due date
specified in a Transaction Document for performing a certain task is not a Business Day, such task shall be performed on the next immediately following Business Day, unless such Business Day falls in the next calendar month, in which case such task
shall be performed on the immediately preceding Business Day. 
 “Buy-Back Minimum Principles” means: 

 

	(i)	in respect of Vehicles in Spain, Italy and France, all the provisions that are specified as imperative provisions in the Negotiation Guidelines and the following non-imperative provisions (as specified in the
Negotiation Guidelines), being: (a) paragraph 6 (Repurchase Obligations unconditional) and (b) paragraph 7 (Termination); 

  

	(ii)	in respect of Vehicles in Germany, all the provisions that are specified in part A and part B of schedule 3 to the Master German Fleet Purchase Agreement; and 

 

	(iii)	in respect of Vehicles in The Netherlands, all the provisions that are specified in schedule 2 to the Master Dutch Fleet Purchase Agreement. 

“CACEIS Corporate Trust” means Caceis Corporate Trust, a société anonyme incorporated under the laws of France, whose
head office is at 1/3 Place Valhubert 75013 Paris and whose main establishment is at 14 rue Rouget de Lisle 92130 Issy-les-Moulineaux, registered with the Trade and Companies Register of Paris (Registre du Commerce et des Sociétés
de Paris) under number 439 430 976, and licensed in France as a financial services provider (prestataire de services d’investissement) by the Autorité de Contrôle Prudentiel et de Résolution. 

“CACIB” means Crédit Agricole Corporate and Investment Bank. 

“Calculation Date” means the last day of each calendar month. 

“Calculation Period” means the period beginning on the first day of each calendar month and ending on: 

 

	(i)	the last day of such calendar month; and 

  

	(ii)	(in respect of a Senior Advance Drawdown Date or an Original FleetCo Advance Drawdown Date that does not fall on a Settlement Date) the Intra-Month Cut-Off Date. 

“Capitalised Cost” means, with respect to each Vehicle that is purchased by a FleetCo (or in respect of Germany, by German Opco and sold to
Dutch FleetCo pursuant to the Master German Fleet Purchase Agreement and, in respect of The Netherlands, by Dutch Opco and sold to Dutch FleetCo pursuant to the Master Dutch Fleet Purchase Agreement) and that is accounted for by: 

 

	(i)	in respect of Vehicles in Italy, Italian FleetCo; 

  

	(ii)	in respect of Vehicles in Germany, German Opco; 

  
 9 

	(iii)	in respect of Vehicles in Spain, Spanish Opco; 

  

	(iv)	in respect of Vehicles in The Netherlands, Dutch Opco; and 

  

	(v)	in respect of Vehicles in France, French FleetCo, 

 the price paid or to be paid (in each case, excluding any
part thereof which represents VAT) for such Vehicle to the Vehicle Dealer, Vehicle Manufacturer or other person selling such Vehicle, (after deduction of any discounts) but excluding any Charge Costs (except that delivery and other registration
charges shall be included to the extent that any have been capitalised). 
 “Casualty” means, in relation to a Vehicle, that (a) such
Vehicle is destroyed or otherwise rendered permanently unfit or unavailable for use or (b) such Vehicle is lost, stolen or seized and is not recovered within 2 months thereafter. 

“Casualty Payment” means the Termination Value of a Vehicle which suffers a Casualty or becomes a Non-Eligible Vehicle, in each case, as of
the date such Vehicle became a Casualty or a Non-Eligible Vehicle. 
 “Central Servicer” means Avis Finance Company Limited. 

“Central Servicer Event of Default” means an Event of Default in respect of the Central Servicer. 

“Central Servicing Agreement” means the agreement between, among others, the Central Servicer, each Opco, the Italian Servicer, the French
Servicer, the Spanish Servicer and each FleetCo pursuant to which the Central Servicer provides, among other things, transaction management services, reporting services and cash management services to the relevant transaction party. 

“Centre of Main Interests” has the meaning given to it in Article 3(1) of Council Regulation (EC) No. 1346/2000 of 29 May 2000 on
Insolvency Proceedings. 
 “Chairman Letter of Undertakings” means the letter of undertakings in relation to French FleetCo executed by SFM
France S.A.S. acting as chairman (président) of French FleetCo. 
 “Charge Costs” means, with respect to each Vehicle
purchased by a FleetCo or, in respect of Germany, by German Opco and sold to Dutch FleetCo pursuant to the Master German Fleet Purchase Agreement or, in respect of The Netherlands, by Dutch Opco and sold to Dutch FleetCo pursuant to the Master Dutch
Fleet Purchase Agreement, all amounts invoiced in relation to the purchase of such Vehicle (excluding VAT), but including, in particular, delivery charges, taxes, titling fees, costs of registration, preparation, first petrol and accessories (to the
extent they are not accounted for as Capitalised Costs). 
 “Charge Costs Component” shall have the meaning assigned to it in clause 4.3 of
the Master German Fleet Purchase Agreement. 
 “Close-Out Netting” means: 

 

	(a)	in respect of an Issuer Hedging Agreement based on a 1992 ISDA Master Agreement, any step involved in determining the amount payable in respect of an Early Termination Date (as defined in the 1992 ISDA Master Agreement)
under section 6(e) of the 1992 ISDA Master Agreement before the application of any subsequent Set-off (as defined in the 1992 ISDA Master Agreement); 

  

	(b)	in respect of an Issuer Hedging Agreement based on a 2002 ISDA Master Agreement, any step involved in determining an Early Termination Amount (as defined in the 2002 ISDA Master Agreement) under section 6(e) of the 2002
ISDA Master Agreement; and 

  
 10 

	(c)	in respect of an Issuer Hedging Agreement not based on an ISDA Master Agreement, any step involved on a termination of the hedging transactions under that Issuer Hedging Agreement pursuant to any provision of that
Issuer Hedging Agreement which has a similar effect to either provision referenced in paragraph (a) and paragraph (b) above. 

“Code” means the US Internal Revenue Code of 1986. 

“Combined Eligible Country Asset Value” means: 
  

	(i)	the aggregate of: 

  

	 	(a)	the Country Asset Value of Dutch FleetCo, Spanish Branch in Spain; 

  

	 	(b)	the Country Asset Value of Dutch FleetCo in Germany; 

  

	 	(c)	the Country Asset Value of Dutch FleetCo in The Netherlands; 

  

	 	(d)	the Country Asset Value of Italian FleetCo; and 

  

	 	(e)	the Country Asset Value of French FleetCo, 

 less 

 

	(ii)	the aggregate of, without double counting: 

  

	 	(a)	the Extraordinary Depreciation Amount; 

  

	 	(b)	the Disposition Adjustment; 

  

	 	(c)	the Excess Concentration Amount; and 

  

	 	(d)	the aggregate of: 

  

	 	(x)	the Net Book Value of all Non-Eligible Vehicles of Dutch FleetCo in Spain, Germany and The Netherlands, Italian FleetCo in Italy and French FleetCo in France; and 

 

	 	(y)	the amount of the Non-Eligible Receivables of Dutch FleetCo in Spain, Germany and The Netherlands, Italian FleetCo in Italy and French FleetCo in France, 

provided that, following the occurrence of a Dutch Opco Event of Default and in the absence of a Dutch FleetCo Event of Default: (1) the Country Asset
Value of Dutch FleetCo in The Netherlands shall be deemed to be zero; and (2) Dutch FleetCo in The Netherlands and Dutch FleetCo’s Vehicle Fleet in the Netherlands shall not be taken into account when determining the aggregate of the
amounts in items (ii)(a) to (ii)(d) above. 
 “Commercial Terms” means, in relation to the negotiation and renewal of a Vehicle Dealer
Buy-Back Agreement, a Vehicle Manufacturer Buy-Back Agreement, a Vehicle Dealer Purchase Agreement and/or a Vehicle Manufacturer Buy-Back Agreement: 
  

	(a)	the purchase price for Vehicles; 

  

	(b)	the volume of Vehicles to be purchased; 

  

	(c)	the Vehicle types, model and mix and options; 

  

	(d)	the Vehicle drop points and return locations within the Relevant Jurisdictions; 

  

	(e)	any Credit Terms Given; and 

  
 11 

	(f)	any related commercial terms, provided that the application of such commercial terms do not breach the Negotiation Guidelines. 

“Common Terms” means clauses 12 (Confidentiality), 12A (Collateral Trustee), 19 (Notices), 21 (Calculations and
Certificates), 22 (Partial Invalidity), 23 (Remedies and Waivers), 25 (Counterparts) and 27 (Non-Petition and Limited Recourse) (but, (i) in the case of Transaction Documents which are not expressed to be
governed by English law, excluding clause 27.2.2(i)(b) (Insufficient Recoveries); (ii) in the case of Transaction Documents which are expressed to be governed by French law, excluding clause 25 (Counterparts); and (iii) in the case
of Transaction Documents to which Senior Noteholders are not party, excluding clause 12A (Collateral Trustee)) of the Framework Agreement and, in the case of Transaction Documents which are expressed to be governed by German law, clause 27
(Non-Petition and Limited Recourse) shall be construed such as to not exclude, as a matter of substance, any claims resulting from gross negligence (große Fahrlässigkeit) or wilful misconduct (vorsätzliches
Fehlverhalten). 
 “Computer Readable Form” means a form in which information or data may be stored and/or accessed by a computer,
including, but not limited to, tangible storage media such as floppy disks or CD-ROMs, or information or data which is made available by direct computer access, or any other appropriate electronic information storage form, format or medium as
determined by the relevant Servicer or the Issuer Cash Manager, the FleetCo Back-up Cash Manager, as the case may be. 
 “Concentration
Limit” means the following limit: 
  

	(a)	the percentage of the Eligible Vehicles in all Countries which are At Risk Assets not exceeding [REDACTED] per cent., 

provided that: 
  

	(i)	the percentage of Eligible Vehicles in all Countries which are purchased from [REDACTED] not exceeding: 

(a) 
  

	 	(x)	if the Vehicle Manufacturer Group Rating Entity of [REDACTED] has a Relevant DBRS Rating of “A(L)” or above by DBRS; or 

  

	 	(y)	if the Vehicle Manufacturer Group Rating Entity of [REDACTED] does not have a Relevant DBRS Rating, a DBRS Equivalent Rating of “A(L)” or above, 

[REDACTED] per cent.; or 
 (b)

  

	 	(x)	if the Vehicle Manufacturer Group Rating Entity of [REDACTED] has a Relevant DBRS Rating of below “A(L)” by DBRS; or 

  

	 	(y)	if the Vehicle Manufacturer Group Rating Entity of [REDACTED] does not have a Relevant DBRS Rating, a DBRS Equivalent Rating of below “A(L)”, 

[REDACTED] per cent.; 

[REDACTED] 

  
 12 

 provided further that: 
  

	A.	the percentage of Eligible Vehicles in all Countries that are sub-leased to Affiliates of the Avis Europe Group, licencees or sub-licensees not exceeding [REDACTED] per cent. (such Vehicles, the “Relevant
Vehicles”); and 

  

	B.	the percentage of Eligible Vehicles in all Countries that are Relevant Vehicles and sub-leased to Affiliates of the Avis Europe Group located in a jurisdiction other than the Relevant Jurisdiction of the Lessee not
exceeding [REDACTED] per cent., provided further that such other jurisdiction is France, Germany, Italy, Spain, Austria, Belgium, The Netherlands or Luxembourg; 

  

	C.	the percentage of Eligible Vehicles in all Countries that are Service Vehicles not exceeding [REDACTED] per cent.; and 

  

	D.	the percentage of Eligible Vehicles in all Countries that are Light Duty Trucks not exceeding [REDACTED] per cent., 

and, for the purposes of this definition, the “percentage of Eligible Vehicles in all Countries” shall be the percentage of the aggregate
Borrower Vehicle Fleet NBV of Eligible Vehicles in the Vehicle Fleet in all Countries and “Light Duty Trucks” shall, for the avoidance of doubt, exclude Vans. 

“Conduit” means a special purpose entity whose activities are wholly or principally the issuance of commercial paper or other debt
securities (of any type) and the purchase of debt securities or other assets. 
 “Conduit Senior Noteholder” means each Senior
Noteholder which is a Conduit. 
 “Confidential Information” means all information relating to any Avis Obligor or any of the Issuer
Transaction Documents and FleetCo Transaction Documents of which an Issuer Secured Creditor or a FleetCo Secured Creditor becomes aware in its capacity as, or for the purpose of becoming, an Issuer Secured Creditor or a FleetCo Secured Creditor (as
applicable) or which is received by an Issuer Secured Creditor or a FleetCo Secured Creditor (as applicable) in relation to, or for the purpose of becoming an Issuer Secured Creditor or a FleetCo Secured Creditor (as applicable) under, the
Transaction Documents to which it is a party from either: 
  

	(a)	any Avis Obligor or any of its advisers; or 

  

	(b)	another Issuer Secured Creditor or FleetCo Secured Creditor, if the information was obtained by that Secured Creditor or indirectly from any Avis Obligor, 

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which
contains or is derived or copied from such information but excludes information that: 
  

	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Issuer Secured Creditor or FleetCo Secured Creditor of clause 12 (Confidentiality) of the Framework Agreement;

  

	(ii)	is identified in writing at the time of delivery as non-confidential by any Avis Obligor or any of its advisers; or 

  

	(iii)	 is known by that Issuer Secured Creditor or FleetCo Secured Creditor before the date the information is disclosed to it in accordance with paragraph
(a) or (b) above or is lawfully obtained by that Issuer Secured Creditor or FleetCo Secured Creditor (as the case may be) after that date, from a source which is, as far as that Issuer Secured Creditor or

  
 13 

	 	
FleetCo Secured Creditor (as the case may be) is aware, unconnected with the Avis Obligors and which, in either case, as far as that Issuer Secured Creditor or FleetCo Secured Creditor (as the
case may be) is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. 

“Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form
agreed between Finco and the Transaction Agent. 
 “Contractual Currency” means, in relation to any payment obligation arising under
any transaction, Euro and, in relation to clause 19 (Remuneration and Indemnification of the Issuer Security Trustee) of the Issuer Deed of Charge, Euros or such other currency as may be agreed between the Issuer and the Issuer
Security Trustee from time to time. 
 “Corporate Services Providers” means the corporate services entities that provide corporate
administration services to any of the Issuer, FleetCo Holdings, Dutch FleetCo and French FleetCo. 
 “Corresponding DBRS Rating” means, for
each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding to the row in which such Equivalent Rating Agency Rating appears in the table set forth below: 

 

							
	 Moody’s
	 	 S&P
	 	 Fitch
	 	 DBRS

	 Aaa
	 	AAA	 	AAA	 	AAA
	 Aa1
	 	AA+	 	AA+	 	AA(H)
	 Aa2
	 	AA	 	AA	 	AA
	 Aa3
	 	AA-	 	AA-	 	AA(L)
	 A1
	 	A+	 	A+	 	A(H)
	 A2
	 	A	 	A	 	A
	 A3
	 	A-	 	A-	 	A(L)
	 Baa1
	 	BBB+	 	BBB+	 	BBB(H)
	 Baa2
	 	BBB	 	BBB	 	BBB
	 Baa3
	 	BBB-	 	BBB-	 	BBB(L)
	 Ba1
	 	BB+	 	BB+	 	BB(H)
	 Ba2
	 	BB	 	BB	 	BB
	 Ba3
	 	BB-	 	BB-	 	BB(L)
	 B1
	 	B+	 	B+	 	B-High
	 B2
	 	B	 	B	 	B
	 B3
	 	B-	 	B-	 	B(L)
	 Caa1
	 	CCC+	 	CCC	 	CCC(H)
	 Caa2
	 	CCC	 	CC	 	CCC
	 Caa3
	 	CCC-	 	C	 	CCC(L)
	 Ca
	 	CC	 		 	CC(H)

  
 14 

							
	 Moody’s
	 	 S&P
	 	 Fitch
	 	 DBRS

	 C
	 		 		 	CC
		 		 		 	CC(L)
		 		 		 	C(H)
		 		 		 	C
		 		 		 	C(L)

 “Countries” means Spain, Germany, Italy, The Netherlands and France. 

“Country” means: 
  

	(a)	Spain (in respect of Dutch FleetCo’s Vehicle Fleet purchased in Spain); 

  

	(b)	Germany (in respect of Dutch FleetCo’s Vehicle Fleet purchased from German Opco); 

  

	(c)	The Netherlands (in respect of Dutch FleetCo’s Vehicle Fleet purchased from Dutch Opco); 

  

	(d)	Italy (in respect of Italian FleetCo); and 

  

	(e)	France (in respect of French FleetCo). 

 “Country Asset Value” means, as at any Calculation
Date or (if applicable) the relevant Intra-Month Cut-Off Date, in relation to any Country, the aggregate of the following items (without double counting): 
  

	(a)	the Borrower Vehicle Fleet NBV of the Vehicle Fleet delivered to the relevant FleetCo in such Country; 

  

	(b)	the amount of the Vehicle Manufacturer Receivables and Vehicle Dealer Receivables payable to the relevant FleetCo in such Country; 

  

	(c)	FleetCo Excess Cash Amount in such Country; and 

  

	(d)	in respect of Spain and France, the VAT Receivables payable to Dutch FleetCo, Spanish Branch and French FleetCo, respectively, 

minus 
  

	(a)	the Fleet Payables Amount of the relevant FleetCo in such Country; 

  

	(b)	the amount of the Invoices to be Received in such Country; and 

  

	(c)	in respect of Spain and France, the VAT Payables Amount of Dutch FleetCo, Spanish Branch and French FleetCo, respectively. 

“Country Asset Value Test” shall be satisfied if the aggregate of the outstanding FleetCo Advances made to a FleetCo in a Country is less
than or equal to the Country Asset Value of such FleetCo. 
 “Country Repayment Option” means the mechanism under which a member of the
Avis Europe Group may provide funding to Dutch FleetCo, Spanish Branch to prepay in full its obligations under the FleetCo Spanish Facility Agreement or purchase the Issuer’s rights under the FleetCo Italian Facility Agreement or the VFN
Funding Agreement, as applicable, being the Spain Repayment Option, the Italy Repayment Option and the France Repayment Option, respectively, and as more particularly set out in clause 6 (Country Repayment Option) of the Framework Agreement.

  
 15 

 “Credit Agreement” means the second amended and restated credit agreement dated 2 August
2013, among Avis Budget Holdings, LLC, as borrower, the Parent, as borrower, the subsidiary borrowers referred to therein, the several lenders referred to therein, JPMorgan Chase Bank N.A., as administrative agent, Deutsche Bank Securities Inc., as
syndication agent, each of Citicorp USA, Inc., Bank of America, N.A., Barclays Bank PLC, Credit Agricole Corporate & Investment Bank and The Royal Bank of Scotland plc as co-documentation agents as may be amended, restated, modified,
supplemented or waived from time to time in accordance with its terms. 
 “Credit Enhancement Asset” means the Investment Grade Programme
Vehicles, Investment Grade Non-Programme Vehicles, Non-Investment Grade Programme Vehicles, Non-Investment Grade Non-Programme Vehicles, the Credit Enhancement Investment Grade Receivables, the Credit Enhancement Non-Investment Grade Receivables and
(in respect of Spain and France) the VAT Receivables net of the VAT Payables Amount. 
 “Credit Enhancement Matrix” means the following
matrix: 
 [REDACTED] 

  
 16 

 “Credit Enhancement Investment Grade Receivables” means Investment Grade Vehicle Manufacturer
Receivables net of payables for each Vehicle Manufacturer to the extent set-off is permitted under the relevant Vehicle Manufacturer Agreements and/or Vehicle Manufacturer Guarantees. 

“Credit Enhancement Non-Investment Grade Receivables” means Non-Investment Grade Vehicle Manufacturer Receivables (for which a FleetCo holds
enforceable title) net of payables for each Vehicle Manufacturer to the extent set-off is permitted under the relevant Vehicle Manufacturer Agreements and/or Vehicle Manufacturer Guarantees. 

“Credit Enhancement Required Amount” means, without limitation, the sum of: 

 

	(a)	the Asset Enhancement Amount; and 

  

	(b)	the Issuer Reserve Required Amount. 

 “Credit Terms Given” means the terms agreed by the
Vehicle Manufacturers and Dealers with the FleetCos under the Vehicle Dealer Buy-Back Agreements, Vehicle Manufacturer Buy-Back Agreements, Vehicle Dealer Purchase Agreements and/or the Vehicle Manufacturer Purchase Agreements. 

“CRR” means Regulation (EU) No 575/2013 of the European Parliament and of the Council, as amended from time to time and including any
guidance or any technical standards published in relation thereto”. 
 “Currency Hedge Agreement” means a currency swap or exchange
agreement, currency exchange option or any other similar agreement, however denominated, entered into on behalf of a Conduit Senior Noteholder for hedging purposes, as any of the foregoing may be amended, restated, supplemented or otherwise
modified, from time to time. 
 “Currency Hedging Breakage Costs” means, solely with respect to the applicable Conduit Senior Noteholder,
for any Settlement Date, an amount (which may be negative) equal to: 
  

	(i)	the aggregate amount of any amounts paid or payable by or on behalf of the applicable Conduit Senior Noteholder to a counterparty to a Currency Hedge Agreement in connection with the close out of any Currency Hedge
Agreement on any date other than its settlement date, which settlement date shall be a Settlement Date, 

 less 

 

	(ii)	the aggregate amount of any amounts paid or payable to or for the account of the applicable Conduit Senior Noteholder by a counterparty to a Currency Hedge Agreement in connection with the close out of any Currency
Hedge Agreement on any date other than its settlement date, 

 provided that: 

 

	(a)	if on any Settlement Date, the applicable Conduit Senior Noteholder’s Currency Hedging Breakage Costs are a negative number, then, on such Settlement Date, the aggregate amount that would otherwise have been
payable by the Issuer to the applicable Conduit Senior Noteholder on such Settlement Date pursuant to the applicable priority of payment, shall be reduced until either the aggregate amount owed to the applicable Conduit Senior Noteholder or the
Currency Hedging Breakage Costs have been reduced to zero, and 

  

	(b)	 when there are remaining Currency Hedging Breakage Costs following such reduction in (a) above of the aggregate amounts otherwise owed to the
applicable Conduit Senior 

  
 17 

	 	
Noteholder, an amount equal to such remaining Currency Hedging Breakage Costs (expressed as a positive number) shall be paid by or on behalf of the applicable Conduit Senior Noteholder to the
Issuer on such Settlement Date; 

 “DBRS” means DBRS Ratings Limited and includes any successors thereto. 

“DBRS Equivalent Rating” means, with respect to any date and any Person with respect to whom DBRS does not maintain a public Relevant DBRS
Rating as of such date: 
  

	(a)	if such Person has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies as of such date, then the median of the Corresponding DBRS Ratings for such Person as of such date; 

 

	(b)	if such Person has Equivalent Rating Agency Ratings from only two of the Equivalent Rating Agencies as of such date, then the lower Corresponding DBRS Rating for such Person as of such date; and 

 

	(c)	if such Person has an Equivalent Rating Agency Rating from only one of the Equivalent Rating Agencies as of such date, then the Corresponding DBRS Rating for such Person as of such date. 

“Deemed FleetCo Advance Drawdown Date” means the first Business Day after the relevant Original FleetCo Advance Drawdown Date specified in
the relevant FleetCo Advance Drawdown Notice, if the relevant Original FleetCo Advance Drawdown Date is not a Business Day (in respect of Dutch FleetCo) in Spain or Germany or The Netherlands or (in respect of Italian FleetCo) in Italy or (in
respect of French FleetCo) in France. 
 “Default” means a Potential Event of Default or an Event of Default. 

“Default Interest” means [REDACTED] per cent. per annum over the Interest Rate. 

“Delegate” means any delegate, agent, attorney or co-trustee appointed by the Issuer Security Trustee or the FleetCo Security Agent (as the
case may be). 
 “Depreciation Charge” means, with respect to each Vehicle, the product of (a) the Depreciation Percentage applicable
to the month ending on the Calculation Date at issue and (b) the applicable Capitalised Costs. 
 “Depreciation Percentage” means,
with respect to each Vehicle: 
  

	(a)	which is a Programme Vehicle, the monthly depreciation percentage set forth in the applicable Vehicle Manufacturer Buy-Back Agreement or Vehicle Dealer Buy-Back Agreement (if any) in respect of such Vehicle or, in the
absence of such a depreciation percentage in such Vehicle Manufacturer Buy-Back Agreement or Vehicle Dealer Buy-Back Agreement, a monthly depreciation percentage calculated in accordance with GAAP consistently applied, taking into account the
estimated holding period and the Vehicle Manufacturer Repurchase Price of such Vehicle; and 

  

	(b)	which is a Non-Programme Vehicle, a monthly depreciation percentage calculated in accordance with GAAP consistently applied, 

provided that, with respect to the foregoing determinations, such determinations shall be made no less frequently than on each Calculation Date falling in
March, June, September and December of each year and on each additional date as may be required by GAAP. 
 “Disposal Proceeds”
means the proceeds of sale of any Non-Programme Vehicle (net of any costs (if any) incurred) in relation to the relevant sale or any Programme Vehicle where such sale is other than under the terms of a Vehicle Dealer Buy-Back Agreement or a Vehicle
Manufacturer Buy-Back Agreement. 

  
 18 

 “Disposition Adjustment” means, in relation to any calendar month, the aggregate of: 

 

	(a)	the product of: 

  

	 	(i)	the Disposition Adjustment Percentage in Spain; and 

  

	 	(ii)	the Net Book Value of At Risk Assets of Dutch FleetCo in Spain; 

  

	(b)	the product of: 

  

	 	(i)	the Disposition Adjustment Percentage in Germany; and 

  

	 	(ii)	the Net Book Value of At Risk Assets of Dutch FleetCo in Germany; 

  

	(c)	the product of: 

  

	 	(i)	the Disposition Adjustment Percentage in The Netherlands; and 

  

	 	(ii)	the Net Book Value of At Risk Assets of Dutch FleetCo in The Netherlands; 

  

	(d)	the product of: 

  

	 	(i)	the Disposition Adjustment Percentage in Italy; and 

  

	 	(ii)	the Net Book Value of At Risk Assets of Italian FleetCo in Italy; and 

  

	(e)	the product of: 

  

	 	(i)	the Disposition Adjustment Percentage in France; and 

  

	 	(ii)	the Net Book Value of At Risk Assets of French FleetCo in France. 

 “Disposition Adjustment
Percentage” means, in relation to Dutch FleetCo in Spain, Dutch FleetCo in Germany, Dutch FleetCo in The Netherlands, Italian FleetCo in Italy or French FleetCo in France (as applicable), the highest, for any calendar month within the
preceding 12 calendar months, of a percentage equal to 100 per cent. minus the Measurement Month Average relating to Dutch FleetCo in Spain, Dutch FleetCo in Germany, Dutch FleetCo in The Netherlands, Italian FleetCo in Italy or French FleetCo
in France (as applicable) for the immediately preceding Measurement Month relating to Dutch FleetCo in Spain, Dutch FleetCo in Germany, Dutch FleetCo in The Netherlands, Italian FleetCo in Italy or French FleetCo in France (as applicable) as of the
Calculation Date within such calendar month. For the avoidance of doubt, in relation to Dutch FleetCo in The Netherlands or French FleetCo in France (as applicable), the Disposition Adjustment Percentage shall be calculated with respect to the first
Measurement Month following the Dutch Accession Date or the Initial French Funding Date (as applicable). 
 “Dispute” means a dispute
arising out of or in connection with the relevant Transaction Document (including a dispute regarding the existence, validity or termination of such Transaction Document, any non-contractual obligations arising out of or in connection with such
Transaction Document or the consequences of its nullity). 
 “Dutch Accession Date” means 21 May 2014. 

“Dutch Account Bank Agreement” means the agreement dated on or about 21 May 2014 pursuant to which Dutch FleetCo appoints the Dutch
FleetCo Dutch Account Bank. 
 “Dutch Account Mandate” has the meaning given to it in clause 4.1 of the Dutch Account Bank Agreement. 

  
 19 

 “Dutch Bank Account” means the bank account maintained by Dutch FleetCo with ABN AMRO N.V. in
The Netherlands with account number 440355842. 
 “Dutch Bank Account Priority of Payments” means the priority of payments set out in
clause 4.3.46 (Dutch Bank Account) of the Framework Agreement. 
 “Dutch FleetCo” means Fincar Fleet B.V., a private company with
limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands, having its registered office at Rapenburgerstraat 177B, 1011 VM Amsterdam, The Netherlands and registered with the Dutch
Trade Register (Handelsregister) of the chamber of commerce (Kamer van Koophandel) under the number 5522 7732. 
 “Dutch FleetCo
Account Bank Operators” means the Dutch FleetCo Spanish Account Bank Operator, the Dutch FleetCo German Account Bank Operator and the Dutch FleetCo Dutch Account Bank Operator and each a “Dutch FleetCo Account Bank
Operator”. 
 “Dutch FleetCo Corporate Services Providers” means Intertrust (Netherlands) B.V. and Vistra B.V., each appointed as
the corporate services provider to Dutch FleetCo under the respective Dutch Corporate Services Agreement. 
 “Dutch FleetCo Deed of Charge”
means the English law deed of charge dated on or about the Dutch Accession Date pursuant to which, among other things, Dutch FleetCo assigns, pledges and otherwise creates security over all its rights and interests in and to each of the English
Transaction Documents in respect of its Vehicle Fleet in The Netherlands to which it is a party in favour of the FleetCo Security Agent. 
 “Dutch
FleetCo Deed of Charge Secured Property” has the meaning given to it in the Dutch FleetCo Deed of Charge. 
 “Dutch FleetCo Dutch Account
Bank” means Deutsche Bank AG, Amsterdam Branch or its successor or replacement appointed under the Dutch Account Bank Agreement. 
 “Dutch
FleetCo Dutch Account Bank Operator” means Deutsche Bank AG, London Branch. 
 “Dutch FleetCo Dutch Bank Account Pledge” means the
Dutch law deed of pledge of bank accounts dated on or about the Dutch Accession Date and granted by Dutch FleetCo in favour of the FleetCo Security Agent. 

“Dutch FleetCo Dutch Bank Accounts” means: 
  

	(i)	the Dutch FleetCo Dutch Transaction Account; 

  

	(ii)	the Dutch FleetCo Dutch Reserve Account (if any); and 

  

	(iii)	any Additional Accounts opened and maintained in accordance with the Dutch Account Bank Agreement. 

“Dutch FleetCo Dutch Deed of Pledge of Receivables” means the Dutch law deed of pledge of receivables dated on or about the Dutch Accession
Date granted by Dutch FleetCo in favour of the FleetCo Security Agent. 
 “Dutch FleetCo Dutch Expenses” means the fees, costs, charges and
expenses to which Dutch FleetCo is liable to the Dutch FleetCo Corporate Services Providers in The Netherlands and all fees, costs, charges and expenses to which Dutch FleetCo is liable in relation to its premises, equipment rental, telephone line,
registration fees, tax returns and other corporate administration services, in each case, in The Netherlands. 

  
 20 

 “Dutch FleetCo Dutch Opco Event of Default Priority of Payments” means the priority of payments
in part 8 (Dutch FleetCo Dutch Opco Event of Default Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“Dutch FleetCo Dutch Post-Enforcement Priority of Payments” means the priority of payments in part D (Dutch FleetCo Dutch Post-Enforcement
Priority of Payments) of part 6 (FleetCo Post-Enforcement Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“Dutch FleetCo Dutch Pre-Enforcement Priority of Payments” means the priority of payments in part D (Dutch FleetCo Dutch Pre-Enforcement
Priority of Payments) of part 5 (FleetCo Pre-Enforcement Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“Dutch FleetCo Dutch Reserve Account” means the EUR denominated reserve account in The Netherlands in the name of Dutch FleetCo and any
sub-accounts thereof which may be opened and maintained with the Dutch FleetCo Dutch Account Bank from time to time. 
 “Dutch FleetCo Dutch Right
of Pledge” means the Dutch law non-possessory right of pledge (bezitloos pandrecht) relating to the Vehicles owned by Dutch FleetCo dated on or about the Dutch Accession Date granted by Dutch FleetCo in favour of the FleetCo Security
Agent. 
 “Dutch FleetCo Dutch Secured Property” means the assets from time to time secured by the Dutch FleetCo Dutch Security
Documents.  
 “Dutch FleetCo Dutch Security Documents” means (taking account of the fact that certain documents will only be
entered into and/or be effective after the Dutch Accession Date): 
  

	(i)	(subject to Clause 2.1(xxxvi) hereof) the Dutch FleetCo Share Pledge; 

  

	(ii)	(subject to Clauses 2.1(xxxiv) and (xxxv) hereof) the Dutch FleetCo Deed of Charge; 

  

	(iii)	the Dutch FleetCo Dutch Deed of Pledge of Receivables; 

  

	(iv)	the Dutch FleetCo Dutch Bank Account Pledge; and 

  

	(v)	the Dutch FleetCo Dutch Right of Pledge. 

 “Dutch FleetCo Dutch Transaction Account” means the
EUR denominated bank account held and administered by Dutch FleetCo Dutch Account Bank in the name of Dutch FleetCo with the account number (IBAN: NL65DEUT0265198674). 

“Dutch FleetCo German Account Bank” means Deutsche Bank AG or its successor or replacement appointed under the German Account Bank Agreement.

 “Dutch FleetCo German Account Bank Operator” means Deutsche Bank AG, London Branch. 

“Dutch FleetCo German Bank Accounts” means: 
  

	(i)	the Dutch FleetCo German Transaction Account; 

  

	(ii)	the VAT Component and Charge Costs Component Trust Account; and 

  

	(iii)	the Dutch FleetCo German Reserve Account. 

 “Dutch FleetCo German Post-Enforcement Priority of
Payments” means the priority of payments in part B (Dutch FleetCo German Post-Enforcement Priority of Payments) of part 6 (FleetCo Post-Enforcement Priority of Payments) of schedule 3 (Priorities of Payments) to the
Framework Agreement. 

  
 21 

 “Dutch FleetCo German Pre-Enforcement Priority of Payments” means the priority of payments in
part B (Dutch FleetCo German Pre-Enforcement Priority of Payments) of part 5 (FleetCo Pre-Enforcement Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“Dutch FleetCo German Reserve Account” means the EUR denominated reserve account in Germany in the name of Dutch FleetCo and any sub-accounts
thereof opened and maintained with the Dutch FleetCo German Account Bank and with account number 100-9644667-01. 
 “Dutch FleetCo German Secured
Property” means the assets from time to time secured by the FleetCo German Security Documents, the Dutch Receivables Pledge, the Dutch FleetCo German VAT Pledge, (to the extent of the Dutch FleetCo Level German Advances Proportion) the
Dutch FleetCo Share Pledge and the German FleetCo Deed of Charge. 
 “Dutch FleetCo German Transaction Account” means the EUR
denominated bank account held and administered by Dutch FleetCo German Account Bank in the name of Dutch FleetCo with the account number 100-9644667-00. 

“Dutch FleetCo German VAT Pledge” means the Dutch law pledge between, among others, German Opco and Dutch FleetCo, in respect of the VAT
Amount and the Third Party Purchase Price VAT Amount. 
 “Dutch FleetCo Level Dutch Advances Proportion” means, on any date on which such
calculation is required, the ratio of: 
  

	(a)	the aggregate outstanding FleetCo Dutch Advances under the FleetCo Dutch Facility Agreement; 

 to 

 

	(b)	the sum of: 

  

	 	(i)	the aggregate outstanding FleetCo Spanish Advances under the FleetCo Spanish Facility Agreement; 

  

	 	(ii)	the aggregate outstanding FleetCo German Advances under the FleetCo German Facility Agreement; and 

  

	 	(iii)	the aggregate outstanding FleetCo Dutch Advances under the FleetCo Dutch Facility Agreement, 

 such ratio
expressed as a percentage. 
 “Dutch FleetCo Level German Advances Proportion” means, on any date on which such calculation is required,
the ratio of: 
  

	(a)	the aggregate outstanding FleetCo German Advances under the FleetCo German Facility Agreement; 

 to 

 

	(b)	the sum of: 

  

	 	(i)	the aggregate outstanding FleetCo Spanish Advances under the FleetCo Spanish Facility Agreement; 

  

	 	(ii)	the aggregate outstanding FleetCo German Advances under the FleetCo German Facility Agreement; and 

  
 22 

	 	(iii)	the aggregate outstanding FleetCo Dutch Advances under the FleetCo Dutch Facility Agreement, 

  

	such	ratio expressed as a percentage. 

 “Dutch FleetCo Level Spanish Advances Proportion” means, on
any date on which such calculation is required, the ratio of: 
  

	(a)	the aggregate outstanding FleetCo Spanish Advances under the FleetCo Spanish Facility Agreement; 

 to 

 

	(b)	the sum of: 

  

	 	(i)	the aggregate outstanding FleetCo German Advances under the FleetCo German Facility Agreement; 

  

	 	(ii)	the aggregate outstanding FleetCo Spanish Advances under the FleetCo Spanish Facility Agreement; and 

  

	 	(iii)	the aggregate outstanding FleetCo Dutch Advances under the FleetCo Dutch Facility Agreement, 

 such ratio
expressed as a percentage. 
 “Dutch FleetCo Management Documents” means: 

 

	(i)	the management agreement entered into by Dutch FleetCo with J.J. van Ginkel, B.W. de Sonnaville and Vistra B.V. and dated 22 June 2012 and amended and restated on 5 March 2013 in respect of the provision of
corporate administration services of Dutch FleetCo by Vistra B.V.; 

  

	(ii)	the management agreement entered into by Dutch FleetCo with demand P.D. Haverkamp and M. Hut and Intertrust (Netherlands) B.V. and dated 22 June 2012 as amended and restated on the Dutch Accession Date in respect
of the provision of corporate administration services of Dutch FleetCo by Intertrust (Netherlands) B.V. and as most recently amended on 21 January 2015 in respect fo the replacement of M. Hut with M. Posthumus; 

 

	(iii)	the letter of undertaking entered into, amongst others, by Vistra B.V. dated 22 June 2012 and most recently amended and restated on the Dutch Accession Date ; and 

 

	(iv)	the letter of undertaking entered into, amongst others, by Intertrust (Netherlands) B.V. dated 22 June 2012 as amended and restated on the Dutch Accession Date and as most recently amended on 21 January 2015
in respect fo the replacement of M. Hut with M. Posthumus. 

 “Dutch FleetCo Premises Lease Agreement” means the lease
agreement dated 22 June 2012 between Pinnacle Offices B.V. and Dutch FleetCo. 
 “Dutch FleetCo Secured Creditors” means the Dutch
FleetCo Dutch Account Bank, the Dutch FleetCo Dutch Account Bank Operator, the FleetCo Dutch Back-up Cash Manager and, with respect to obligations incurred by Dutch FleetCo acting with respect to its Vehicle Fleet in The Netherlands, the Central
Servicer, the Liquidation Agent, the FleetCo Security Agent (including any Receiver or Appointee thereof) and the Issuer. 

  
 23 

 “Dutch FleetCo Share Pledge” means the deed of the pledge of shares by the shareholders of Dutch
FleetCo over all the shares of Dutch FleetCo dated 5 March 2013, as amended on or about the Dutch Accession Date. 
 “Dutch FleetCo Spanish
Account Bank” means Deutsche Bank S.A.E. or its successor or replacement appointed under the Spanish Account Bank Agreement. 
 “Dutch
FleetCo Spanish Account Bank Operator” means Deutsche Bank AG., London Branch or its successor or replacement appointed under the Spanish Account Bank Agreement. 

“Dutch FleetCo Spanish Bank Accounts” means: 
  

	(i)	the Dutch FleetCo Spanish Transaction Account; and 

  

	(ii)	the Dutch FleetCo Spanish Reserve Account (if any). 

 “Dutch FleetCo, Spanish Branch” means
the Spanish branch of Dutch FleetCo with company registration number M-518708, with company domicile at Avenida Manoteras 32, 28050 Madrid and tax identification number W0037096E. 

“Dutch FleetCo Spanish Post-Enforcement Priority of Payments” means the priority of payments in part A (Dutch FleetCo Spanish
Post-Enforcement Priority of Payments) of part 6 (FleetCo Post-Enforcement Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“Dutch FleetCo Spanish Pre-Enforcement Priority of Payments” means the priority of payments in part A (Dutch FleetCo Spanish
Pre-Enforcement Priority of Payments) of part 5 (FleetCo Pre-Enforcement Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“Dutch FleetCo Spanish Reserve Account” means the reserve account in Spain in the name of Dutch FleetCo, Spanish Branch and which may, from
time to time, be opened and maintained with the Dutch FleetCo Spanish Account Bank. 
 “Dutch FleetCo Spanish Secured Property” means the
assets from time to time secured by the FleetCo Spanish Security Documents, the Spanish FleetCo Deed of Charge and, to the extent of the Dutch FleetCo Level Spanish Advances Proportion, the Dutch FleetCo Share Pledge. 

“Dutch FleetCo Spanish Transaction Account” means the bank account in Spain in the name of Dutch FleetCo, Spanish Branch with the account
number 0019 0030 68 4010240146 (IBAN: ES1800190030684010240146). 
 “Dutch GAAP” means the whole body of Dutch authoritative accounting
literature, including the Dutch Civil Code (Burgerlijk Wetboek) and the Dutch Accounting Standards published by the Dutch Accounting Standards Board (Raad voor de Jaarverslaggeving). 

“Dutch Initial Purchase Price” means, in relation to a Vehicle in The Netherlands, the purchase price or other consideration payable by Dutch
Opco to the Vehicle Manufacturer or Vehicle Dealer for the purchase by Dutch Opco of such Vehicle as provided in the relevant Vehicle Manufacturer Agreement and Vehicle Dealer Agreement, plus VAT and Charge Costs. 

“Dutch Onward Purchase Price” means, in respect of any Vehicle in The Netherlands, the purchase price as specified in the Purchase Offer and
Lease Request payable by Dutch FleetCo to Dutch Opco which (i) for a Vehicle other than a Dutch Opco Existing Fleet Vehicle shall be equal to the Dutch Initial Purchase Price payable by Dutch Opco with regard to such vehicles (which price, for
these purposes, includes VAT charged by Dutch Opco to Dutch FleetCo) and (if 

  
 24 

 
necessary) calculated by way of breakdown of the aggregate price for each type of vehicle subject to the respective Purchase Offer and Lease Request or (ii) for a Dutch Opco Existing Fleet
Vehicle shall be equal to the Net Book Value on the Dutch Accession Date for such Dutch Opco Existing Fleet Vehicle plus VAT. 
 “Dutch
Opco” means Avis Budget Autoverhuur B.V. 
 “Dutch Opco Existing Fleet Vehicle” means each Eligible Vehicle (i) in respect of
which Dutch Opco has paid the Initial Purchase Price in full to the relevant Vehicle Manufacturer or Vehicle Dealer prior to the date of the Master Dutch Fleet Purchase Agreement and (ii) which Dutch Opco owns prior to the date of the Master
Dutch Fleet Purchase Agreement. 
 “Dutch Opco Event of Default” means an Event of Default in respect of Dutch Opco as the Relevant Person.

 “Dutch Parallel Debt” has the meaning given to it in clause 16.2 (Parallel Debt) of the Framework Agreement. 

“Dutch Receivables Pledge” means the receivables pledge dated 5 March 2013 entered into by, among others, Dutch FleetCo and the FleetCo
Security Agent. 
 “Dutch Transaction Documents” means: 
  

	(i)	the FleetCo Dutch Security Documents; 

  

	(ii)	(subject to clause 2.1(xxxvi) hereof) the Dutch FleetCo Management Documents; 

  

	(iii)	the Master German Fleet Purchase Agreement (to the extent expressed to be governed by Dutch law); 

  

	(iv)	the Master German Fleet Lease Agreement; and 

  

	(v)	any other Transaction Document expressed to be governed by Dutch law, relating to Dutch FleetCo’s Vehicle Fleet in Germany and approved by the FleetCo Security Agent and the Transaction Agent and designated by them
as a Dutch Transaction Document which, for the avoidance of doubt shall not include any Dutch Transaction Dutch Documents. 

 “Dutch
Transaction Dutch Documents” means (taking account of the fact that certain documents will only be entered into and/or be effective after the Dutch Accession Date): 
  

	(i)	the Dutch FleetCo Dutch Security Documents; 

  

	(ii)	(subject to clause 2.1 (xxxvi) hereof) the Dutch FleetCo Management Documents; 

  

	(iii)	the Dutch Account Bank Agreement; 

  

	(iv)	the Dutch Account Mandate; 

  

	(v)	the Master Dutch Fleet Purchase Agreement; 

  

	(vi)	the Master Dutch Fleet Lease Agreement; and 

  

	(vii)	any other Transaction Document expressed to be governed by Dutch law, relating to Dutch FleetCo’s Vehicle Fleet in The Netherlands and approved by the FleetCo Security Agent and the Transaction Agent and designated
by them as a Dutch Transaction Dutch Document, which, for the avoidance of doubt, shall not include any Dutch Transaction Documents. 

“Dutch VAT Lender” means Avis Finance Company Limited. 

  
 25 

 “Dutch VAT Loan Agreement” means the Dutch VAT Loan Agreement dated on or about the Dutch
Accession Date and entered into between the Dutch VAT Loan Borrower and the Dutch VAT Lender. 
 “Dutch VAT Loan Borrower” means Dutch
FleetCo. 
 “Dutch VAT Refund” has the meaning given to it in the Dutch VAT Loan Agreement. 

“Dutch VAT Refund Ledger” means the ledger on which Dutch VAT Refunds recovered by Dutch FleetCo from the Dutch Tax Authorities are recorded.

 “Dutch Vehicle Certificates” means, in respect of Vehicles in The Netherlands in relation to which an Individual Purchase and Lease
Agreement has been concluded, the registration documents regarding such vehicles and certificates of conformity, including, but not limited to, the ownership codes (tenaamstellingscode) and the vehicle registration cards. 

“Dutch Vehicle Documents” means, in respect of Vehicles in The Netherlands, the keys and spare keys to the Vehicles, the Dutch Vehicle
Certificates and the certificates of conformity. 
 “Early Termination Payment” means, in the event that a FleetCo turns back any Programme
Vehicle to a Vehicle Manufacturer or Vehicle Dealer, as applicable, under a Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement before the end of the relevant Programme Minimum Term (where applicable), an amount equal to the
excess, if any, of (a) the Termination Value of such Programme Vehicle (as of the Turn-back Date) over (b) the sum of the Vehicle Manufacturer Repurchase Price received (or receivable) with respect to such Programme Vehicle and any
Programme Vehicle Special Default Payments payable by the Lessee in respect of such Programme Vehicle. 
 “Effective Date” has the meaning
given to it in the English law termination deed dated on or about the Signing Date in respect of the termination of the IFF. 
 “Eligible Issuer
Hedge Counterparty” means a Person satisfactory to the Parent and the Transaction Agent and: 
  

	(i)	if the outstanding Senior Notes are rated and continue to be rated by any Rating Agency: 

  

	 	(a)	having (at the time of entry into of the relevant Issuer Hedging Agreement) a long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating required by such Rating Agency; and

  

	 	(b)	complying with hedge counterparty rating agency criteria commensurate with a Senior Notes rating (from a Rating Agency rating the Senior Notes) of at least “A” from Standard & Poor’s, Fitch or
DBRS and/or at least “A2” from Moody’s or such other rating as would not have an adverse impact on the rating of the Senior Notes; or 

  

	(ii)	if the outstanding Senior Notes are not rated by a Rating Agency, complying with hedge counterparty rating agency criteria commensurate with a Senior Notes rating of at least “A” from Standard &
Poor’s, Fitch or DBRS and/or at least “A2” from Moody’s. 

 “Eligible Issuer LC Provider” means a person:

  

	(i)	satisfactory to the Parent and the Transaction Agent; 

  

	(ii)	 having a long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating from at least two Rating Agencies of at least
“A” from Standard & Poor’s, Fitch or DBRS and/or at least “A1” from Moody’s and a short-term senior unsecured debt, 

  
 26 

	 	
deposit, claims paying or credit (as the case may be) rating from at least two Rating Agencies of at least “A-1” from Standard & Poor’s, at least “F1” from
Fitch, at least “P-1” from Moody’s or at least “R-1(mid)” from DBRS; and 

  

	(iii)	that is a commercial bank having total assets in excess of €500,000,000. 

 “Eligible
Receivables” means, at any time and in relation to Dutch FleetCo in Spain, Dutch FleetCo in Germany, Dutch FleetCo in The Netherlands, Italian FleetCo in Italy or French FleetCo in France (as applicable): 

 

	(i)	its Vehicle Manufacturer Receivables of Dutch FleetCo in Spain, Dutch FleetCo in Germany, Dutch FleetCo in The Netherlands, Italian FleetCo in Italy or French FleetCo in France (as applicable) (other than its Excluded
Vehicle Manufacturer Receivables) in respect of Investment Grade Vehicle Manufacturers; 

  

	(ii)	its (A) Vehicle Dealer Receivables in Germany, France or The Netherlands or (B) its Vehicle Manufacturer Receivables in Germany, The Netherlands or France (other than its Excluded Vehicle Manufacturer
Receivables) in respect of Non-Investment Grade Vehicle Manufacturers, in each case, to the extent that Dutch FleetCo has the benefit of retention of title provisions relating to the relevant Vehicles at the relevant time; or 

 

	(iii)	its VAT Receivables in Spain and France, 

 provided that such receivables listed in paragraphs (i) and
(ii) above: 
  

	(i)	are not more than 90 days overdue and are evidenced by invoices in electronic or paper form; 

  

	(ii)	if owed by a legal entity or by an individual that is organised or resident in a country other than a European Union member country or the country in which such FleetCo or its Related Opco (as the case may be) is
organised, the Transaction Agent has been provided with legal opinions satisfactory to it (acting reasonably) confirming that, subject to customary reservations and assumptions, such receivables are enforceable against the entity or individual that
owes them; 

  

	(iii)	are not owed by a sovereign debtor to the extent that the nature of such debtor materially and adversely prejudices the ability to obtain an effective legal assignment of such receivables; 

 

	(iv)	are not owed by a debtor known by any FleetCo, any Opco or Finco to be subject to bankruptcy or insolvency proceedings; and 

  

	(v)	can be freely and validly transferred (subject to any limitation or third party consent provided in the underlying contracts) (or are the subject of a security interest granted under the relevant Security Document in
any jurisdiction). 

 “Eligible Receivables Amount” means, in relation to Dutch FleetCo in Spain, Dutch FleetCo in Germany,
Dutch FleetCo in The Netherlands, Italian FleetCo in Italy or French FleetCo in France (as applicable), the aggregate amount of its Eligible Receivables in Spain, Germany, The Netherlands, Italy or France, respectively. 

“Eligible Vehicle” means a Vehicle (which includes, for the avoidance of doubt, a Service Vehicle) in Spain, Germany, The Netherlands, Italy
or France (as applicable): 
  

	(a)	that is subject to a Vehicle Manufacturer Purchase Agreement or Vehicle Dealer Purchase Agreement; 

  
 27 

	(b)	that either: (i) benefits from the buy-back commitment of a Vehicle Dealer or a Vehicle Manufacturer pursuant to a Vehicle Dealer Buy-Back Agreement or a Vehicle Manufacturer Buy-Back Agreement, respectively; or
(ii) if it does not benefit, or no longer benefits, from such buy-back commitment, is classified or reclassified as a Non-Programme Vehicle in accordance with the terms of the relevant Master Lease Agreement; 

 

	(c)	the certificate of title and/or registration (as applicable and if required) for which is in the name of a FleetCo; and 

  

	(d)	that is owned by (in respect of a Vehicle in Spain, Germany or The Netherlands) Dutch FleetCo or (in respect of a Vehicle in Italy) Italian FleetCo or (in respect of a Vehicle in France) French FleetCo, free and clear
of all liens (other than a retention of title in favour of the corresponding Vehicle Manufacturer or Vehicle Dealer (as applicable) and other than pursuant to the relevant FleetCo Security Document); 

provided that: 
  

	(i)	such vehicle is no more than (A) thirty-six (36) months old in the case of Vehicles other than Vans, Light Trucks or Service Vehicles or (B) sixty (60) months old in the case of Vans, Service
Vehicles and Light Trucks, in each case, after the date of registration with the relevant authorities of such Vehicle; and 

  

	(ii)	Vehicles purchased by German Opco from Vehicle Manufacturers under Vehicle Buy Back Agreements which oblige German Opco to resell the relevant Vehicles to the relevant Vehicle Manufacturers shall not be Eligible
Vehicles unless binding tax rulings have been obtained by German Opco and Dutch FleetCo from the relevant German Tax Authorities satisfactory to the Transaction Agent. 

“encumbrance” means a Security Interest. 

“Enforcement Action” means: 
  

	(a)	in relation to any Liabilities of the Issuer and/or a FleetCo (as applicable): 

  

	 	(i)	(in respect of the Issuer) the acceleration of any Liabilities of the Issuer or the making of any declaration that any Liabilities of the Issuer are prematurely due and payable (other than as a result of it becoming
unlawful for a Senior Noteholder to perform its obligations under, or of any voluntary or mandatory prepayment arising under, the Issuer Transaction Documents) and (in respect of a FleetCo) the acceleration of any Liabilities of such FleetCo or the
making of any declaration that any Liabilities of such FleetCo are prematurely due and payable (other than as a result of it becoming unlawful for the Issuer to perform its obligations under, or of any voluntary or mandatory prepayment arising
under, the relevant FleetCo Transaction Documents); 

  

	 	(ii)	the making of any declaration that any Liabilities are payable on demand; 

  

	 	(iii)	the making of a demand in relation to a Liability that is payable on demand; 

  

	 	(iv)	the making of any demand against any of the Parent, Finco or Avis Europe in relation to the Parent Performance Guarantee, the Finco Payment Guarantee or the Avis Europe Payment Guarantee, respectively;

  

	 	(v)	save to the extent permitted in accordance with clause 6 (Country Repayment Option) of the Framework Agreement, the exercise of any right to require any of the Avis Obligors, FleetCos or the Issuer to acquire any
Liability (including exercising any put or call option against any such person for the redemption or purchase of any Liability); 

  
 28 

	 	(vi)	the exercise of any right of set-off, account combination or payment netting against any of the Avis Obligors, FleetCos or the Issuer in respect of any Liabilities other than the exercise of any such right:

  

	 	A.	as Close-Out Netting by an Issuer Hedge Counterparty; 

  

	 	B.	as Payment Netting by an Issuer Hedge Counterparty; or 

  

	 	C.	which is otherwise expressly permitted under the Issuer Transaction Documents or FleetCo Transaction Documents to the extent that the exercise of that right gives effect to a payment that is permitted under the
Framework Agreement; and 

  

	 	(vii)	the suing for, commencing of or joining of any legal or arbitration proceedings against any of the Avis Obligors, FleetCos or the Issuer (as applicable) to recover any Liabilities; 

 

	(b)	the premature termination or close-out of any hedging transaction under any Issuer Hedging Agreement save as permitted under such Issuer Hedging Agreement; 

 

	(c)	the taking of any steps to enforce or require the enforcement of any Issuer Security by the Issuer Security Trustee (including the crystallisation of any floating charge forming part of the Issuer Security) or FleetCo
Security by the FleetCo Security Agent (including the crystallisation of any floating charge forming part of the FleetCo Security); 

  

	(d)	the entering into of any composition, compromise, assignment or arrangement with any of the Avis Obligors, FleetCos or the Issuer (as applicable) which owes any Liabilities, or has given any Security, guarantee or
indemnity or other assurance against loss in respect of the Liabilities; or 

  

	(e)	the petitioning, applying or voting for, or the taking of any steps (including the appointment of any liquidator, receiver, administrator, examiner or similar officer) in relation to, the winding up, dissolution,
administration or reorganisation of any of FleetCos or the Issuer (as applicable) which owes any Liabilities, or has given any Security, guarantee, indemnity or other assurance against loss in respect of any of the Liabilities, or any of such
person’s assets or any suspension of payments or moratorium of any indebtedness of such person, or any analogous procedure or step in any jurisdiction, 

except that the following shall not constitute Enforcement Action: 
  

	 	(i)	the taking of any action falling within paragraph (a)(vii) or (e) above which is necessary (but only to the extent necessary) to preserve the validity, existence or priority of claims in respect of
Liabilities, including the registration of such claims before any court or governmental authority and the bringing, supporting or joining of proceedings to prevent any loss of the right to bring, support or join proceedings by reason of applicable
limitation periods; 

  

	 	(ii)	an Issuer Secured Creditor or a FleetCo Secured Creditor bringing legal proceedings against any person solely for the purpose of: 

  

	 	A.	obtaining injunctive relief (or any analogous remedy outside England and Wales) to restrain any actual or putative breach of any Transaction Document to which it is party; 

  
 29 

	 	B.	obtaining specific performance (other than specific performance of an obligation to make a payment) with no claim for damages; or 

  

	 	C.	requesting judicial interpretation of any provision of any Transaction Document to which it is party with no claim for damages; or 

 

	 	(iii)	the taking of the action in paragraph (a)(iii) or paragraph (a)(iv) prior to the delivery of an Enforcement Notice. 

“Enforcement Notice” means: 
  

	(a)	in respect of an Issuer Event of Default, the Issuer Enforcement Notice; and 

  

	(b)	in respect of a FleetCo Event of Default, the FleetCo Enforcement Notice. 

 “English Transaction
Documents” means (taking account of the fact that certain documents will only be entered into and/or be effective after the date hereof): 
  

	(i)	the Framework Agreement; 

  

	(ii)	this Agreement; 

  

	(iii)	the Funds Flow Agreement; 

  

	(iv)	the Tax Deed of Covenant; 

  

	(v)	the Issuer Note Issuance Facility Agreement; 

  

	(vi)	the Issuer Subordinated Facility Agreement; 

  

	(vii)	the Issuer Cash Management Agreement; 

  

	(viii)	the Issuer Account Bank Agreement; 

  

	(ix)	the Issuer Hedging Agreements; 

  

	(x)	the FleetCo Spanish Facility Agreement; 

  

	(xi)	the FleetCo German Facility Agreement; 

  

	(xii)	the FleetCo Dutch Facility Agreement; 

  

	(xiii)	the Central Servicing Agreement; 

  

	(xiv)	the FleetCo Back-up Cash Management Agreement; 

  

	(xv)	the Avis Europe Payment Guarantee; 

  

	(xvi)	the Finco Payment Guarantee; 

  

	(xvii)	the Parent Performance Guarantee; 

  

	(xviii)	the Issuer Security Documents; 

  

	(xix)	each FleetCo Deed of Charge; 

  

	(xx)	the Liquidation Agency Agreement; 

  

	(xxi)	the Issuer Security Power of Attorney; 

  

	(xxii)	the Issuer Spain TRO Declaration of Trust; 

  

	(xxiii)	the Fee Letters; 

  
 30 

	(xxiv)	the Lessor Power of Attorney; 

  

	(xxv)	each FleetCo Security Power of Attorney; 

  

	(xxvi)	the Issuer Security Power of Attorney; 

  

	(xxvii)	the VFN Funding Agreement; and 

  

	(xxviii)	any other Transaction Documents expressed to be governed by English law and approved by the Transaction Agent. 

“Equivalent Rating Agency” means each of Fitch, Moody’s and S&P. 

“Equivalent Rating Agency Rating” means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the
Relevant Rating by such Equivalent Rating Agency with respect to such Person as of such date. 
 “Estimated Lease Expiration Date” has the
meaning given to it in paragraph 5, part 2, annex 1 to schedule 1 of the Master German Fleet Purchase Agreement. 
 “Estimated Lease Term”
means, in relation to any relevant Vehicle leased under the Master German Fleet Lease Agreement, the period from (and including) the relevant Lease Commencement Date to (and including) the Estimated Lease Expiration Date. 

“Estimated Sales Price” means, in respect of a Non-Programme Vehicle in Germany, the expected Net Book Value of such a Vehicle as calculated
on the Estimated Lease Expiration Date or, in the event that the Lease Expiration Date of such Vehicle falls prior to the Estimated Lease Expiration Date, the Net Book Value of such Vehicle on the Lease Expiration Date. 

“EU Insolvency Regulation” means Council Regulation (EC) No. 1346/2000 of 29 May 2000. 

“EURIBOR” means, in relation to any Senior Advance: 
  

	(a)	the applicable Screen Rate; or 

  

	(b)	(if no Screen Rate is available for the Senior Advance Interest Period of that Senior Advance Loan) the Reference Bank Rate, 

as of 10:00 a.m. (Paris time) on the Interest Determination Date. If any such applicable Screen Rate or Reference Bank Rate is below zero, EURIBOR will be
deemed to be zero. 
 “Euro”, “euro”, “€” and “EUR” each means the lawful currency
of the member states of the European Union that adopt the single currency in accordance with the Treaty of Lisbon amending the Treaty on European Union and the Treaty establishing the European Community (signed at Lisbon on 13 December 2007).

 “Euro Equivalent” means, in relation to an amount denominated or expressed in any currency other than Euro, the equivalent thereof in
Euro calculated at the Transaction Agent’s spot rate of exchange as at the relevant date of determination. 
 “Event of Default”
means, in relation to any Relevant Person, the occurrence of any of the following events: 
  

	(a)	the Relevant Person fails to make any payment payable by it under any Transaction Document when due in the currency and in the manner specified in the relevant Transaction Document except: 

  
 31 

	 	(i)	technical failure: 

  

	 	(a)	in the case of Dutch FleetCo, Spanish Branch, Spanish Opco, Italian Opco, French Opco, Italian FleetCo, French FleetCo and the FCT, where such failure is due to technical reasons and such default is remedied by Spanish
Opco, Italian Opco, French Opco, French FleetCo, the FCT or Italian FleetCo (as applicable) or (in respect of Spanish Opco) the Spain Repayment Option, (in respect of Italian Opco or Italian FleetCo) the Italy Repayment Option or, (in respect of
French Opco, French FleetCo or the FCT) the France Repayment Option is, in each case, exercised within 5 Business Days of the occurrence of such failure; and 

  

	 	(b)	in the case of the Central Servicer, German Opco, Dutch Opco, Dutch FleetCo or the Issuer, where such failure is due to technical reasons and such default is remedied by the Central Servicer, German Opco, Dutch Opco,
Dutch FleetCo or the Issuer (as applicable) within 5 Business Days of the occurrence of such failure; 

  

	 	(ii)	voluntary non-payment: in the case of Italian Opco, Spanish Opco, Dutch Opco, French Opco, French FleetCo, the FCT and Italian FleetCo, where such failure has occurred while a Voluntary Insolvency Event is continuing in
respect of such Opco or such FleetCo and such default is remedied within 2 Business Days or (in respect of Spanish Opco) the Spain Repayment Option or (in respect of Italian Opco or Italian FleetCo) the Italy Repayment Option or (in respect of
French Opco, French FleetCo or the FCT) the France Repayment Option is, in each case, exercised within 2 Business Days of such failure; 

  

	 	(iii)	involuntary non-payment: in the case of Italian Opco, Spanish Opco, Dutch Opco, French Opco, French FleetCo or the FCT and Italian FleetCo, where such failure has occurred while an Involuntary Insolvency Event is
continuing in respect of such Opco or Italian FleetCo and such default is remedied within 10 Business Days or (in respect of Spanish Opco) the Spain Repayment Option or (in respect of Italian Opco or Italian FleetCo) the Italy Repayment Option or
(in respect of French Opco, French FleetCo or the FCT) the France Repayment Option is, in each case, exercised within 10 Business Days of such failure; 

  

	 	(iv)	other non-payment: 

  

	 	(a)	in the case of any Relevant Person, where such default is remedied within 5 Business Days; 

  

	 	(b)	interest payments: 

  

	 	A.	 in the case of Dutch FleetCo, where such failure relates to payment of interest payable by it under a FleetCo Advance under (I) the FleetCo
Spanish Facility Agreement and such default is remedied within 5 Business Days, provided that such non-payment results directly from a non-payment under this paragraph (iv) by Spanish Opco or the Central Servicer to Dutch FleetCo; (II) the
FleetCo German Facility Agreement and such default is remedied within 5 Business Days, provided that such non-payment results directly from a non-payment under this paragraph (iv) by German Opco or the Central Servicer to Dutch FleetCo; (III)
the FleetCo Dutch Facility 

  
 32 

	 	
Agreement and such default is remedied within 5 Business Days, provided that such non-payment results directly from a non-payment under this paragraph (iv) by Dutch Opco or the Central
Servicer to Dutch FleetCo; 

  

	 	B.	in the case of Italian FleetCo, where such failure relates to payment of interest payable by it under a FleetCo Advance under the FleetCo Italian Facility Agreement and such default is remedied or the Italy Repayment
Option is exercised, in each case, within 5 Business Days, provided that such non-payment results directly from a non-payment under this paragraph (iv) by Italian Opco to Italian FleetCo; 

 

	 	C.	in the case of French FleetCo, where such failure relates to payment of interest payable by it under a FleetCo Advance under the FleetCo French Facility Agreement and such default is remedied within 5 Business Days,
provided that such non-payment results directly from a non-payment under this paragraph (iv) by French Opco to French FleetCo; 

  

	 	D.	in the case of the FCT, where such failure relates to payment of interest payable by it under a VFN Advance under the VFN Funding Agreement and such default is remedied within 5 Business Days, provided that such
non-payment results directly from a non-payment under this paragraph (iv) by French FleetCo to the FCT; or 

  

	 	E.	in the case of the Issuer where such failure relates to payment of interest payable under a Senior Advance and such default is remedied within 5 Business Days, provided that such non-payment results directly from a
non-payment under this paragraph (iv) by Italian FleetCo, the FCT or Dutch FleetCo (as applicable) to the Issuer; or 

  

	 	(c)	principal payments: 

  

	 	F.	in the case of Dutch FleetCo, where such failure relates to payment (on any day other than the Final Maturity Date) of principal payable by it under a FleetCo Advance under the FleetCo Spanish Facility Agreement, the
FleetCo German Facility Agreement or the FleetCo Dutch Facility Agreement, and, for the avoidance of doubt, a failure to pay such principal on the Final Maturity Date shall be an “Event of Default”; 

 

	 	G.	in the case of Italian FleetCo, where such failure relates to payment (on any day other than the Final Maturity Date) of principal payable by it under a FleetCo Advance under the FleetCo Italian Facility Agreement and,
for the avoidance of doubt, a failure to pay such principal on the Final Maturity Date shall be an “Event of Default”; 

  

	 	H.	in the case of French FleetCo, where such failure relates to payment (on any day other than the Final Maturity Date) of principal payable by it under a FleetCo Advance under the FleetCo French Facility Agreement and,
for the avoidance of doubt, a failure to pay such principal on the Final Maturity Date shall be an “Event of Default”; 

  
 33 

	 	I.	in the case of the FCT, where such failure relates to payment (on any day other than the Final Maturity Date) of principal payable by it under a VFN Advance under the VFN Funding Agreement and, for the avoidance of
doubt, a failure to pay such principal on the Final Maturity Date shall be an “Event of Default”; or 

  

	 	J.	in the case of the Issuer, where such failure relates to payment (on any day other than the Final Maturity Date) of principal payable under a Senior Advance and, for the avoidance of doubt, a failure to pay such
principal on the Final Maturity Date shall be an “Event of Default”; 

  

	(b)	any representation or warranty made by the Relevant Person pursuant to any Transaction Document or in any notice or other document, certificate or statement delivered by it pursuant hereto or in connection herewith is
or proves to have been incorrect or misleading in any material respect when made and: 

  

	 	(i)	in the case of Spanish Opco, Italian Opco, Italian FleetCo, French Opco, French FleetCo and the FCT, such breach is not remedied within 20 Business Days or (in respect of Spanish Opco) the Spain Repayment Option or (in
respect of Italian Opco or Italian FleetCo) the Italy Repayment Option or (in respect of French FleetCo, French Opco and the FCT) the France Repayment Option is, in each case, not exercised within 20 Business Days; and 

 

	 	(ii)	in the case of the Issuer, Dutch FleetCo, Central Servicer, Dutch Opco and German Opco, such breach is not remedied within 20 Business Days, provided that such breach of representation or warranty is capable of being
remedied; 

  

	(c)	the Relevant Person fails duly to perform or comply with any of its material obligations under any of the Transaction Documents to which it is a party (other than those referred to in paragraphs (a) and
(b) above and paragraph (h) and paragraph (i) below) and: 

  

	 	(i)	in the case of Spanish Opco, Italian Opco, Italian FleetCo, French Opco, French FleetCo and the FCT, such failure to perform or comply is not remedied within 20 Business Days or (in respect of Spanish Opco) the Spain
Repayment Option or (in respect of Italian Opco or Italian FleetCo) the Italy Repayment Option or (in respect of French Opco, French FleetCo or the FCT) the France Repayment Option is, in each case, not exercised within 20 Business Days; and

  

	 	(ii)	in the case of the Issuer, Dutch FleetCo, the Central Servicer, Dutch Opco and German Opco, such failure to perform or comply is not remedied within 20 Business Days, provided that such failure is capable of being
remedied; 

  

	(d)	an Insolvency Event occurs in respect of the Relevant Person (except the FCT) and, in the case of Italian Opco, Spanish Opco, French Opco and Dutch Opco, Italian FleetCo, French FleetCo and Dutch FleetCo, such
Insolvency Event is continuing and (in respect of Spanish Opco) the Spain Repayment Option and (in respect of Italian Opco or Italian FleetCo) the Italy Repayment Option and (in respect of French Opco, French FleetCo or the FCT) the France Repayment
Option (as applicable) has, in each case, not been exercised within 10 Business Days from the occurrence thereof; 

  

	(e)	 at any time: (1) it is or becomes unlawful or contrary to law or regulation in any applicable jurisdiction for the Relevant Person to perform or
comply with any or all of its obligations under the Relevant Transaction Documents; (2) any of the obligations of the Relevant 

  
 34 

	 	
Person under the Relevant Transaction Documents are not or cease to be legal, valid and binding; or (3) any of the terms of the Relevant Transaction Documents or any part thereof are not or
cease to be in full force and effect or enforceable in accordance with its terms or any party to such Transaction Documents shall so assert in writing; 

  

	(f)	the Security purported to be granted to the Issuer Security Trustee or FleetCo Security Agent under the Security Documents is not binding on or enforceable against the Issuer or the relevant FleetCo or effective to
create the Security with the priority intended to be created by it except if: 

  

	 	(i)	in the case of Security purported to be granted by Dutch FleetCo and where the relevant Security Document is expressed to be governed by Spanish law, such Default is remedied or the Spain Repayment Option is exercised,
in each case, within 10 Business Days of the date of occurrence of such Default; 

  

	 	(ii)	in the case of Security purported to be granted by Italian FleetCo and where the relevant Security Document is expressed to be governed by Italian law, such Default is remedied or the Italy Repayment Option is
exercised, in each case, within 10 Business Days of the date of occurrence of such Default; and 

  

	 	(iii)	in the case of security purported to be granted by French FleetCo and where the relevant Security Document is expressed to be governed by French law, such Default is remedied or the France Repayment Option is exercised
in each case, within 10 Business Days from the date of occurrence or such Default; 

  

	(g)	any event or circumstance occurs which would have a Material Adverse Effect on: 

  

	 	(i)	Dutch FleetCo; 

  

	 	(ii)	French FleetCo; 

  

	 	(iii)	the FCT, except if such event or circumstance is remedied within 10 Business Days of its occurrence or the France Repayment Option is exercised within 10 Business Days from the date of its occurrence; 

 

	 	(iv)	Italian FleetCo, except if such event or circumstance is remedied within 10 Business Days of its occurrence or the Italy Repayment Option is exercised within 10 Business Days from the date of its occurrence; and

  

	 	(v)	the Issuer; 

  

	(h)	breach of the Issuer Borrowing Base Test and the Country Asset Value Test: 

  

	 	(i)	a breach of the Country Asset Value Test in respect of Spain and such breach continues for a period of at least 5 Business Days or the Spain Repayment Option is not exercised within 5 Business Days from the date of such
breach; 

  

	 	(ii)	in the case of Dutch FleetCo, a breach of the Country Asset Value Test in respect of Germany or The Netherlands and such breach continues for a period of at least 5 Business Days from the date of such breach;

  

	 	(iii)	in the case of French FleetCo, a breach of the Country Asset Value Test in respect of France and such breach continues for a period of at least 5 Business Days or the France Repayment Option is not exercised within 5
Business Days from the date of such breach; 

  
 35 

	 	(iv)	in the case of Italian FleetCo, a breach of the Country Asset Value Test in respect of Italy and such breach continues for a period of at least 5 Business Days or the Italy Repayment Option is not exercised within 5
Business Days from the date of such breach; and 

  

	 	(v)	in the case of the Issuer, a breach of the Issuer Borrowing Base Test and such breach continues for a period of at least 5 Business Days from the date of such breach; and 

 

	(i)	the amount of the Issuer Reserves is less than the Issuer Reserve Required Amount and such shortfall continues for a period of at least 3 Business Days. 

“Excess Advance Proportion Amount” means, on a Reporting Date or Intra-Month Reporting Date on which such amount is calculated, an amount
equal to the sum of: 
  

	(i)	an amount the higher of: 

  

	 	(a)	the aggregate amount of all outstanding FleetCo Advances made under the FleetCo Spanish Facility Agreement less the product of: 

  

	 	(x)	the aggregate amount of all outstanding FleetCo Advances made under the FleetCo German Facility Agreement, the FleetCo Italian Facility Agreement, the FleetCo Spanish Facility Agreement, the FleetCo Dutch Facility
Agreement and the FleetCo French Facility Agreement; and 

  

	 	(y)	the maximum percentage provided for in paragraph (i) of the definition of “Advance Proportion Limit”, or 

  

	 	(b)	zero; 

  

	(ii)	an amount the higher of: 

  

	 	(a)	the aggregate amount of all outstanding FleetCo Advances made under the FleetCo Italian Facility Agreement less the product of: 

  

	 	(x)	the aggregate amount of all outstanding FleetCo Advances made under the FleetCo German Facility Agreement, the FleetCo Italian Facility Agreement, the FleetCo Spanish Facility Agreement, the FleetCo Dutch Facility
Agreement and the FleetCo French Facility Agreement; and 

  

	 	(y)	the maximum percentage provided for in paragraph (ii) of the definition of “Advance Proportion Limit”, or 

  

	 	(b)	zero; 

  

	(iii)	an amount the higher of: 

  

	 	(a)	the aggregate amount of all outstanding FleetCo Advances made under the FleetCo Italian Facility Agreement and the FleetCo Spanish Facility Agreement less the product of: 

 

	 	(x)	the aggregate amount of all outstanding FleetCo Advances made under the FleetCo German Facility Agreement, the FleetCo Italian Facility Agreement, the FleetCo Spanish Facility Agreement, the FleetCo Dutch Facility
Agreement and the FleetCo French Facility Agreement; and 

  

	 	(y)	the maximum percentage provided for in paragraph (iii) of the definition of “Advance Proportion Limit”, or 

  
 36 

	 	(b)	zero, 

 provided that, for the purposes of calculating Excess Advance Proportion Amount on the relevant
Reporting Date or Intra-Month Reporting Date, the aggregate amount of all outstanding FleetCo Advances shall include the aggregate of the FleetCo Advance amounts set out in all FleetCo Advance Drawdown Notices delivered on the Information Date or
the Intra-Month Information Date immediately following such Reporting Date or Intra-Month Reporting Date. 
 “Excess Concentration Amount”
means, on any date, and in respect of all limits included in the definition of “Concentration Limit” (without double counting), the aggregate of all the Relevant Excess Concentration Amounts on such date. 

“Excess Damage Charges” means, in relation to a Programme Vehicle, the amount charged or deducted from the Vehicle Manufacturer Repurchase
Price by the relevant Vehicle Manufacturer or Vehicle Dealer, where applicable, in accordance with the relevant Vehicle Manufacturer Buy-Back Agreement or the Vehicle Dealer Buy-Back Agreement (as applicable) due to (a) damage over a prescribed
limit, (b) if applicable, damage not subject to a prescribed limit (c) missing equipment, and (d) any other penalty that may be imposed by the relevant Vehicle Manufacturer or Vehicle Dealer pursuant to the relevant Vehicle
Manufacturer Buy-Back Agreement and/or Vehicle Dealer Buy-Back Agreement in each case at the time that such Vehicle is turned back to such Vehicle Manufacturer or Vehicle Dealer, as applicable, or such person’s agent for repurchase or auction
pursuant to the relevant Vehicle Manufacturer Buy-Back Agreement and/or Vehicle Dealer Buy-Back Agreement. 
 “Excess Mileage Charges”
means, in relation to a Programme Vehicle, an amount which may be charged by the relevant Vehicle Manufacturer or Vehicle Dealer or deducted from the Vehicle Manufacturer Repurchase Price in accordance with the relevant Vehicle Manufacturer Buy-Back
Agreement or the Vehicle Dealer Buy-Back Agreement (as applicable) by reason of the recorded mileage of such Vehicle exceeding a prescribed limit at the time that such Vehicle is turned back to the Vehicle Manufacturer or Vehicle Dealer. 

“Excess Payment” has the meaning given to it in clause 14 (Fees, Traffic Penalties and Fines) of the Master German Fleet Lease
Agreement, clause 15 (Fees, Traffic Penalties and Fines) of the Master Dutch Fleet Lease Agreement, clause 16 (Fees, Traffic Penalties and Fines) of the Italian Master Lease Agreement and clause 17 (Fees, Traffic Penalties and
Fines) of each of the Spanish Master Lease Agreement and the French Master Lease Agreement. 
 “Excess Swap Collateral” means an amount
equal to the value of the collateral (or the applicable part of any collateral) provided by any Issuer Hedge Counterparty to the Issuer in respect of the relevant Issuer Hedge Counterparty’s obligations to transfer collateral to the Issuer
under the relevant Issuer Hedging Agreement, which is in excess of that Issuer Hedge Counterparty’s liability to the Issuer under the relevant Issuer Hedging Agreement as at the date of termination of the transaction under the relevant Issuer
Hedging Agreement, or which the relevant Issuer Hedging Counterparty is otherwise entitled to have returned to it under the terms of the relevant Issuer Hedging Agreement. 

“Excluded Payments” means, in relation to a Programme Vehicle or a Non-Programme Vehicle, any amounts paid into the relevant FleetCo Bank
Account: 
  

	(a)	which constitutes any rebates (if any) and any bonus (if any) for the purchase of such Vehicle, provided that neither such rebates nor bonus constitute the Capitalised Cost of any Vehicle or constitute any no-return
bonus if such amount is taken into account for the purposes of clause 30.1 of the Master Dutch Fleet Lease Agreement and of the Italian Master Lease Agreement and of clause 31.1 of each of the French Master Lease Agreement and the Spanish Master
Lease Agreement; 

  
 37 

	(b)	in reimbursement for repair work performed on such Vehicle by the Lessee (at its own cost), where such work is covered by warranty; 

  

	(c)	in relation to insurance proceeds paid in respect of a Vehicle which has been purchased by Opco from FleetCo (including, without limitation, a Casualty); 

 

	(d)	in respect of a Vehicle which is owned by Opco; 

  

	(e)	in error to FleetCo to which FleetCo is not contractually entitled; 

  

	(f)	in respect of a Dutch VAT Refund; 

  

	(g)	to Spanish Opco in reimbursement of the Tax on Motor Vehicle (as defined in the Spanish Servicing Agreement) and in relation to Tax on Certain Means of Transport (TMT), in each case, re-invoiced by Dutch FleetCo,
Spanish Branch to the relevant Vehicle Manufacturer and paid by the relevant Vehicle Manufacturer to Dutch FleetCo, Spanish Branch (provided that Spanish Opco has paid such Tax on Motor Vehicle or, as the case may be, such Tax on Certain Means of
Transport to the relevant Tax authorities); and 

  

	(h)	in relation to (x) any VAT Amount, (y) any Third Party Purchase Price VAT Amount and (z) the positive difference between amount of Vehicle Manufacturer Repurchase Price (excluding VAT) and the Net Book
Value with respect to the Vehicles for which the Vehicle Manufacturer Repurchase Price is paid pursuant to clause 6.3 and/or clause 6.5 of the Master German Fleet Purchase Agreement. 

“Excluded Vehicle Manufacturer Receivables” means, at any time and in relation to Dutch FleetCo in Spain, Dutch FleetCo in Germany, Dutch
FleetCo in The Netherlands, Italian FleetCo in Italy or French FleetCo in France, any Vehicle Manufacturer Receivables in respect of which a Vehicle Manufacturer Event of Default has occurred. 

“Execution or Distress Event” means any execution, expropriation, attachment, sequestration or distress is levied against or affects, or an
encumbrancer takes possession of, the whole or any part of the property, undertaking or assets of any person, the aggregate value of which property, undertaking or assets of all such person and the same is not discharged within 10 Business Days of
such execution, expropriation, attachment, sequestration, levy or taking of possession. 
 “Existing Senior Noteholder” has the meaning
given to it in clause 21.4 (Transfers by Senior Noteholders; Accession of further Senior Noteholders) of the Issuer Note Issuance Facility Agreement. 

“Expected Maturity Date” means six months after the Scheduled Amortisation Commencement Date. 

“Extraordinary Depreciation Amount” means, with respect to all Vehicles in a given Vehicle Fleet: 

 

	(i)	which have been damaged (other than as a result of ordinary wear and tear), any additional extraordinary depreciation related to such damage; 

 

	(ii)	which have been stolen or which have not been returned by the relevant customers, any provision or any additional extraordinary depreciation related to such Vehicles; and 

 

	(iii)	in respect of any Vehicle, any provision or any additional extraordinary depreciation reflecting the expected loss or decrease in the Net Book Value of such Vehicles. 

  
 38 

 “Facility” means, as the context requires, each of the Issuer Note Issuance Facility Agreement,
the Issuer Subordinated Facility Agreement, the FleetCo German Facility Agreement, the FleetCo Dutch Facility Agreement, the FleetCo Italian Facility Agreement, the FleetCo French Facility Agreement and/or the FleetCo Spanish Facility Agreement.

 “FATCA” means: 
  

	(a)	sections 1471 to 1474 of the Code or any associated regulations or other official guidance; 

  

	(b)	any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the
implementation of paragraph (a) above; or 

  

	(c)	any agreement pursuant to the implementation of paragraph (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

 “FATCA Application Date” means: 
  

	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 January 2014;

  

	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2017; or 

  

	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraph (a) or (b) above, 1 January 2017, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any change in
FATCA after the Signing Date. 
 “FATCA Deduction” means a deduction or withholding from a payment under a Transaction Document required by
FATCA. 
 “FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction. 

“FATCA FFI” means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if any Issuer Secured Creditor or
FleetCo Secured Creditor is not a FATCA Exempt Party, could be required to make a FATCA Deduction. 
 “FCT” means FCT CarFin, a fonds
commun de titrisation jointly established by the FCT Management Company and the FCT Custodian on the FCT Establishment Date and governed by Articles L. 214-167 to L. 214-186 and Articles R. 214-217 to R. 214-235 of the French Code
monétaire et financier and the FCT Regulations. 
 “FCT Account” means the segregated EUR denominated bank account opened on
behalf of the FCT with the FCT Custodian, the details of which are set out in clause 24.1 of the FCT Regulations. 
 “FCT Available Funds”
means an amount calculated on each Issuer Determination Date, without double counting: 
  

	(a)	all amounts standing to the credit of the FCT Account (excluding the amounts which are proceeds of any VFN Advance made to the FCT); and 

  
 39 

	(b)	all amounts received by the FCT, including from French FleetCo under the FleetCo French Facility Agreement. 

“FCT Custodian” means CACEIS Bank France acting as custodian for the FCT and as account bank for the FCT. 

“FCT Establishment Date” means the date on which the FCT is established, such date falling on the Initial French Funding Date. 

“FCT Event of Default” means any of the events set out in schedule 4 part 4 to the Framework Agreement. 

“FCT Management Company” means Eurotitrisation, a société anonyme incorporated under the laws of France under registration
number 352 458 368 RCS Bobigny, having its registered office at 41, rue Delizy 93500, Pantin, France, duly authorised by the Autorité des Marchés Financiers for the management of securitisation funds, and any successor or
replacement thereof. 
 “FCT Minimum Required Re-Selling Price” means the purchase price payable to the FCT by any acquirer of the FleetCo
French Loan Receivables and the FleetCo French Related Security under clause 6 of the FCT Transfer and Servicing Agreement which provides the FCT with sufficient funds, together with the FCT’s temporarily available cash (if any), to pay
all amounts due in respect of principal, interest and other amounts due to the FCT Noteholder and the FCT Residual Unitholder and repay all sums due by the FCT under the Issuer Transaction Documents, if any. 

“FCT Noteholder” means the registered holder of the Variable Funding Note as recorded in the FCT Register. 

“FCT Offer to Sell” means the offer issued by the FCT Management Company, acting on behalf of the FCT, in accordance with clause 6 of the FCT
Transfer and Servicing Agreement to the relevant potential purchaser in respect of the purchase of any FleetCo French Loan Receivables from the FCT. 

“FCT Payment Date” means each FleetCo Advance Repayment Date and each Settlement Date. 

“FCT Priority of Payments” means the priority of payments in part 7 (FCT Priority of Payments) of schedule 3 (Priorities of
Payments) to the Framework Agreement. 
 “FCT Refinancing Fee” means a refinancing fee of an amount equal to the aggregate amount of
all fees, costs and expenses specified in clause 25 (FCT Fees) of the FCT Regulations (net of the aggregate amount of any taxes) due and payable by the French FleetCo (in its capacity as French FleetCo) to the French Intermediary Bank in
accordance with the relevant provisions of the FleetCo French Facility Agreement in order to refinance all the relevant fees, costs and expenses payable to the FCT Management Company, the FCT Custodian, the FCT Servicer, the FCT Statutory Auditor
and the FCT Registrar in accordance with the FCT Regulations and the FCT Transfer and Servicing Agreement. 
 “FCT Register” means the
register held by the FCT Registrar in relation to the Variable Funding Notes and the FCT Residual Units issued by the FCT, pursuant to and in accordance with the VFN Funding Agreement and the FCT Regulations. 

“FCT Registrar” means CACEIS Corporate Trust. 

“FCT Registrar Agreement” means the agreement entered into on 21 May 2014 between the FCT Registrar, the FCT Custodian and the FCT
Management Company (acting on behalf of the FCT), as amended, varied or supplemented from time to time. 

  
 40 

 “FCT Regulations” means the regulations governing the FCT entered into on 21 May 2014
between the FCT Management Company and the FCT Custodian in accordance with Articles L.214-167 to L.214-189 and Articles R.214-217 to R.214-232-I of the French Code monétaire et financier as amended and supplemented from time to time.

 “FCT Residual Unitholder” means the holder of the FCT Residual Units from time to time which will be CA CIB on the FCT Establishment
Date. 
 “FCT Residual Units” mean the two residual units issued by the FCT on or before the FCT Initial Transfer Date which will be
subscribed by CACIB. 
 “FCT Residual Units Purchase Option” means the call option granted by the FCT Residual Unitholder to Finco under
paragraph 2 of the FCT Residual Units Subscription Form. 
 “FCT Residual Units Subscription Form” means the subscription form attached as
schedule 1 to the FCT Regulations. 
 “FCT Servicer” means CA CIB and any successor or replacement thereof. 

“FCT Statutory Auditor” has the meaning given to it in the FCT Regulations. 

“FCT Transaction Documents” means: 
  

	(a)	the FCT Regulations; 

  

	(b)	the FCT Transfer and Servicing Agreement; and 

  

	(c)	the FCT Registrar Agreement. 

 “FCT Transfer and Servicing Agreement” means the transfer and
servicing agreement entered into on or about the French Accession Date between, inter alios, French FleetCo, the FCT (represented by the Management Company), the FCT Custodian the French Intermediary Bank and the FCT Servicer. 

“FCT Transfer Date” means the date falling on the Initial French Funding Date. 

“FCT Transfer Deed” means the transfer deed (acte de cession de créances) in the form of Schedule 1 to the FCT Transfer
and Servicing Agreement, to be delivered on the FCT Transfer Date by the French Intermediary Bank to the FCT Management Company, acting in the name and on behalf of the FCT in accordance with the relevant provisions of the FCT Transfer and Servicing
Agreement. 
 “FCT Transfer Price” means, in relation to the FCT Transfer and Servicing Agreement and the FCT Regulations, the transfer
price in respect of the FleetCo French Loan Receivables to be acquired by the FCT from the French Intermediary Bank on the FCT Transfer Date to be calculated and paid by way of instalments in accordance with the provisions of the FCT Transfer and
Servicing Agreement. 
 “Fee Letters” means the Transaction Agent Fee Letter, the Senior Noteholder Fee Letters and any other document
designated by the Transaction Agent as a “Fee Letter”. 
 “Final Maturity Date” means 20 months after the Expected Maturity Date.

 “Financial Indebtedness” means (without double counting) any indebtedness in relation to or arising under or in connection with: 

 

	(a)	any money borrowed (including any overdraft); 

  
 41 

	(b)	any amount raised pursuant to any note purchase facility or the issue of debenture, bond, note or loan stock or any similar instrument; 

 

	(c)	any amount raised by acceptance under any acceptance credit facility or any dematerialised equivalent; 

  

	(d)	any receivable sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	(e)	the purchase price of any asset or service to the extent payable by the Issuer or a FleetCo, (as applicable) after the time of sale or delivery to such person, where the deferred payment is arranged as a method of
raising finance (other than, in respect of a FleetCo or the Issuer, any deferred payment or grace period granted by a Vehicle Manufacturer or Vehicle Dealer in relation to the acquisition of the Vehicles); 

 

	(f)	the sale price of any asset or service to the extent paid to the Issuer, a FleetCo, (as applicable) before the time of sale or delivery by the Issuer, a FleetCo, (as applicable) liable to effect that sale or delivery,
where the advance payment is primarily arranged as a method of raising finance; 

  

	(g)	any lease, hire purchase agreement, credit sale or conditional sale agreement in each case which would be treated as financial liabilities in accordance with Applicable Accounting Principles; 

 

	(h)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any currency, rate or price (and, when calculating the value of any derivative transaction, only the marked to
market value shall be taken into account); 

  

	(i)	shares which are expressed to be redeemable; 

  

	(j)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	(k)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and 

 

	(l)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (k) above. 

“Financial Institution” means a bank or credit institution whose activities include purchasing debt securities or other financial assets and
lending monies, and includes each Initial Financial Institution Senior Noteholder (excluding, for the avoidance of doubt, any Conduits). 

“Finco” means Avis Finance Company Limited. 

“Finco Compliance Certificate” means the compliance certificate substantially in the form set out in part 3 (Form of Finco Compliance
Certificate) of schedule 7 to the Framework Agreement signed by Finco and delivered by Finco. 
 “Finco Guarantor Event of Default”
means any of the following: 
  

	(a)	the occurrence of an Opco Change of Control, provided that if (1) any cessation described in the Opco Change of Control is in relation to the share capital of, the shareholders’ general meetings of or the
board of directors of (as applicable) Spanish Opco or Italian Opco or French Opco and (2) the Spain Repayment Option (in respect of Spanish Opco) or the Italy Repayment Option (in respect of Italian Opco) or the France Repayment Option (in
respect of French Opco) is exercised within 30 days of such cessation, there shall not be any Finco Guarantor Event of Default; 

  
 42 

	(b)	the occurrence of an Avis Europe Change of Control, provided that, for the avoidance of doubt, if all outstanding Senior Advances as of the date of such occurrence (and all accrued but unpaid interest thereon) and all
other amounts due to the Senior Noteholders and the other Issuer Secured Creditors (save for the Subordinated Lender) are repaid in full by the Issuer on or before such date, there shall not be a “Finco Guarantor Event of Default” under
this paragraph (b); 

  

	(c)	the occurrence of a Parent Change of Control; 

  

	(d)	the occurrence and continuation of an “event of default” under the Credit Agreement or Replacement Credit Agreement that is not waived pursuant to the terms of such Credit Agreement or Replacement Credit
Agreement; 

  

	(e)	any Event of Default under paragraph (d) of the definition of “Event of Default” occurs where the Relevant Person is Finco, its successor or replacement; and 

 

	(f)	failure by Finco or its successor or replacement to comply with any of its payment obligations under the Finco Payment Guarantee. 

“Finco Payment Guarantee” means the irrevocable guarantee and indemnity from Finco in favour of the FleetCo Security Agent (for and on behalf
of itself and the other FleetCo Secured Creditors) in respect of: (i) the payment obligations of each Opco under the Transaction Documents to which such Opco is a party and (ii) the payment obligations of each FleetCo under the Transaction
Documents to which such FleetCo is a party. 
 “Fitch” means Fitch Rating Ltd. or any successor to its European rating business. 

“FleetCo” means each of Dutch FleetCo, French FleetCo and Italian FleetCo, as applicable and together, the “FleetCos”. 

“FleetCo Account Bank” means, as applicable, the Italian FleetCo Account Bank, the French FleetCo Account Bank, the Dutch FleetCo German
Account Bank, the Dutch FleetCo Dutch Account Bank or the Dutch FleetCo Spanish Account Bank. 
 “FleetCo Account Bank Agreement” means, as
applicable, the Spanish Account Bank Agreement, the Dutch Account Bank Agreement, the German Account Bank Agreement, the French Account Bank Agreement or the Italian Account Bank Agreement. 

“FleetCo Account Bank Termination Event” means an Italian FleetCo Account Bank Termination Event, a French FleetCo Account Bank Termination
Event, a Dutch FleetCo German Account Bank Termination Event, a Dutch FleetCo Spanish Account Bank Termination Event, a Dutch FleetCo Dutch Account Bank Termination Event or any of them. 

“FleetCo Advance” means a FleetCo German Advance, a FleetCo Italian Advance, a FleetCo French Advance, a FleetCo Dutch Advance and a FleetCo
Spanish Advance (or any of them). 
 “FleetCo Advance Drawdown Date” means the Original FleetCo Advance Drawdown Date or the Deemed FleetCo
Advance Drawdown Date (as the case may be). 
 “FleetCo Advance Drawdown Notice” means a drawdown notice delivered by or on behalf of the
relevant FleetCo to the Issuer or, in respect of French FleetCo, to the French Intermediary Bank, pursuant to which the relevant FleetCo irrevocably requests one or more funding of FleetCo Advances under the relevant FleetCo Facility Agreement and
substantially in the form set out in the Framework Agreement. 

  
 43 

 “FleetCo Advance Interest Amount” has the meaning given to it in clause 4.1 (Payment of
Interest) of the FleetCo German Facility Agreement, the FleetCo Italian Facility Agreement, the FleetCo Dutch Facility Agreement, the FleetCo French Facility Agreement and the FleetCo Spanish Facility Agreement (as applicable). 

“FleetCo Advance Interest Period” means, in respect of a FleetCo Advance: 

 

	(i)	the first (and, if applicable, only) period commencing from (and including) the FleetCo Advance Drawdown Date of such FleetCo Advance up to the earlier of (a) the relevant FleetCo Advance Repayment Date or
(b) the date falling on (but excluding) the next Settlement Date; and 

  

	(ii)	any subsequent period commencing from (and including) such Settlement Date in paragraph (i)(b) above to (but excluding) the relevant FleetCo Advance Repayment Date. 

“FleetCo Advance Repayment Date” means, in respect of a FleetCo Advance, the date of repayment of such advance. 

“FleetCo Advances Proportion” means the FleetCo German Advances Proportion, the FleetCo Dutch Advances Proportion, the FleetCo French
Advances Proportion, the FleetCo Italian Advances Proportion, the FleetCo Spanish Advances Proportion, the Dutch FleetCo Level German Advances Proportion, the Dutch FleetCo Level Dutch Advances Proportion and the Dutch FleetCo Level Spanish Advances
Proportion, as applicable. 
 “FleetCo Available Funds” means an amount calculated on each FleetCo Determination Date in respect of each
Country, the aggregate of, in each case without double counting: 
  

	(a)	the rental income received from the relevant Opco under the Master Lease Agreement(s) to which it is a party; 

(b) 
  

	 	(i)	(in respect of the Vehicle Fleet in Spain, Italy, France and The Netherlands) sale proceeds received from Vehicle Manufacturers and/or Vehicle Dealers (in the case of Programme Vehicles) as well as Vehicle Dealers and
other third parties (in the case of Non-Programme Vehicles) in relation to the vehicles which Dutch FleetCo, Spanish Branch, Italian FleetCo, French FleetCo or Dutch FleetCo (as applicable) sells along with any non-return bonus paid to the relevant
FleetCo and included in the purchase price consideration referred to in clause 30.1 of the Master Dutch Fleet Lease Agreement and the Italian Master Lease Agreement and clause 31.1 of the Spanish Master Lease Agreement and the French Master Lease
Agreement; and 

  

	 	(ii)	(in respect of the Vehicle Fleet in Germany) sale proceeds received from Vehicle Manufacturers and/or Vehicle Dealers (in the case of Programme Vehicles) as well as Vehicle Dealers and other third parties (in the case
of Non-Programme Vehicles) in relation to the vehicles which German Opco sells, excluding (x) the VAT Amount, (y) the Third Party Purchase Price VAT Amount and (z) the positive difference between amount of Vehicle Manufacturer
Repurchase Price (excluding VAT) or the Third Party Purchase Price (excluding VAT) and the Net Book Value with respect to the Vehicles for which the Vehicle Manufacturer Repurchase Price or the Third Party Purchase Price (excluding VAT) is paid
pursuant to clause 6.3 and/or clause 6.5 of the Master German Fleet Purchase Agreement; 

  
 44 

	(c)	in relation to: 

  

	 	(i)	Dutch FleetCo, Spanish Branch receipts of VAT Receivables; 

  

	 	(ii)	Italian FleetCo, any amount of VAT received by it (or to which it is entitled under the Italian VAT Sharing Agreement) which is not used by Italian FleetCo to (A) repay a VAT Loan Advance pursuant to clause
8.1.2(i) of the VAT Loan Agreement or (B) pay Italian Opco pursuant to clause 6(b) of the Italian VAT Sharing Agreement; and 

  

	 	(iii)	French FleetCo receipts of VAT Receivables; and 

  

	(d)	other cash standing to the credit of (in respect of Germany) the Dutch FleetCo German Transaction Account, (in respect of Spain) the Dutch FleetCo Spanish Transaction Account, (in respect of The Netherlands) the Dutch
FleetCo Dutch Transaction Account, (in respect of France) the French FleetCo Transaction Account and (in respect of Italy) the Italian FleetCo Transaction Account and the Italian Dedicated Financing Account, in each case, from time to time,
excluding: 

  

	 	(i)	the proceeds of any FleetCo Advance made to the relevant FleetCo under the relevant FleetCo Facility Agreement; 

  

	 	(ii)	an amount equal to the Excluded Payments in any such bank account); and 

  

	 	(iii)	excluding the amounts in the provisioned items ledger of the relevant FleetCo in each Country, 

 provided that:

  

	A.	prior to the occurrence of a Rapid Amortisation Event, funds standing to the credit of the relevant FleetCo Reserve Account would not form part of the FleetCo Available Funds; and 

 

	B.	the proceeds set out in (b)(i) above and the moneys standing to the credit of the Italian Dedicated Financing Account shall be used exclusively by Italian FleetCo (i) in or towards payment of interest and/or
repayment of principal due in respect of the FleetCo Italian Facility Agreement in accordance with items (h) and (i) of the Italian FleetCo Pre-Enforcement Priority of Payments and items (g) and (h) of the Italian FleetCo
Post-Enforcement Priority of Payments, and (ii) in respect of payments to be made or provided for under item (e) of the Italian FleetCo Pre-Enforcement Priority of Payments and item (d) of the Italian FleetCo Post-Enforcement Priority
of Payments in accordance with clause 6.1.5 of the FleetCo Italian Facility Agreement. 

 “FleetCo Back-up Cash Management
Agreement” means the back-up cash management agreement between, among others, the FleetCos and each FleetCo Back-up Cash Manager. 

“FleetCo Back-up Cash Management Services” has the meaning given to it in clause 2.4.1 of the FleetCo Back-up Cash Management Agreement. 

“FleetCo Back-up Cash Manager” means the FleetCo Spanish Back-up Cash Manager, the FleetCo German Back-up Cash Manager, the FleetCo Dutch
Back-up Cash Manager, the FleetCo French Back-up Cash Manager and the FleetCo Italian Back-up Cash Manager (as applicable). 
 “FleetCo Back-up Cash
Manager Commencement Notice” means a commencement notice under the FleetCo Back-up Cash Management Agreement upon whose service the signing authority of the relevant FleetCo Back-up Cash Manager over the Dutch FleetCo Spanish Bank

  
 45 

 
Accounts, the Italian Bank Accounts, the Dutch FleetCo German Bank Accounts, the Dutch FleetCo Dutch Bank Accounts and the French Bank Accounts (as applicable) shall become operative and upon
receipt of which by the relevant FleetCo Back-up Cash Manager, such FleetCo Back-up Cash Manager shall become responsible for the services described in clause 2.4 (Scope of Services) of the FleetCo Back-up Cash Management Agreement. 

“FleetCo Back-up Cash Manager Termination Event” means any of the termination events set out under clause 7.2 (Termination) of the
FleetCo Back-up Cash Management Agreement. 
 “FleetCo Bank Accounts” means the Dutch FleetCo Spanish Bank Accounts, the Italian Bank
Accounts, the French Bank Accounts, the Dutch FleetCo German Bank Accounts, the Dutch FleetCo Dutch Bank Accounts and the Dutch Bank Account. 

“FleetCo Cash Management and Lease Report” means the cash management report and lease report in respect of each Country provided by the
relevant Servicer to the Transaction Agent on each Reporting Date, substantially in the form set out in part 2 (Form of FleetCo Cash Management and Lease Report) of schedule 8 (Forms of Cash Management Reports) to the
Framework Agreement and, if amended, in form and substance satisfactory to the Transaction Agent. 
 “FleetCo Compliance Certificate”
means, in respect of a FleetCo, the compliance certificate substantially in the form set out in part 2 (Form of FleetCo Compliance Certificate) of schedule 7 (Forms of Compliance Certificates) to the Framework
Agreement. 
 “FleetCo Deed of Charge” means: 
  

	(i)	the Spanish FleetCo Deed of Charge; 

  

	(ii)	the German FleetCo Deed of Charge; 

  

	(iii)	the Italian FleetCo Deed of Charge; 

  

	(iv)	the Dutch FleetCo Deed of Charge; or 

  

	(v)	the French FleetCo Deed of Charge (as applicable). 

 “FleetCo Determination Date” means the
date falling 5 Business Days before a Settlement Date. 
 “FleetCo Dutch Advance” means each advance made by the Issuer to Dutch FleetCo
under the FleetCo Dutch Facility Agreement. 
 “FleetCo Dutch Advances Proportion” means, on any date on which such calculation is
required, the ratio of: 
  

	(a)	the aggregate outstanding FleetCo Dutch Advances under the FleetCo Dutch Facility Agreement; 

 to 

 

	(b)	the sum of: 

  

	 	(i)	the aggregate outstanding FleetCo Spanish Advances under the FleetCo Spanish Facility Agreement; 

  

	 	(ii)	the aggregate outstanding FleetCo German Advances under the FleetCo German Facility Agreement; 

  

	 	(iii)	the aggregate outstanding FleetCo Dutch Advances under the FleetCo Dutch Facility Agreement; 

  
 46 

	 	(iv)	the aggregate outstanding FleetCo French Advances under the FleetCo French Facility Agreement; and 

  

	 	(v)	the aggregate outstanding FleetCo Italian Advances under the FleetCo Italian Facility Agreement, 

 such ratio
expressed as a percentage. 
 “FleetCo Dutch Back-up Cash Manager” means Deutsche Bank AG, London Branch and any successor or replacement
thereof appointed under the FleetCo Back-up Cash Management Agreement. 
 “FleetCo Dutch Facility Agreement” means a facility agreement
between Dutch FleetCo and the Issuer, the proceeds of which Dutch FleetCo will use to, among other things, purchase vehicles to comprise its Dutch fleet from manufacturers and dealers. 

“FleetCo Dutch Secured Liabilities” means, in respect of Dutch FleetCo, all present and future moneys, debts and liabilities due, owing or
incurred by Dutch FleetCo to the Dutch FleetCo Secured Creditors in any manner whatsoever, including on any current or other account or otherwise, including under or in connection with any: 

 

	(i)	Dutch Transaction Dutch Document to which Dutch FleetCo is a party; and 

  

	(ii)	(subject to clause 2.1 (xxxiv) and (xxxvi) hereof) English Transaction Document to which Dutch FleetCo is a party, 

(in each case, whether alone or jointly, or jointly and severally, with any other person, whether actually or contingently and whether as principal, surety or
otherwise). 
 “FleetCo Dutch Security Documents” means (taking account of the fact that certain documents will only be entered into and/or
be effective after the date hereof): 
  

	(i)	(subject to clause 2.1(xxxvi) hereof) the Dutch FleetCo Share Pledge; 

  

	(ii)	the Dutch Receivables Pledge; and 

  

	(iii)	the Dutch FleetCo German VAT Pledge. 

 “FleetCo Enforcement Notice” means a notice
delivered by the FleetCo Security Agent to the relevant FleetCo notifying the relevant FleetCo that it will enforce the security created under the FleetCo Security Documents and/or take any other kind of Enforcement Action. 

“FleetCo Event of Default” means any event of default as set out in part 2 (FleetCo Events of Default) of schedule 4 (Events
of Default) to the Framework Agreement. 
 “FleetCo Excess Cash Amount” means, in relation to a FleetCo in a Country, the
amount equal to the amount standing to the credit of any account of any FleetCo, excluding: 
  

	(a)	in respect of Italian FleetCo, the amount of all: 

  

	 	(i)	the VAT Loan Advances made to Italian FleetCo; and 

  

	 	(ii)	the VAT payments received by Italian FleetCo from the sale or disposal of Vehicles by Italian FleetCo and the VAT payments received by Italian FleetCo from the lease of Vehicles by Italian FleetCo to Italian Opco which
Italian FleetCo is required to pay to Italian Opco pursuant to clause 6(b) of the Italian VAT Sharing Agreement; 

  

	(b)	in respect of Dutch FleetCo in relation to its Vehicle Fleet in The Netherlands, the amount of all: 

  
 47 

	 	(i)	the VAT Loan Advances made to Dutch FleetCo; 

  

	 	(ii)	the VAT payments received by Dutch FleetCo from the sale or disposal of Vehicles by Dutch FleetCo and the VAT payments received by Dutch FleetCo from the lease of Vehicles by Dutch FleetCo to Dutch Opco; and

  

	 	(iii)	the Dutch VAT Refunds; 

  

	(c)	in respect of Dutch FleetCo in relation to its Vehicle Fleet in Germany, the amounts received by Dutch FleetCo from the Vehicle Manufacturers and Vehicle Dealers representing: 

 

	 	(i)	the positive difference between amount of the Vehicle Manufacturer Repurchase Price (excluding VAT) and the Net Book Value with respect to the Vehicles for which the Vehicle Manufacturer Repurchase Price is paid
pursuant to clause 6.3 and/or clause 6.5 of the Master German Fleet Purchase Agreement; 

  

	 	(ii)	the VAT Amount; and 

  

	 	(iii)	the Third Party Purchase Price VAT Amount; 

  

	(d)	the amounts standing to the credit of the VAT Component and Charge Costs Component Trust Account; 

  

	(e)	the amount standing to the credit of: 

  

	 	(i)	each FleetCo Reserve Account (if any) in such Country; 

  

	 	(ii)	(in respect of Dutch FleetCo in Germany), its provisioned items ledger and its Excluded Payments Ledger; 

  

	 	(iii)	(in respect of Dutch FleetCo in The Netherlands), its provisioned items ledger and its Excluded Payments Ledger; 

  

	 	(iv)	(in respect of Dutch FleetCo in Spain), its provisioned items ledger and its Excluded Payments Ledger; 

  

	 	(v)	(in respect of French FleetCo in France), its provisioned items ledger and its Excluded Payments Ledger; and 

  

	 	(vi)	(in respect of Italian FleetCo in Italy), its provisioned items ledger and its Excluded Payments Ledger. 

“FleetCo Expected Maturity Date” means the Expected Maturity Date. 

“FleetCo Facility Agreements” means each of the FleetCo German Facility Agreement, the FleetCo Italian Facility Agreement, the FleetCo Dutch
Facility Agreement, the FleetCo French Facility Agreement and the FleetCo Spanish Facility Agreement. 
 “FleetCo French Advance” means
each advance made by the French Intermediary Bank to French FleetCo under the FleetCo French Facility Agreement. 
 “FleetCo French Advance
Receivables” means each and any receivable of the French Intermediary Bank towards the French FleetCo (whether existing (créances née), future (créances futures) or conditional (créances
conditionnelles) in respect of the FleetCo French Advance(s) drawn down, or to be drawn down, by the French FleetCo under the FleetCo French Facility Agreement, subject to, and in accordance with, the relevant terms of the FleetCo French
Facility Agreement, including any and all interest accrued thereon. 

  
 48 

 “FleetCo French Advances Proportion” means, on any date on which such calculation is required,
the ratio of: 
  

	(a)	the aggregate outstanding FleetCo French Advances under the FleetCo French Facility Agreement; 

 to 

 

	(b)	the sum of: 

  

	 	(i)	the aggregate outstanding FleetCo Italian Advances under the FleetCo Italian Facility Agreement; 

  

	 	(ii)	the aggregate outstanding FleetCo Spanish Advances under the FleetCo Spanish Facility Agreement; 

  

	 	(iii)	the aggregate outstanding FleetCo Dutch Advances under the FleetCo Dutch Facility Agreement; 

  

	 	(iv)	the aggregate outstanding FleetCo French Advances under the FleetCo French Facility Agreement; and 

  

	 	(v)	the aggregate outstanding FleetCo German Advances under the FleetCo German Facility Agreement, 

 such ratio
expressed as a percentage. 
 “FleetCo French Back-up Cash Manager” means Deutsche Bank AG, London Branch or its replacement or successor
as appointed under the FleetCo Back-up Cash Management Agreement. 
 “FleetCo French Facility Agreement” means a facility agreement between
French FleetCo and the French Intermediary Bank, the proceeds of which French FleetCo will use to, among other things, purchase vehicles to comprise its French fleet. 

“FleetCo French Facility Security” means the FleetCo French Related Security granted by French FleetCo in favour of the French Intermediary
Bank as a security for the timely payment of any amount due under the FleetCo French Facility Agreement. 
 “FleetCo French Fee and Indemnity
Receivables” means each and any receivable of the French Intermediary Bank towards the French FleetCo, whether existing (créances née), future (créances futures) or conditional (créances
conditionnelles) which has arisen or will arise from the FleetCo French Facility Agreement and which does not characterise as a FleetCo French Advance Receivable. For the avoidance of doubt, any such receivable shall consist in particular of:
(i) any taxes provided for in clause 7 (Tax Gross-up), clause 8 (Tax); (ii) any indemnities (including currency indemnities) provided for in clause 11 (Borrower’s Indemnities) in each case of the FleetCo French
Facility Agreement; and (iii) any indemnities, taxes, costs and increased payments provided for in clause 10 (Fees, Costs and Expenses) of the FleetCo French Facility Agreement. 

“FleetCo French Loan Receivables” means together the FleetCo French Advance Receivables and the FleetCo French Fee and Indemnity Receivables.

 “FleetCo French Related Security” means, in respect to the French Transaction Documents and English Transaction Documents to which the
French FleetCo is a party, any security granted or to be granted from time to time by the French FleetCo in favour of the French FleetCo Secured Creditors pursuant to the relevant terms of the FleetCo French Security Documents. 

  
 49 

 “FleetCo French Secured Liabilities” means, in respect of French FleetCo, all present and future
moneys, debts and liabilities due, owing or incurred by French FleetCo to the French FleetCo Secured Creditors on any current or other account or otherwise in any manner whatsoever, including under or in connection with any: 

 

	(i)	French Transaction Document to which French FleetCo is a party; and 

  

	(ii)	English Transaction Document to which French FleetCo is a party, 

 in each case, whether alone or jointly, or
jointly and severally, with any other person, whether actually or contingently and whether as principal, surety or otherwise. 
 “FleetCo French
Security Documents” means (taking account of the fact that certain documents will only be entered into and/or be effective after the date hereof): 
  

	(i)	the French Vehicle Pledge Agreement; 

  

	(ii)	the French Third Party Holding Agreement; 

  

	(iii)	the French Receivables Security Assignment Agreement; 

  

	(iv)	the French Business Charge Agreement; 

  

	(v)	the French Bank Account Pledge Agreement; 

  

	(vi)	the French Share Pledge Agreement (French Opco); and 

  

	(vii)	the French Share Pledge Agreement (Golden Shareholder). 

 “FleetCo German Advance” means each
advance made by the Issuer to Dutch FleetCo under the FleetCo German Facility Agreement. 
 “FleetCo German Advances Proportion” means, on
any date on which such calculation is required, the ratio of: 
  

	(a)	the aggregate outstanding FleetCo German Advances under the FleetCo German Facility Agreement; 

 to 

 

	(b)	the sum of: 

  

	 	(i)	the aggregate outstanding FleetCo Spanish Advances under the FleetCo Spanish Facility Agreement; 

  

	 	(ii)	the aggregate outstanding FleetCo German Advances under the FleetCo German Facility Agreement; 

  

	 	(iii)	the aggregate outstanding FleetCo Dutch Advances under the FleetCo Dutch Facility Agreement; 

  

	 	(iv)	the aggregate outstanding FleetCo French Advances under the FleetCo French Facility Agreement; and 

  

	 	(v)	the aggregate outstanding FleetCo Italian Advances under the FleetCo Italian Facility Agreement, 

 such ratio
expressed as a percentage. 

  
 50 

 “FleetCo German Back-up Cash Manager” means Deutsche Bank AG, London Branch and any successor or
replacement thereof appointed under the FleetCo Back-up Cash Management Agreement. 
 “FleetCo German Facility Agreement” means a facility
agreement between Dutch FleetCo and the Issuer, the proceeds of which Dutch FleetCo will use to, among other things, purchase vehicles to comprise its German fleet from German Opco. 

“FleetCo German Secured Liabilities” means, in respect of Dutch FleetCo, all present and future moneys, debts and liabilities due, owing or
incurred by Dutch FleetCo to the German FleetCo Secured Creditors in any manner whatsoever, including on any current or other account or otherwise, including under or in connection with any: 

 

	(i)	German Transaction Document to which Dutch FleetCo is a party; 

  

	(ii)	(subject to clauses 2.1(xxxiv) and (xxxv) hereof) English Transaction Document to which Dutch FleetCo is a party; and 

  

	(iii)	Dutch Transaction Document to which Dutch FleetCo is a party, 

 (in each case, whether alone or jointly, or
jointly and severally, with any other person, whether actually or contingently and whether as principal, surety or otherwise). 
 “FleetCo German
Security Documents” means (taking account of the fact that certain documents will only be entered into and/or be effective after the date hereof): 
  

	(i)	the German Account Pledge Agreement; 

  

	(ii)	the German Receivables Assignment Agreement; and 

  

	(iii)	the German Security Transfer Agreement. 

 “FleetCo Holdings” means CarFin Finance Holdings
Limited, a private limited company incorporated in Ireland with registered number 463657 and having its registered office at 1 Grant’s Row, Lower Mount Street, Dublin 2, Ireland. 

“FleetCo Holdings Corporate Services Provider” means Structured Finance Management (Ireland) Limited or any successor or replacement thereof
appointed under the Issuer and FleetCo Holdings Corporate Services Agreement. 
 “FleetCo Individual Advance Proportion” means, on any date
on which such calculation is required and in respect of a FleetCo Advance, the ratio of: 
  

	(a)	the total principal amount made available under such FleetCo Advance on its FleetCo Advance Drawdown Date; to 

  

	(b)	the aggregate of the principal amount made available under all outstanding FleetCo Advances that have the same FleetCo Advance Drawdown Date and the same FleetCo Advance Repayment Date as such FleetCo Advance,

 such ratio expressed as a percentage. 

“FleetCo Italian Advance” means each advance made by the Issuer to Italian FleetCo under the FleetCo Italian Facility Agreement. 

“FleetCo Italian Advances Proportion” means, on any date on which such calculation is required, the ratio of: 

  
 51 

	(a)	the aggregate outstanding FleetCo Italian Advances under the FleetCo Italian Facility Agreement; 

 to 

 

	(b)	the sum of: 

  

	 	(i)	the aggregate outstanding FleetCo Italian Advances under the FleetCo Italian Facility Agreement; 

  

	 	(ii)	the aggregate outstanding FleetCo Spanish Advances under the FleetCo Spanish Facility Agreement; 

  

	 	(iii)	the aggregate outstanding FleetCo Dutch Advances under the FleetCo Dutch Facility Agreement; 

  

	 	(iv)	the aggregate outstanding FleetCo French Advances under the FleetCo French Facility Agreement; and 

  

	 	(v)	the aggregate outstanding FleetCo German Advances under the FleetCo German Facility Agreement, 

 such ratio
expressed as a percentage. 
 “FleetCo Italian Back-up Cash Manager” means Deutsche Bank AG, London Branch or its replacement or successor
as appointed under the FleetCo Back-up Cash Management Agreement. 
 “FleetCo Italian Facility Agreement” means a facility agreement
between Italian FleetCo and the Issuer, the proceeds of which Italian FleetCo will use to, among other things, purchase vehicles to comprise its Italian fleet. 

“FleetCo Italian Facility Agreement Purchase Option” means the option granted by the Issuer to Finco under clause 15.4 (Option) of the
FleetCo Italian Facility Agreement. 
 “FleetCo Italian Secured Liabilities” means, in respect of Italian FleetCo, all present and future
moneys, debts and liabilities due, owing or incurred by Italian FleetCo to the Italian FleetCo Secured Creditors on any current or other account or otherwise in any manner whatsoever, including under or in connection with any: 

 

	(i)	Italian Transaction Document to which Italian FleetCo is a party; and 

  

	(ii)	English Transaction Document to which Italian FleetCo is a party, 

 in each case, whether alone or jointly, or
jointly and severally, with any other person, whether actually or contingently and whether as principal, surety or otherwise. For the purposes of “FleetCo Italian Secured Liabilities”, each of the Italian FleetCo Secured Creditors
acknowledges that all present and future moneys, debts and liabilities due, owing or incurred by Italian FleetCo under or in connection with the FleetCo Italian Facility Agreement shall be limited to 95 per cent. of the total aggregate amount
of the FleetCo Advances made available under the FleetCo Italian Facility Agreement. 
 “FleetCo Italian Security Documents” means (taking
account of the fact that certain documents will only be entered into and/or be effective after the date hereof): 
  

	(i)	the Italian FleetCo Share Pledge; and 

  

	(ii)	the Italian FleetCo Security Deed. 

  
 52 

 “FleetCo Payment Date” means the Issuer Payment Date, save that if Senior Advances are to be
repaid by the Issuer using proceeds received by the Issuer from FleetCo Advances, the FleetCo Payment Date in respect of such repayment of FleetCo Advances shall be one Business Day before the Issuer Payment Date, if such FleetCo Payment Date is not
a Business Day in Spain, Germany, The Netherlands, France or Italy (as applicable to the relevant FleetCo Facility Agreement). 
 “FleetCo
Post-Enforcement Priorities of Payments” means the Dutch FleetCo German Post-Enforcement Priority of Payments, the Dutch FleetCo Spanish Post-Enforcement Priority of Payments, the Dutch FleetCo Dutch Post-Enforcement Priorities of Payments,
the French FleetCo Post-Enforcement Priority of Payments and the Italian FleetCo Post-Enforcement Priority of Payments. 
 “FleetCo Pre-Enforcement
Priorities of Payments” means the Dutch FleetCo German Pre-Enforcement Priority of Payments, the Dutch FleetCo Dutch Pre-Enforcement Priority of Payments, the Dutch FleetCo Spanish Pre-Enforcement Priority of Payments, the French FleetCo
Pre-Enforcement Priority of Payments and the Italian FleetCo Pre-Enforcement Priority of Payments (as applicable). 
 “FleetCo Priority of
Payments” means the FleetCo Pre-Enforcement Priorities of Payments and the FleetCo Post-Enforcement Priorities of Payments. 
 “FleetCo
Profit Margin” means, in respect of a FleetCo in each Country on a Lease Determination Date, [REDACTED] or such other amount in respect of such Lease Determination Date as may be agreed from time to time between (i) such FleetCo in
such Country, (ii) its Related Opco as representing an arm’s length profit for the activities undertaken by such FleetCo in such Country, and (iii) if such FleetCo Profit Margin exceeds [REDACTED], the Transaction Agent. 

“FleetCo Repeating Representations” means, in respect of each FleetCo, the representations and warranties of such FleetCo set out in the
Framework Agreement, save for the representations and the warranties in the following clauses in the Framework Agreement: 
  

	(i)	clause 3.3.3 (Independent Director); 

  

	(ii)	clause 3.3.4 (Centre of Main Interests and no establishment); 

  

	(iii)	clause 3.3.5 (Taxes); 

  

	(iv)	clause 3.3.6 (No Subsidiaries, Employees or Premises); 

  

	(v)	clauses 3.3.11(i)(a) and 3.3.11(iii)(a) (Financial Statements); 

  

	(vi)	clause 3.3.18 (Consents); 

  

	(vii)	clause 3.3.23 (Execution); 

  

	(viii)	clause 3.3.27(ii) (FleetCo Security); 

  

	(ix)	clause 3.3.28 (Compliance with Relevant Transaction Documents); 

  

	(x)	clause 3.3.31 (Filings); 

  

	(xi)	clause 3.3.32 (Consents); 

  

	(xii)	clause 3.3.34 (Taxes – Transaction Documents); 

  

	(xiii)	clause 3.3.39 (Compliance with Country Asset Value Test); 

  

	(xiv)	clause 3.3.40 (Negotiation Guidelines and Vehicle Purchasing Agreement); 

  
 53 

	(xv)	clauses 3.3.41(i) and (ii) (Spain specific representations and warranties); 

  

	(xvi)	clause 3.3.43(i) (The Netherlands specific representations and warranties). 

 “FleetCo Reserve
Account” means, as applicable: 
  

	(i)	the Dutch FleetCo German Reserve Account (if any); 

  

	(ii)	the Dutch FleetCo Spanish Reserve Account (if any); 

  

	(iii)	the Dutch FleetCo Dutch Reserve Account (if any); 

  

	(iv)	the French FleetCo Reserve Account (if any); and 

  

	(v)	the Italian FleetCo Reserve Account (if any). 

 “FleetCo Secured Creditors” means: 

 

	(i)	the Spanish FleetCo Secured Creditors; 

  

	(ii)	the German FleetCo Secured Creditors; 

  

	(iii)	the Dutch FleetCo Secured Creditors; 

  

	(iv)	the French FleetCo Secured Creditors; and 

  

	(v)	the Italian FleetCo Secured Creditors. 

 “FleetCo Secured Liabilities” means: 

 

	(i)	the FleetCo Spanish Secured Liabilities; 

  

	(ii)	the FleetCo German Secured Liabilities; 

  

	(iii)	the FleetCo Dutch Secured Liabilities; 

  

	(iv)	the FleetCo French Secured Liabilities; and 

  

	(v)	the FleetCo Italian Secured Liabilities. 

 “FleetCo Secured Property” means the assets from
time to time subject, or expressed to be subject, to the FleetCo Security or any part of those assets. 
 “FleetCo Security” means all or
any of the Security Interests created or expressed to be created from time to time constituted by or pursuant to, or evidenced by, the FleetCo Security Documents. 

“FleetCo Security Agent” means Crédit Agricole Corporate and Investment Bank or the replacement or successor entity appointed as
security agent and/or trustee on behalf of itself and the FleetCo Secured Creditors. 
 “FleetCo Security Documents” means (taking account
of the fact that certain documents will only be entered into and/or be effective after the date hereof): 
  

	(i)	the FleetCo Dutch Security Documents; 

  

	(ii)	the FleetCo German Security Documents; 

  

	(iii)	the FleetCo French Security Documents; 

  

	(iv)	the FleetCo Italian Security Documents; 

  

	(v)	the FleetCo Spanish Security Documents; 

  

	(vi)	the Dutch FleetCo Dutch Security Documents 

  
 54 

	(vii)	each FleetCo Security Power of Attorney; 

  

	(viii)	each FleetCo Deed of Charge; 

  

	(ix)	the Lessor Power of Attorney; and 

  

	(x)	any other document designated by the FleetCo Security Agent as a FleetCo Security Document. 

 “FleetCo
Security Powers of Attorney” means: (i) the power of attorney granted by Dutch FleetCo to the FleetCo Security Agent pursuant to clause 15 (Power of Attorney) of the German FleetCo Deed of Charge and substantially in the form
set out in schedule 1 (Form of FleetCo Security Power of Attorney) to the German FleetCo Deed of Charge; (ii) the power of attorney granted by Dutch FleetCo to the FleetCo Security Agent pursuant to clause 15 (Power of Attorney)
of the Dutch FleetCo Deed of Charge and substantially in the form set out in schedule 1 (Form of FleetCo Security Power of Attorney) to the Dutch FleetCo Deed of Charge; (iii) the power of attorney granted by Dutch FleetCo, Spanish
Branch to the FleetCo Security Agent pursuant to clause 15 (Power of Attorney) of the Spanish FleetCo Deed of Charge and substantially in the form set out in schedule 1 (Form of FleetCo Security Power of Attorney) to the Spanish
FleetCo Deed of Charge; (iv) the power of attorney granted by French FleetCo to the FleetCo Security Agent pursuant to clause 15 (Power of Attorney) of the French FleetCo Deed of Charge and substantially in the form set out in schedule 1
(Form of FleetCo Security Power of Attorney) to the French FleetCo Deed of Charge; and (v) the power of attorney granted by Italian FleetCo to the FleetCo Security Agent pursuant to clause 15 (Power of Attorney) of the Italian
FleetCo Deed of Charge and substantially in the form set out in schedule 1 (Form of FleetCo Security Power of Attorney) to the Italian FleetCo Deed of Charge. 

“FleetCo Servicers” means the Spanish Servicer, the Italian Servicer, the French Servicer and the Central Servicer. 

“FleetCo Spanish Advance” means each advance made by the Issuer to Dutch FleetCo, Spanish Branch under the FleetCo Spanish Facility
Agreement. 
 “FleetCo Spanish Advances Proportion” means, on any date on which such calculation is required, the ratio of: 

 

	(a)	the aggregate outstanding FleetCo Spanish Advances under the FleetCo Spanish Facility Agreement; 

 to 

 

	(b)	the sum of: 

  

	 	(i)	the aggregate outstanding FleetCo German Advances under the FleetCo German Facility Agreement; 

  

	 	(ii)	the aggregate outstanding FleetCo Spanish Advances under the FleetCo Spanish Facility Agreement; 

  

	 	(iii)	the aggregate outstanding FleetCo Dutch Advances under the FleetCo Dutch Facility Agreement; 

  

	 	(iv)	the aggregate outstanding FleetCo French Advances under the FleetCo French Facility Agreement; and 

  

	 	(v)	the aggregate outstanding FleetCo Italian Advances under the FleetCo Italian Facility Agreement, 

  
 55 

 such ratio expressed as a percentage. 

“FleetCo Spanish Back-up Cash Manager” means Deutsche Bank, London Branch and any replacement or successor thereof appointed under the
FleetCo Back-up Cash Management Agreement. 
 “FleetCo Spanish Facility Agreement” means a facility agreement between Dutch FleetCo and the
Issuer, the proceeds of which will be used, among other things, to purchase vehicles to comprise its Spanish fleet from manufacturers and dealers. 

“FleetCo Spanish Secured Liabilities” means, in respect of Dutch FleetCo, Spanish Branch, all present and future moneys, debts and
liabilities due, owing or incurred by Dutch FleetCo, Spanish Branch to the Spanish FleetCo Secured Creditors in any manner whatsoever, including on any current or other account or otherwise, including under or in connection with any: 

 

	(i)	Spanish Transaction Document to which Dutch FleetCo, Spanish Branch is a party; and 

  

	(ii)	English Transaction Document to which Dutch FleetCo, Spanish Branch is a party, 

 in each case, whether alone
or jointly, or jointly and severally, with any other person, whether actually or contingently and whether as principal, surety or otherwise. 

“FleetCo Spanish Security Documents” means (taking account of the fact that certain documents will only be entered into and/or be effective
after the date hereof): 
  

	(i)	the Public Deed of Pledge over Vehicles; 

  

	(ii)	the Third Party Holding Agreement; 

  

	(iii)	the VAT receivables pledge in respect of Dutch FleetCo’s activities in Spain; 

  

	(iv)	the pledge in respect of credit right under the Spanish Master Lease Agreement; 

  

	(v)	the pledge in respect of Spanish law governed receivables under the Vehicle Manufacturer Buy-Back Agreements and Vehicle Dealer Buy-Back Agreements to which Dutch FleetCo is a party; 

 

	(vi)	the pledge over the bank accounts of Dutch FleetCo in Spain; and 

  

	(vii)	the irrevocable power of attorney granted by Dutch FleetCo, Spanish Branch to the FleetCo Security Agent. 

“FleetCo Total Borrowed Amount” means, in respect of a FleetCo on a Lease Determination Date, the aggregate principal amount outstanding on
the last day of the Related Month under the relevant FleetCo Facility Agreement. 
 “FleetCo Transaction Documents” means, in respect of a
FleetCo, the following documents to which such FleetCo is a party (taking account of the fact that certain documents will only be entered into and/or be effective after the date hereof): 

 

	(i)	the Funds Flow Agreement; 

  

	(ii)	the Framework Agreement; 

  

	(iii)	the Master Definitions Agreement; 

  

	(iv)	the Tax Deed of Covenant; 

  

	(v)	the FleetCo Spanish Facility Agreement (in respect of Dutch FleetCo); 

  
 56 

	(vi)	the FleetCo German Facility Agreement (in respect of Dutch FleetCo); 

  

	(vii)	the FleetCo Dutch Facility Agreement (in respect of Dutch FleetCo); 

  

	(viii)	the FleetCo French Facility Agreement (in respect of French FleetCo); 

  

	(ix)	the FleetCo Italian Facility Agreement (in respect of Italian FleetCo); 

  

	(x)	the FleetCo Back-up Cash Management Agreement; 

  

	(xi)	the Liquidation Agency Agreement; 

  

	(xii)	the Central Servicing Agreement; 

  

	(xiii)	the Parent Performance Guarantee; 

  

	(xiv)	the Finco Payment Guarantee; 

  

	(xv)	the Operating Documents; 

  

	(xvi)	the FleetCo Security Documents; 

  

	(xvii)	the Dutch FleetCo Management Documents; 

  

	(xviii)	the Spain TRO Power of Attorney; and 

  

	(xix)	all documents approved by the FleetCo Security Agent and the Transaction Agent and entered into by such FleetCo related to or in connection with the documents above. 

“Fleet Payables Amount” means, in relation to any Country, an amount equal to the aggregate amount of any amounts due by the relevant FleetCo
in such Country to Vehicle Manufacturers and/or Vehicle Dealers (excluding any amount in respect of VAT related thereto) and remaining outstanding at the relevant Calculation Date or (as applicable) each Intra-Month Cut-Off Date. 

“Fleet Plan” means, in respect of each Country, the projected Vehicle Fleet purchase and Borrower Vehicle Fleet NBV in the immediately
following financial year of the relevant FleetCo. 
 “Fleet Report” means the data report (in Computer Readable Form) provided on a
Vehicle-by-Vehicle basis, containing data relating to the FleetCo’s various Vehicles in the form as set out in part A and part B of schedule 9 (Form of Fleet Report) to the Framework Agreement and, if amended, in form and substance satisfactory
to the Transaction Agent. 
 “Floating Charge” means: 
  

	(i)	the floating charge created by clause 3.4 (Floating Charge) of the Issuer Deed of Charge; 

  

	(ii)	the floating charge created by clause 3.3 (Floating Charge) of the Spanish FleetCo Deed of Charge; 

  

	(iii)	the floating charge created by clause 3.3 (Floating Charge) of the German FleetCo Deed of Charge; 

  

	(iv)	the floating charge created by clause 3.3 (Floating Charge) of the Dutch FleetCo Deed of Charge; 

  

	(v)	the floating charge created by clause 3.3 (Floating Charge) of the French FleetCo Deed of Charge; and 

  

	(vi)	the floating charge created by clause 3.3 (Floating Charge) of the Italian FleetCo Deed of Charge. 

  
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 “Force Majeure Event” means an event beyond the reasonable control of the person affected
including strike, lock-out, labour dispute, act of God, war, riot, civil commotion, malicious damage, accident, breakdown of plant or machinery, computer software, hardware or system failure, fire, flood and/or storm and other circumstances
affecting the supply of goods or services. 
 “Framework Agreement” means the agreement setting out the common terms applicable to the
transaction dated 5 March 2013 as amended, restated, modified, supplemented or waived from time to time and entered into by, among others, the FleetCos, the Issuer, the FleetCo Security Agent, the Issuer Security Trustee and the Transaction
Agent. 
 “France Repayment Option” means, in respect of a TRO Default, the Country Repayment Option applicable to Finco, as more
particularly set out in clause 6 (Country Repayment Option) of the Framework Agreement. 
 “French Accession Date” means 21 May
2014. 
 “French Account Bank Agreement” means the agreement to appoint the French FleetCo Account Bank. 

“French Account Mandate” has the meaning given to it in clause 4.1.1 of the French Account Bank Agreement. 

“French Bank Account Pledge Agreement” means the French law bank account pledge agreement (nantissement de comptes bancaires) between
French FleetCo as pledger and the French FleetCo Secured Creditors as pledgees. 
 “French Bank Accounts” means: 

 

	(i)	the French FleetCo Transaction Account; 

  

	(ii)	the French FleetCo Reserve Account (if any); and 

  

	(iii)	any Additional Accounts opened and maintained in accordance with the French Account Bank Agreement. 

“French Business Charge Agreement” means the business charge (nantissement de fonds de commerce) between French FleetCo as chargor and
the French FleetCo Secured Creditors as beneficiaries. 
 “French FleetCo” means AB FleetCo which, among other things, holds title to or
holds possession of the Vehicle Fleet in France. 
 “French FleetCo Account Bank” means the entity appointed as account bank under the
French Account Bank Agreement. 
 “French FleetCo Account Bank Operator” means Deutsche Bank AG, London Branch. 

“French FleetCo Deed of Charge” means the English law deed of charge pursuant to which, among other things, French FleetCo assigns, pledges
and otherwise creates security over all its rights and interests in and to each of the English Transaction Documents to which it is a party in favour of the FleetCo Security Agent. 

“French FleetCo Post-Enforcement Priority of Payments” means the priority of payments in part E (French FleetCo Post-Enforcement Priority
of Payments) of part 6 (FleetCo Post-Enforcement Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

  
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 “French FleetCo Pre-Enforcement Priority of Payments” means the priority of payments in part E
(French FleetCo Pre-Enforcement Priority of Payments) of part 5 (FleetCo Pre-Enforcement Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“French FleetCo Reserve Account” means the reserve account in France in the name of French FleetCo and which may, from time to time, be
opened and maintained with the French FleetCo Account Bank. 
 “French FleetCo Secured Creditors” means (i) the French Intermediary
Bank and, upon assignment of the FleetCo French Advances to the FCT pursuant to clause 14.3 of the FleetCo French Facility Agreement, the FCT and (ii) the French FleetCo Account Bank, the French FleetCo Account Bank Operator, the FleetCo French
Back-up Cash Manager, the French Servicer, the Central Servicer and the FleetCo Security Agent (including any Receiver or Appointee thereof). 

“French FleetCo Secured Property” means the assets from time to time secured by the FleetCo French Security Documents. 

“French FleetCo Share Pledge” means the pledge of all the shares in French FleetCo. 

“French FleetCo Transaction Account” means the bank account in France in the name of French FleetCo with account number 10511633000. 

“French GAAP” means the accounting principles established pursuant to the French Code de commerce and the Plan Comptable
Général, both as amended and supplemented from time to time. 
 “French Intermediary Bank” means Crédit Agricole
Corporate and Investment Bank. 
 “French Master Lease Agreement” means, the master lease agreement dated on or about the date hereof
entered into by, amongst others, French FleetCo and French Opco. 
 “French Opco” means Avis Location de Voitures SAS. 

“French Opco Event of Default” means an Event of Default in respect of French Opco as the Relevant Person. 

“French Receivables Security Assignment Agreement” means the French receivables security assignment agreement (cession de créances
professionnelles “Dailly” à titre de garantie) between French FleetCo as assignor and the French Intermediary Bank and the FCT as assignees. 

“French Servicer” means French Opco which is to provide transaction management services to French FleetCo. 

“French Servicing Agreement” means the servicing and cash management agreement between, among others, French FleetCo and French Opco in
respect of French FleetCo’s operations in France. 
 “French Share Pledge Agreement (French Opco)” means the French share pledge
agreement (nantissement de comptes-titres) pursuant to which French Opco grants security over its shares in French FleetCo in favour of the French FleetCo Secured Creditors. 

“French Share Pledge Agreement (Golden Shareholder)” means the French share pledge agreement (nantissement de comptes-titres) pursuant
to which the Golden Shareholder grants security over its shares in French FleetCo in favour of the French FleetCo Secured Creditors. 
 “French
Third Party Holder” means means French Opco in its capacity as third party holder under the French Third Party Holding Agreement. 

  
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 “French Third Party Holding Agreement” means the French third party holding agreement
(convention d’entiercement) pursuant to which French Opco will act as third party holder of French FleetCo’s pledged Vehicles on behalf of the French FleetCo Secured Creditors. 

“French Transaction Documents” means (taking account of the fact that certain documents will only be entered into and/or be effective after
the date hereof): 
  

	(i)	the FleetCo French Facility Agreement; 

  

	(ii)	the French Account Bank Agreement; 

  

	(iii)	the French Account Mandate; 

  

	(iv)	the French Master Lease Agreement; 

  

	(v)	the French Servicing Agreement; 

  

	(vi)	the FleetCo French Security Documents; 

  

	(vii)	the FCT Transaction Documents; 

  

	(viii)	the Golden Share Put and Call Option Agreement; and 

  

	(ix)	any other Transaction Documents expressed to be governed by French law and designated as a “French Transaction Document” by the Transaction Agent and French FleetCo. 

“French Vehicle Documents” means, in respect of Vehicles in France, the keys and spare keys to the Vehicles, the property certificate and the
registration and technical documents regarding the Vehicles. 
 “French Vehicle Pledge Agreement” means the French vehicle pledge agreement
(gage avec dépossession sur véhicules automobiles) between French FleetCo as pledger and the French FleetCo Secured Creditors as pledgees. 

“FSMA” means Financial Services and Markets Act 2000. 

“Funds Flow Agreement” means the funds flow agreement dated 20 March 2013 between, among others, the Issuer, the Issuer Cash Manager and
the FleetCos in respect of the cash flow on or about the Initial Funding Date. 
 “Further Senior Notes” has the meaning given to it in
clause 4.1 (Issue of Further Senior Notes) of the Issuer Note Issuance Facility Agreement. 
 “GAAP” means: 

 

	(i)	in relation to any Opco (other than German Opco), Finco, Avis Europe or the Issuer, generally accepted accounting principles, standards and practices in the jurisdiction of incorporation of that entity;

  

	(ii)	in relation to Italian FleetCo, Italian GAAP; 

  

	(iii)	in relation to Dutch FleetCo, Spanish Branch, Spanish GAAP; 

  

	(iv)	in relation to Dutch FleetCo’s Vehicle Fleet in Germany, German GAAP; 

  

	(v)	in relation to Dutch FleetCo’s Vehicle Fleet in The Netherlands, Dutch GAAP; 

  

	(vi)	in relation to French FleetCo, French GAAP; and 

  

	(vii)	in relation to German Opco, German GAAP. 

  
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 “German Account Bank Agreement” means the agreement pursuant to which Dutch FleetCo appoints the
Dutch FleetCo German Account Bank. 
 “German Account Mandate” has the meaning given to it in clause 4.1.1 of the German Account Bank
Agreement. 
 “German Account Pledge Agreement” means the German law governed agreement between, among others, Dutch FleetCo and the
FleetCo Security Agent in respect of the German law pledge (Pfandrecht) in respect of the Dutch FleetCo German Bank Accounts. 
 “German Base
Rent” means, in relation to all Vehicles which are leased to a Lessee under the Master German Fleet Lease Agreement on any day during the Related Month or, as the case may be, Related Months where such Related Months occur prior to a Lease
Payment Date following the Lease Determination Date in respect of any Lease Payment Date, the sum of the Depreciation Charges that have accrued with respect to each such Vehicle during the Related Month or, as the case may be, Related Months, as
determined in accordance with the terms of such Master German Fleet Lease Agreement. 
 “German Custodian” means DAD Deutscher Auto Dienst
GmBH. 
 “German Custody Agreement” means the German law governed custody agreement in respect of the custody of the German Vehicle
Certificates and evidence in relation to the Vehicle Fleet in Germany of Dutch FleetCo and entered into between German Opco, Dutch FleetCo, the FleetCo Security Agent and the German Custodian. 

“German FleetCo Deed of Charge” means the English law deed of charge pursuant to which, among other things, Dutch FleetCo assigns, pledges
and otherwise creates security over all its rights and interests in and to each of the English Transaction Documents to which it is a party in favour of the FleetCo Security Agent. 

“German FleetCo Secured Creditors” means the Dutch FleetCo German Account Bank, the Dutch FleetCo German Account Bank Operator, the FleetCo
German Back-up Cash Manager, and, with respect to obligations incurred by Dutch FleetCo acting with respect to its Vehicle Fleet purchased from German OpCo, the Central Servicer, the Liquidation Agent, the FleetCo Security Agent (including any
Receiver or Appointee thereof) and the Issuer. 
 “German GAAP” means the accounting principles established pursuant to the German
Commercial Code (Handelsgesetzbuch). 
 “German Opco” means Avis Budget Autovermietung GmbH & Co. KG. 

“German Opco Event of Default” means an Event of Default in respect of German Opco as the Relevant Person. 

“German Opco Existing Fleet Vehicle” means each Eligible Vehicle (i) in respect of which German Opco has paid the Initial Purchase Price
in full to the relevant Vehicle Manufacturer or Vehicle Dealer prior to the date of the Master German Fleet Purchase Agreement and (ii) which German Opco owns prior to the date of the Master German Fleet Purchase Agreement. 

“German Parallel Debt” has the meaning given to it in clause 16 (Parallel Debt) of the Framework Agreement. 

“German Receivables Assignment Agreement” means the German law governed agreement between, among others, Dutch FleetCo and the FleetCo
Security Agent in respect of the security assignment (Sicherungsabtretung) in respect of German law governed receivables. 

  
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 “German Security Transfer Agreement” means the German law governed agreement between, among
others, Dutch FleetCo and the FleetCo Security Agent in respect of the transfer of title for security purposes (Sicherungsübereignung) of the German Vehicle Fleet. 

“German Transaction Documents” means (taking account of the fact that certain documents will only be entered into and/or be effective after
the date hereof): 
  

	(i)	the FleetCo German Security Documents; 

  

	(ii)	the German Custody Agreement; 

  

	(iii)	the German Trust Agreement; 

  

	(iv)	the German Account Bank Agreement; 

  

	(v)	the Master German Fleet Purchase Agreement (to the extent governed by German law); and 

  

	(vi)	any other Transaction Document approved by the FleetCo Security Agent and the Transaction Agent and expressed to be governed by German law. 

“German Trust Agreement” means the German law governed agreement between, among others, German Opco and Dutch FleetCo, in respect of the VAT
Component and the Charge Costs Component in respect of Vehicles purchased in Germany and VAT Component and Charge Costs Component Account. 

“German Vehicle Certificates” means, in respect of Vehicles in Germany in relation to which an Individual Purchase and Lease Agreement has
been concluded, the registration documents regarding such vehicles (Zulassungsbescheinigung Teil II (formerly known as Fahrzeugbriefe)) and certificates of conformity (EU-Konformitätserklärungen). 

“German Vehicle Documents” means, in respect of Vehicles in Germany, the keys and spare keys to the Vehicles, the German Vehicle Certificates
and the certificates of conformity (EU-Konformitätserklärungen). 
 “Golden Share Funding Agreement Purchase Option” means
the call option granted by FleetCo Holdings to French Opco under clause 3 (Call Option) or the put option granted by French Opco to the FleetCo Holdings under clause 4 (Put Option) as appropriate of the Golden Share Put and Call Option
Agreement. 
 “Golden Share Put and Call Option Agreement” means the put and call option agreement entered into between FleetCo Holdings
and French Opco. 
 “Golden Shareholder” means FleetCo Holdings. 

“Golden Shareholder Letter of Undertakings” means the undertakings letter in relation to French FleetCo entered into by the Golden
Shareholder. 
 “Governmental Authority” means any entity, governmental, semi-governmental, administrative, fiscal, judicial or
quasi-judicial body, department, commission, authority, tribunal or agency, exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary.

 “Immediately Following Settlement Date” means, in respect of any day, the next Settlement Date falling after such day. 

  
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 “Imperative Principles” means those principles indicated as being “Imperative” in, as
applicable, schedule 2 to the Italian Servicing Agreement, schedule 6 to the French Master Lease Agreement and schedule 2 to the Spanish Servicing Agreement. 

“Increased Cost” means, without double counting: 
  

	(a)	a reduction in the rate of return from the Issuer Note Issuance Facility Agreement or on a Senior Noteholder’s (or an Affiliate’s) overall capital or from the VFN Funding Agreement or on an FCT
Noteholder’s (or an Affiliates) overall capital (as applicable); 

  

	(b)	an additional or increased cost; or 

  

	(c)	a reduction of any amount due and payable under any Issuer Transaction Document or any FCT Transaction Document (as applicable), 

which is incurred or suffered by a Senior Noteholder or FCT Noteholder (as applicable) or any of their Affiliates to the extent that it is attributable to
that Senior Noteholder or FCT Noteholder (as applicable) having entered into the relevant Senior Noteholder Fee Letter or pursuant to the VFN Funding Agreement or funding or performing its obligations under any Issuer Transaction Document or FCT
Transaction Document (as applicable). 
 “Independent Director” means a duly appointed member of the board of directors of the Issuer who
has not been, at the time of such appointment, or at any time in the preceding five years prior to such appointment (i) a direct or indirect legal or beneficial owner of the shares of the Issuer or any member of the Avis Group (ii) a
director or employee of any member of the Avis Group (other than FleetCos) or the creditors of the Issuer (other than the Corporate Services Providers). 

“Individual Purchase and Lease Agreement” has the meaning given to such term in relation to the Vehicle Fleet in Germany under clause 3.4 of
the Master German Fleet Purchase Agreement or in relation to the Vehicle Fleet in The Netherlands under clause 3.4 of the Master Dutch Fleet Purchase Agreement (as applicable). 

“Individual Repurchase and Lease Termination Agreement” has the meaning given to such term in relation to the Vehicle Fleet in Germany
under clause 5.6 of the Master German Fleet Purchase Agreement. 
 “Information Date” means the date falling 4 Business Days before a
Settlement Date. 
 “INIFA” or “Issuer Note Issuance Facility Agreement” means the Issuer Note Issuance Facility Agreement
to be entered into between, among others, the Issuer, the Issuer Security Trustee and the Senior Noteholders pursuant to which the Senior Noteholders makes advances to the Issuer. 

“Initial Commitment” means, in relation to an Initial Senior Noteholder, the amount set out in the relevant Senior Noteholder Fee Letter.

 “Initial Conduit Senior Noteholder” means any Conduit Senior Noteholder which is a party to the Issuer Note Issuance Facility Agreement
and which is a Senior Noteholder on the Initial Funding Date. 
 “Initial Funding Date” means 20 March 2013. 

“Initial Dutch Funding Date” means the date of the first FleetCo Advance under the FleetCo Dutch Facility Agreement. 

“Initial French Funding Date” means the date of the first FleetCo Advance under the FleetCo French Facility Agreement. 

  
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 “Initial VFN Funding Date” means the date of the first VFN Advance under the VFN Funding
Agreement. 
 “Initial Principal Amount” means, in respect of a Senior Note, the initial principal amount attributable to such Senior Note
upon issue and which is to be set out in the Register and, in respect of a Variable Funding Note, the initial principal amount attributable to such Variable Funding Note upon issue which is to be set out in the FCT Register. 

“Initial Purchase Price” means, in relation to a Vehicle in Germany, the purchase price or other consideration payable by German Opco to the
Vehicle Manufacturer or Vehicle Dealer for the purchase by German Opco of such Vehicle or, in relation to The Netherlands, the purchase price or other consideration payable by Dutch Opco to the Vehicle Manufacturer or Vehicle Dealer for the purchase
by Dutch Opco of such Vehicle, as provided in the relevant Vehicle Manufacturer Agreement and Vehicle Dealer Agreement, excluding VAT and Charge Costs, and the “Initial Purchase Price” shall, for the avoidance of doubt, be equal to its
Capitalised Cost. 
 “Initial Senior Noteholders” means the Senior Noteholders who are parties to the Issuer Note Issuance Facility
Agreement dated the Signing Date. 
 “In-Service Date” means (i) in relation to a Programme Vehicle, the date on which depreciation
commences with regard to such Vehicle in accordance with the terms of the relevant Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement and (ii) in relation to a Non-Programme Vehicle, the date on which such Vehicle is
first available to be placed in service under the terms of the relevant Master Lease Agreement. 
 “Insolvency Event” means any the
following events occurring in respect of a Relevant Person: 
  

	(a)	such Relevant Person is Insolvent; or 

  

	(b)	such Relevant Person is subject to Insolvency Proceedings. 

 “Insolvency Official” means, in
relation to a Relevant Person, a liquidator, provisional liquidator, administrator, examiner, administrative receiver, receiver or manager, compulsory or interim manager, nominee, supervisor, trustee, conservator, guardian or other similar officer
(including (i) under German law, any Insolvenzverwalter, vorläufigen Insolvenzverwalter, Sachwalter or vorläufigen Sachwalter (ii) under Italian law, any curatore fallimentare, commissario
straordinario, commissario giudiziale, liquidatore giudiziale or commissario liquidatore, (iii) under Spanish law, any administrador concursal, auxiliar delegado, administrador judicial or
liquidador), under French law, any mandataire ad hoc, conciliateur, mandataire judiciaire, administrateur judiciaire, or mandataire liquidateur and (iv) under Dutch law, any curator or bewindvoerder). 

“Insolvency Proceedings” means the following events in respect of a Relevant Person: 

 

	(a)	(if such Relevant Person is Dutch FleetCo, Italian FleetCo, French FleetCo or the Issuer) reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise under any law relating to bankruptcy,
insolvency, reorganisation, winding up or composition or adjustment of debts) of such Relevant Person; or 

  

	(b)	any corporate action, legal proceedings or other procedure or steps is taken in relation to: 

  

	 	(i)	 (x) (in respect of Dutch FleetCo, Italian FleetCo, French FleetCo or the Issuer) bankruptcy, insolvency or relief of debtors, seeking to have an order
for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise), arrangement, adjustment, winding-up, liquidation, dissolution,

  
 64 

	 	
suspension of payments, moratorium of any indebtedness, emergency regulations, composition, compromise, legal de-merger, declaration or other relief with respect to it or its debts, and
(y) (in respect of any other person) emergency regulations, composition, compromise, legal de-merger, declaration or other relief with respect to it or its debts, in each case, under any law relating to bankruptcy, insolvency, reorganisation,
winding up or composition or adjustment of debts; 

  

	 	(ii)	(if such Relevant Person is Dutch FleetCo, Italian FleetCo, French FleetCo or the Issuer) a composition, compromise, assignment or arrangement with any creditor of such Relevant Person, in each case under any law
relating to bankruptcy, insolvency, reorganisation, winding up or composition or adjustment of debts; 

  

	 	(iii)	(if such Relevant Person is Dutch FleetCo, Italian FleetCo, French FleetCo or the Issuer) any expropriation, attachment, sequestration, distress or execution affecting any asset or assets of such Relevant Person; or

  

	 	(iv)	(if such Relevant Person is Dutch FleetCo, Italian FleetCo, French FleetCo or the Issuer) enforcement of any security over any assets of such Relevant Person; or 

 

	(c)	such Relevant Person resolves, or a meeting of such Relevant Person is convened for the purpose of considering any resolution, and (in respect of the Opcos and Finco only) such resolution is passed, for (or to petition
or otherwise make application for) its winding-up, its examinership, its judicial administration, a moratorium of any of its indebtedness or to otherwise dissolve itself, or gives notice of its intention to do so or is otherwise wound up or
dissolved; or 

  

	(d)	any entity or person presents an application or petition (or the equivalent in any relevant jurisdiction) to a court for the winding-up, examinership (if applicable) or for the judicial administration or for the
bankruptcy of such Relevant Person or a moratorium of any of its indebtedness or for any other relief under the relevant bankruptcy or insolvency law and this application or petition is not withdrawn by the applicant or otherwise set aside or
rejected by the court or otherwise stayed (e.g. by way of deposits with a court or debt rescheduling or restructuring arrangements) within 10 (ten) days if the Relevant Person is Italian FleetCo, French FleetCo, Dutch FleetCo or the Issuer or, in
respect of other Relevant Persons, within 60 (sixty) days; or 

  

	(e)	such Relevant Person takes any steps to obtain protection (including a moratorium) or is granted protection (including a moratorium) from its creditors in general under any law relating to bankruptcy, insolvency,
reorganisation, winding up or composition or adjustment of debts; or 

  

	(f)	an order is made for such Relevant Person to be wound up, liquidated, put into provisional liquidation, put into administration, examinership (if applicable) or dissolved (following a proceeding under applicable
bankruptcy laws) or for a moratorium of any of such Relevant Person’s indebtedness or for any procedure which is analogous or has a similar effect to such an order; or 

 

	(g)	any Insolvency Official is appointed (whether or not under a court order) in respect of such Relevant Person (or any substantial part of the assets of such person, if applicable) or the directors of such Relevant Person
request such appointment or any application has been made or remains current for the appointment of the foregoing; or 

  

	(h)	any other insolvency proceedings are commenced against such Relevant Person, namely (as appropriate): 

  
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	 	(i)	in respect of any entity who is resident in Germany or who has its centre of main interests (as such term is used in Article 3(1) of the EU Insolvency Regulation) in Germany: 

 

	 	(A)	the competent insolvency court (Insolvenzgericht) orders: 

  

	 	(1)	interim measures of protection in accordance with Section 21 Para. 1 Sentence 1 and Para. 2 of the German Insolvency Code (Insolvenzordnung; in particular appoints a preliminary insolvency administrator
(vorläufiger Insolvenzverwalter) in accordance with Section 21 Para. 1 Nos. 1 and 2 and Section 22 of the German Insolvency Code); or 

  

	 	(2)	the opening of main insolvency proceedings pursuant to Section 27 of the German Insolvency Code (Eröffnungsbeschluss); or 

 

	 	(3)	the dismissal of the petition to open insolvency proceedings due to the insufficient estate pursuant to Section 26 of the German Insolvency Code (Abweisung des Antrages auf Eröffnung des Insolvenzverfahrens
mangels Masse); or 

  

	 	(B)	a petition for the opening of insolvency proceedings (Insolvenztrag) is filed and this petition is not withdrawn by the petitioner or otherwise set aside or rejected by the court or otherwise stayed (e.g.
by way of deposits with a court, or debt rescheduling or restructuring arrangements) within 60 (sixty) days; or 

  

	 	(ii)	in respect of any entity who is resident in Italy or who has its centre of main interests (as such term is used in Article 3(1) of the EU Insolvency Regulation) in Italy, “fallimento”,
“concordato preventivo”, “liquidazione coatta amministrativa” as set out under the Italian Bankruptcy Act, “accordo di ristrutturazione dei debiti” under article 182-bis of the Italian Bankruptcy
Act, “piano di risanamento attestato” under article 67, paragraph 3, letter d) of the Italian Bankruptcy Act, “amministrazione straordinaria delle grandi imprese in stato di insolvenza” as set out under either
Legislative Decree 8 July 1999, No. 270 or Law Decree 23 December 2003, No. 347 as converted, with amendments, into Law 18 February 2004, No. 39; or 

 

	 	(iii)	in respect of any entity who is resident in Spain or who has its centre of main interests (as such term is used in Article 3(1) of the EU Insolvency Regulation) in Spain, “concurso voluntario” or
“concurso necesario”, as set out under Law 22/2003, of 9 July; 

  

	 	(iv)	in respect of any entity who is resident in The Netherlands or who has its centre of main interests (as such term is used in Article 3(1) of the EU Insolvency Regulation) in The Netherlands,
“ontbinding” or the competent insolvency court orders “faillissement”, “surseance van betaling” or “noodregeling”; or 

 

	 	(v)	in respect of any entity who is resident in France or who has its centre of main interests (as such term is used in Article 3(1) of the EU Insolvency Regulation) in France, “mandat ad hoc”,
“procédure de conciliation”, “procédure de sauvegarde”, “procédure de redressement judiciaire”, “procédure de liquidation judiciaire” as set out under
“LIVRE VI” of the French Code de commerce. 

  
 66 

	(i)	there occurs, in relation to such Relevant Person, in any jurisdiction to which it or any of its assets are subject, any event which has an effect equivalent or substantially similar to any of those mentioned in
paragraphs (a) to (h) (inclusive) above, or any furtherance of, or acquiescence in, any of the acts above by such Relevant Person. 

“Insolvent” means any of the following events occurring in respect of any entity: 

 

	(a)	such Relevant Person is or is deemed or declared for the purposes of any law to be unable to pay its debts as they fall due or to be insolvent, including, without limitation: 

 

	 	(i)	in respect of any person who is resident in Germany or who has its centre of main interests (as such term is used in Article 3(1) of the EU Insolvency Regulation) in Germany, the legal representative of such person is
required to file for the opening of insolvency proceedings pursuant to Section 15a of the German Insolvency Code (Insolvenzordnung); 

  

	 	(ii)	in respect of any entity who is resident in Italy or who has its centre of main interests (as such term is used in Article 3(1) of the EU Insolvency Regulation) in Italy, any entity who is in “stato di
insolvenza” for the purpose of article 5 of Royal Decree 16 March 1942, n. 267 (the “Italian Bankruptcy Act”), article 3 of Legislative Decree 8 July 1999, No. 270 or article 4 of Law Decree 23 December
2003, No. 347 as converted, with amendments, into Law 18 February 2004, No. 39, or in “stato di crisi” for the purpose of article 160 of the Italian Bankruptcy Act; 

 

	 	(iii)	in respect of any entity who is resident in France or who has its centre of main interests (as such term is used in Article 3(1) of the EU Insolvency Regulation) in France, such person is in a position of suspension of
payments (cessation des paiements) within the meaning of L.631-1 of the French Code de commerce; 

  

	 	(iv)	in respect of any entity who is resident in Spain or who has its centre of main interests (as such term is used in Article 3(1) of the EU Insolvency Regulation) in Spain, such person is unable to regularly satisfy its
obligations as they fall due within the meaning of Article 2.2 of Law 22/2003, of 9 July; or 

  

	 	(v)	in respect of any entity who is resident in The Netherlands or who has its centre of main interests (as such term is used in Article 3(1) of the EU Insolvency Regulation) in The Netherlands: 

 

	 	(A)	such person is unable to satisfy its obligations as they fall due within the meaning of Article 1 of the Dutch Insolvency Act (Faillissementswet); 

 

	 	(B)	such person expects to be unable to satisfy its obligations as they fall due within the meaning of Article 214 of the Dutch Insolvency Act (Faillissementswet); or 

 

	 	(C)	the interests of the joint creditors of such person require a special provision (bijzondere voorziening) within the meaning of paragraph 2 of Article 3:160 of the Dutch Financial Supervision Act (Wet op het
financieel toezicht); 

  

	(b)	such Relevant Person admits in writing its inability to pay its debts as they fall due or otherwise states it is insolvent; 

  

	(c)	such Relevant Person suspends payment of its debts to creditors generally or announces its intention to do so; 

  
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	(d)	in respect of the Issuer or any other Relevant Person incorporated in Ireland or which has its Centre of Main Interest in Ireland, such Relevant Person is unable to pay its debts within the meaning of Section 214
of the Companies Act 1963 (as amended by Section 123 of the Companies Act 1990) or Section 2(3) of the Companies (Amendment) Act 1990 or otherwise is declared for the purposes of any law to be unable to pay its debts as they fall due or
insolvent or such person admits its inability to pay its debts as they fall due; or 

  

	(e)	in respect of Finco, Avis Europe or any other Relevant Person incorporated in England or Wales or which has its Centre of Main Interest in the United Kingdom, such Relevant Person is or becomes unable to pay its debts
within the meaning of Section 123 of the Insolvency Act or otherwise is deemed or declared for the purposes of any law to be, unable to pay its debts as they fall due or insolvent or such person admits its inability to pay its debts as they
fall due. 

 “Insurance Policies” has the meaning given to it in clause 23.5.1(b) of the Spanish Master Lease Agreement,
clause 22.5.1(b) of the Italian Master Lease Agreement, clause 22.5 of the Master Dutch Fleet Lease Agreement, clause 23.5 of the French Master Lease Agreement and clause 20.4.1(b) of the Master German Fleet Lease Agreement (as applicable). 

“Intellectual Property Rights” means any patent, trade mark, service mark, registered design, trade name or copyright or any licence to use
any of the same. 
 “Interest Determination Date” means the date falling 2 TARGET Days prior to the relevant Settlement Date. 

“Interest Period” means the FleetCo Advance Interest Period, the VFN Advance Interest Period or the Senior Advance Interest Period, as
applicable. 
 “Interest Rate” means, in respect of a Senior Advance, the per annum rate of interest expressed as a percentage for such
Senior Advance for the relevant Interest Period equal to the aggregate of: 
  

	(a)	Mandatory Cost, if any; and 

  

	(b)	the aggregate of: 

  

	 	(i)	the Senior Advance Margin; and 

  

	 	(ii)	the Subscriber’s Cost of Funds. 

 “Interim Fleet Financing Facility Agreement” or
“IFF” means the €350,000,000 senior facility agreement dated 20 October 2011 (as amended and restated on 5 December 2011 and as further amended from time to time) between, among others, the Parent, the Company, the
Original Borrowers, the Original Guarantors, the Senior Agent and the Security Agent (each as named and defined therein). 
 “Intra-Month Central
Servicer Report” means the intra-month report substantially in the form set out in the Framework Agreement to be delivered by the Central Servicer to, among others, the Transaction Agent pursuant to clause 15 (Provision of Information
and Reports) of the Framework Agreement and, if amended, amended with the prior consent of the Transaction Agent and the Central Servicer and in form and substance satisfactory to the Transaction Agent. 

“Intra-Month Cut-Off Date” means, in respect of a proposed Senior Advance Drawdown Date or an Original FleetCo Advance Drawdown Date that
does not fall on a Settlement Date, the date falling 2 Business Days before the Intra-Month Reporting Date relevant to such Senior Advance Drawdown Date or such Original FleetCo Advance Drawdown Date (as the case may be). 

  
 68 

 “Intra-Month Information Date” means, in respect of a proposed Senior Advance Drawdown Date that
does not fall on a Settlement Date, the date falling 3 Business Days before such proposed Senior Advance Drawdown Date. 
 “Intra-Month Interest
Determination Date” means, in respect of a proposed Senior Advance Drawdown Date or an Original FleetCo Advance Drawdown Date that does not fall on a Settlement Date, the date falling 2 Business Days prior to such proposed Senior Advance
Drawdown Date. 
 “Intra-Month Reporting Date” means, in respect of a proposed Senior Advance Drawdown Date or an Original FleetCo Advance
Drawdown Date that does not fall on a Settlement Date, the date falling 4 Business Days before such proposed Senior Advance Drawdown Date. 

“Investment Grade Non-Programme Vehicles” means Non-Programme Vehicles purchased by the relevant FleetCo for each Country from Investment
Grade Vehicle Manufacturers or, in the case of Germany and the Netherlands, by the relevant Opco from Investment Grade Vehicle Manufacturers and sold to Dutch FleetCo, provided that: 

 

	(i)	Vehicles whose Borrower Vehicle Fleet NBV exceed the Borrower Vehicle Fleet NBV of all Eligible Vehicles that comply with the Concentration Limits shall not be Vehicles for the purposes of “Investment Grade
Non-Programme Vehicles”; and 

  

	(ii)	any such excess in Borrower Vehicle Fleet NBV is or has been allocated on a pro rata basis to the Borrower Vehicle Fleet NBV of Programme Vehicles and the Borrower Vehicle Fleet NBV of Non-Programme Vehicles in each
Country. 

 “Investment Grade Programme Vehicles” means Programme Vehicles purchased by the relevant FleetCo for each Country
from Investment Grade Vehicle Manufacturers or Vehicle Dealers or, in the case of Germany and the Netherlands, by the relevant Opco from Investment Grade Vehicle Manufacturers or Vehicle Dealers and sold to Dutch FleetCo, provided that: 

 

	(i)	Vehicles whose Borrower Vehicle Fleet NBV exceed the Borrower Vehicle Fleet NBV of all Eligible Vehicles that comply with the Concentration Limits shall not be Vehicles for the purposes of “Investment Grade
Programme Vehicles”; 

  

	(ii)	any such excess in Borrower Vehicle Fleet NBV is or has been allocated on a pro rata basis to the Borrower Vehicle Fleet NBV of Programme Vehicles and the Borrower Vehicle Fleet NBV of Non-Programme Vehicles in each
Country; and 

  

	(iii)	where the Programme Vehicle is purchased from a Vehicle Dealer, such Programme Vehicle is subject to a Vehicle Manufacturer Guarantee from an Investment Grade Vehicle Manufacturer. 

“Investment Grade Vehicle Manufacturer” means any Vehicle Manufacturer which is a member of a Vehicle Manufacturer Group, the Vehicle
Manufacturer Group Rating Entity of which is rated: 
  

	(i)	if the related Vehicle Manufacturer Group Rating Entity has a Relevant DBRS Rating, at least “BBB(L)” by DBRS; or 

  

	(ii)	if the related Vehicle Manufacturer Group Rating Entity does not have a Relevant DBRS Rating, a DBRS Equivalent Rating of at least “BBB(L)”. 

“Investment Grade Vehicle Manufacturer Receivables” means, at any time and in relation to any Country, Vehicle Manufacturer Receivables: 

 

	(i)	owed by any Investment Grade Vehicle Manufacturer to the relevant FleetCo in such Country; and 

  
 69 

	(ii)	which relate to Vehicles to which such FleetCo holds title. 

 “Investor Report” means the
report to be delivered by the Transaction Agent to the Senior Noteholders on each monthly Information Date substantially in the form set out in schedule 11 (Form of Investor Report) to the Framework Agreement and, if amended, in form and
substance satisfactory to the Transaction Agent. 
 “Invoices to be Received” means the aggregate amount of all Capitalised Costs related
to each Vehicle Fleet accounted for by (in respect of the Vehicle Fleet in Italy) Italian FleetCo, (in respect of the Vehicle Fleet in Germany) German Opco, (in respect of the Vehicle Fleet in France) French FleetCo, (in respect of the Vehicle Fleet
in The Netherlands) Dutch Opco and (in respect of the Vehicle Fleet in Spain) Spanish Opco but for which the corresponding invoice has not yet been received from the relevant Vehicle Manufacturers and/or Vehicle Dealers. 

“Involuntary Insolvency Event” means: 
  

	(i)	the occurrence of any event under the definition of “Insolvency Proceedings” in respect of Italian Opco, Italian FleetCo, French Opco, French FleetCo, Dutch Opco and Spanish Opco which is not defined as a
“Voluntary Insolvency Event” as per the definition of such term; or 

  

	(ii)	Italian Opco, Italian FleetCo, French Opco, French FleetCo, Dutch Opco or Spanish Opco is or becomes Insolvent otherwise than as per paragraph (b) or paragraph (c) of the definition of “Insolvent”.

 “Irrecoverable VAT” means the VAT which neither the Issuer, the Subordinated Lender nor the VAT group of which the
Subordinated Lender is a member can obtain a credit for or a repayment of. 
 “ISFA” means Issuer Subordinated Facility Agreement. 

“Issuer” means CarFin Finance International Limited, a private limited company incorporated in Ireland, with registered number 463656 and
having its registered office at 1 Grant’s Row, Lower Mount Street, Dublin 2, Ireland. 
 “Issuer Account Bank” means Deutsche Bank AG,
London Branch as appointed under the Issuer Account Bank Agreement. 
 “Issuer Account Bank Agreement” means the agreement between
the Issuer and the Issuer Account Bank. 
 “Issuer Account Mandate” means the Issuer Transaction Account Mandate, the Issuer Spain TRO
Collection Account Mandate, the Issuer Hedge Collateral Account Mandate or the Issuer Reserve Account Mandate (as applicable). 
 “Issuer
Accounts” means the Issuer Transaction Account, the Issuer Reserve Account, the Issuer Spain TRO Collection Account and the Issuer Hedge Collateral Account. 

“Issuer and FleetCo Holdings Corporate Services Agreement” means the agreement dated 5 March 2013 as amended, restated, modified,
supplemented or waived from time to time between the Issuer, FleetCo Holdings and the Issuer Security Trustee pursuant to which Structured Finance Management (Ireland) Limited is appointed as the Issuer Corporate Services Provider and the FleetCo
Holdings Corporate Services Provider. 
 “Issuer Available Funds” means an amount calculated on each Issuer Determination Date, without
double counting: 

  
 70 

	(a)	all amounts standing to the credit of the Issuer Transaction Account (excluding the amounts which are proceeds of any Senior Advance made to the Issuer and the proceeds of any Issuer Subordinated Advance made to the
Issuer pursuant to clause 4.2.1(a) of the Issuer Subordinated Facility Agreement); 

  

	(b)	the proceeds of all Subordinated Advances made to the Issuer pursuant to clause 4.2.1(c), 4.2.1(e), 4.2.1(f) and/or clause 4.2.1(g) of the Issuer Subordinated Facility Agreement; 

 

	(c)	all amounts received by the Issuer, including from Dutch FleetCo, FCT and Italian FleetCo, under the FleetCo German Facility Agreement, the FleetCo Dutch Facility Agreement, the FleetCo Spanish Facility Agreement (save
for such amounts received by the Issuer following the exercise by the Subordinated Lender of the Spain Repayment Option (which shall be used solely to repay the relevant Subordinated Advances made under the Issuer Subordinated Facility Agreement)),
the VFN Funding Agreement and the FleetCo Italian Facility Agreement; 

  

	(d)	all amounts received by the Issuer from any Issuer Hedge Counterparty (if any); and 

  

	(e)	to the extent that such amounts in (a) to (d) above are insufficient to pay all amounts due and payable by the Issuer on the immediately following Settlement Date in the aggregate of the amounts standing to
the credit of the Issuer Reserve Account and the proceeds of any amount drawn under the relevant Issuer Letter of Credit. 

 “Issuer
Available Reserve Account Amount” means, as of any date of determination, the amount on deposit in the Issuer Reserve Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date). 

“Issuer Borrowing Base Test” shall, in respect of any day, be satisfied if the Senior Note Principal Amount Outstanding is less than or equal
to the Senior Notes Maximum Amount on such day. 
 “Issuer Cash Management Agreement” means the agreement between, among others, the
Issuer, the Issuer Cash Manager, the Central Servicer, the Issuer Account Bank and the Issuer Security Trustee, pursuant to which the Issuer appoints the Issuer Cash Manager to perform certain cash management functions. 

“Issuer Cash Management Report” means the cash management report to be prepared by the Issuer Cash Manager under the Issuer Cash Management
Agreement substantially in the form set out in schedule 8 (Forms of Cash Management Reports) to the Framework Agreement and, if amended, in form and substance satisfactory to the Transaction Agent. 

“Issuer Cash Management Services” has the meaning given to it in clause 3.1 of the Issuer Cash Management Agreement. 

“Issuer Cash Manager” means Deutsche Bank AG, London Branch and any replacement or successor thereof appointed under the Issuer Cash
Management Agreement. 
 “Issuer Cash Manager Termination Event” means any of the termination events set out in clause 11.5 of the Issuer
Cash Management Agreement. 
 “Issuer Compliance Certificate” means the compliance certificate substantially in the form set out in part 1
(Form of Issuer Compliance Certificate) of schedule 7 to the Framework Agreement. 
 “Issuer Corporate Services Provider” means
Structured Finance Management (Ireland) Limited. 
 “Issuer Debt” means any Senior Issuer Debt or Subordinated Debt. 

  
 71 

 “Issuer Deed of Charge” means the English law deed of charge pursuant to which the Issuer will,
in respect of the Issuer Secured Liabilities, assign, pledge and otherwise create a security interest over all of its rights and interests in favour of the Issuer Security Trustee (for and on behalf of itself and the other Issuer Secured Creditors).

 “Issuer Determination Date” means the date falling 5 Business Days before a Settlement Date. 

“Issuer Domestic Account” means the account established by the Issuer for the purposes of, inter alia, holding the proceeds of the
issued share capital of the Issuer and the Issuer Profit Amount. 
 “Issuer Enforcement Event” means the occurrence of a Rapid Amortisation
Event. 
 “Issuer Enforcement Notice” has the meaning given to it in clause 8.1 (Notification of Enforcement) of the Issuer Deed of
Charge. 
 “Issuer Event of Default” means an event of default as set out in part 1 (Issuer Events of Default) of schedule 4
(Events of Default) to the Framework Agreement. 
 “Issuer Excess Cash Amount” means, on any date, an amount equal to: 

 

	(i)	the aggregate of 

  

	 	(a)	the Issuer Reserves on such date; and 

  

	 	(b)	the aggregate of all cash standing to the credit of the Issuer Transaction Account on such date, 

 less 

 

	(ii)	the Issuer Reserve Required Amount on the date such calculation is required. 

 “Issuer Hedge Collateral
Account” means the account held at the Issuer Account Bank as opened from time to time, together with such additional or replacement swap collateral securities custody account or bank account at the Issuer Account Bank and/or other banks as
may for the time being be in place with the prior consent of the Issuer Security Trustee and designated as such for the purposes of holding collateral posted by any Issuer Hedge Counterparty pursuant to the relevant Issuer Hedging Agreement. 

“Issuer Hedge Collateral Account Mandate” means the issuer account mandate in substantially the form of schedule 4 to the Issuer Account Bank
Agreement entered into by the Issuer with respect to the Issuer Hedge Collateral Account. 
 “Issuer Hedge Counterparty” means each hedge
counterparty to an Issuer Hedging Agreement which accedes from time to time to the Framework Agreement and the Issuer Deed of Charge. 

“Issuer Hedging Documents” means the ISDA Master Agreement, the Schedule, the Credit Support Annex and the relevant Confirmation(s).

 “Issuer Hedging Agreement” means a hedging agreement, consisting of the ISDA Master Agreement, the Schedule, the Credit Support Annex
and the relevant Confirmation(s), that: 
  

	(a)	may be entered into from time to time by the Issuer in respect of a Treasury Transaction to hedge projected exposures to interest rates, foreign exchange and inflation risks under the Senior Notes; 

 

	(b)	contains the provisions required by the Rating Agencies which are engaged from time to time to rate the outstanding Senior Notes; and 

  
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	(c)	is in a form satisfactory to the Transaction Agent. 

 “Issuer Hedging Debt” means all present
and future moneys, debts and liabilities due, owing or incurred from time to time by the Issuer to any Issuer Hedge Counterparty under or in connection with any Issuer Transaction Document, in each case, whether alone or jointly, or jointly and
severally, with any other person, whether actually or contingently, and whether as principal, surety or otherwise. 
 “Issuer Intercreditor
Terms” means the Issuer intercreditor terms set out in schedule 16 (Issuer Intercreditor Terms) to the Framework Agreement, relating to the rights and obligations among the Issuer Secured Creditors. 

“Issuer Ledgers” means the ledgers maintained by the Issuer Cash Manager for the purposes of the management of the Issuer’s funds and
timely compliance with the Issuer’s payment obligations pursuant to schedule 1 (Issuer Cash Management Services) of the Issuer Cash Management Agreement. 

“Issuer LC Covered Amount” means, as applicable: 
  

	(i)	the aggregate of all the amounts payable by the Issuer under paragraphs (a) to (e) of the Issuer Revolving Period Priority of Payments; 

 

	(ii)	the aggregate of all the amounts payable by the Issuer under paragraphs (a) to (e) of the Issuer Scheduled Amortisation Period Priority of Payments; 

 

	(iii)	the aggregate of all the amounts payable by the Issuer under paragraphs (a) to (e) of the Issuer Rapid Amortisation Period (Pre-Enforcement) Priority of Payments; and 

 

	(iv)	the aggregate of all the amounts payable by the Issuer under paragraphs (a) to (d) of the Issuer Rapid Amortisation Period (Post-Enforcement) Priority of Payments. 

“Issuer Letter of Credit” means an irrevocable letter of credit issued by an Eligible Issuer LC Provider in favour of the Issuer Security
Trustee (for itself and on behalf of the benefit of the Senior Noteholders) substantially in the form set out in schedule 13 (Form of Issuer Letter of Credit) to the Framework Agreement and, if amended, in form and substance satisfactory to
the Transaction Agent. 
 “Issuer Listing Documents” means all the documents entered into by the Issuer in connection with the listing and
maintenance of listing of the Senior Notes on the Channel Islands Stock Exchange. 
 “Issuer Note Issuance Facility Agreement” means the
note issuance facility agreement between, among others, the Senior Noteholders, the Transaction Agent, the Issuer Cash Manager, and the Issuer Security Trustee. 

“Issuer Payment Date” means each Senior Advance Repayment Date, each Issuer Subordinated Advance Repayment Date and each Settlement Date.

 “Issuer Priority of Payments” means the Issuer Revolving Period (Pre-Enforcement) Priority of Payments, the Issuer Rapid Amortisation
Period (Pre-Enforcement) Priority of Payments, the Issuer Scheduled Amortisation Period Priority of Payments and the Issuer Rapid Amortisation Period (Post-Enforcement) Priority of Payments. 

“Issuer Profit Amount” means the payment on each anniversary of the Initial Funding Date of €1,000 per annum to the Issuer
as a fee for entering into the Transaction Documents to which it is a party. 

  
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 “Issuer Proposed Repayment Schedule” means, in respect of a Senior Advance, the proposed Senior
Advance Repayment Date of such Senior Advance set out in a Senior Advance Drawdown Notice. 
 “Issuer Rapid Amortisation Period (Post-Enforcement)
Priority of Payments” means the priority of payments set out in part 4 (Issuer Rapid Amortisation Period (Post-Enforcement) Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“Issuer Rapid Amortisation Period (Pre-Enforcement) Priority of Payments” means the priority of payments set out in part 4 (Issuer Rapid
Amortisation Period (Post-Enforcement) Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“Issuer Repeating Representations” means the representations and warranties of the Issuer set out in the Framework Agreement save for the
representations and warranties set out in the following clauses in the Framework Agreement: 
  

	(i)	clause 3.1.1 (Compliance with Issuer Borrowing Base Test); 

  

	(ii)	clause 3.1.5 (Centre of Main Interests); 

  

	(iii)	clause 3.1.6 (No Establishment); 

  

	(iv)	clause 3.1.8 (No Subsidiaries, Employees or Premises); 

  

	(v)	clause 3.1.9 (Capitalisation); 

  

	(vi)	clause 3.1.10 (Ownership); 

  

	(vii)	clause 3.1.11 (No Distributions); 

  

	(viii)	clause 3.1.12 (Financial Statements); 

  

	(ix)	clause 3.1.19 (Consents); 

  

	(x)	clause 3.1.24 (Execution); 

  

	(xi)	clause 3.1.27 (Beneficial Owner); 

  

	(xii)	clause 3.1.28 (Issuer Security); 

  

	(xiii)	clause 3.1.29 (Compliance with Issuer Transaction Documents); 

  

	(xiv)	clause 3.1.32 (Filings); 

  

	(xv)	clause 3.1.33 (Consents); and 

  

	(xvi)	clause 3.1.35 (Taxes – Senior Notes and Transaction Documents). 

 “Issuer Required Gross-Up
Amount” means the amount of Issuer Subordinated Advances drawn by the Issuer under clause 4.2.2 of the Issuer Subordinated Facility Agreement in an amount equal to the gross-up amount due and payable by the Issuer under the Issuer Note
Issuance Facility Agreement. 
 “Issuer Reserve Account” means an account of the Issuer opened with the Issuer Account Bank to which
amounts are required to be credited comprising the Issuer Reserves. 
 “Issuer Reserve Account Mandate” means the issuer account mandate in
substantially the form of schedule 2 to the Issuer Account Bank Agreement entered into by the Issuer with respect to the Issuer Reserve Account. 

  
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 “Issuer Reserve Required Amount” means, on any date on which such calculation is required, the
aggregate of: 
 [REDACTED] 
 “Issuer
Reserves” means, on any date, the Available LC Commitment Amount and the Issuer Available Reserve Account Amount, in each case, on such date. 

“Issuer Revolving Period Priority of Payments” means the priority of payments set out in part 1 (Issuer Revolving Period Priority of
Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 
 “Issuer Scheduled Amortisation Period Priority of
Payments” means the priority of payments set out in part 2 (Issuer Scheduled Amortisation Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“Issuer Secured Creditors” means the Senior Noteholders, the Issuer Security Trustee, the Subordinated Lender, the Issuer Account Bank, the
Issuer Corporate Services Provider, the FleetCo Holdings Corporate Services Provider, the Issuer Cash Manager, the Issuer Hedge Counterparties (if any), the Transaction Agent, the Registrar and the Central Servicer. 

“Issuer Secured Liabilities” means all present and future moneys, debts and liabilities due, owing or incurred by the Issuer to the Issuer
Secured Creditors in any manner whatsoever, including on any current or other account or otherwise including under or in connection with any Issuer Transaction Document (in each case, whether alone or jointly, or jointly and severally, with any
other person, whether actually or contingently and whether as principal, surety or otherwise). 
 “Issuer Secured Property” means the
assets from time to time subject, or expressed to be subject, to the Issuer Security or any part of those assets. 
 “Issuer Security”
means all or any of the Security Interests created or expressed to be created from time to time constituted by or pursuant to, or evidenced by, the Issuer Security Documents. 

“Issuer Security Documents” means the Issuer Deed of Charge, the Issuer Security Power of Attorney and the Lessor Power of Attorney. 

“Issuer Security Power of Attorney” means the power of attorney granted by the Issuer to the Issuer Security Trustee pursuant to clause 15
(Power of Attorney) of the Issuer Deed of Charge and substantially in the form set out in schedule 1 (Form of Issuer Security Power of Attorney) to the Issuer Deed of Charge. 

“Issuer Security Trustee” means Deutsche Trustee Company Limited or the replacement or successor thereof appointed as the security trustee
acting on behalf of the Issuer Secured Creditors under the Issuer Deed of Charge. 
 “Issuer Share Trustee” means TMF Management (Ireland)
Limited in its capacity as share trustee for CarFin Finance International Trust (Charitable Trust 1), an Irish charitable trust. 
 “Issuer Spain
TRO Collection Account” means the account in the name of the Issuer to be opened and maintained by the Issuer Account Bank under the Issuer Account Bank Agreement in respect of repayment of the FleetCo Advances under the FleetCo Spanish
Facility Agreement following, among other things, the exercise of the Spain Repayment Option by the Subordinated Lender in accordance with clause 6.2.1 (Spain) of the Framework Agreement and with the account number 28379301 (IBAN:
GB65DEUT40508128379301). 

  
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 “Issuer Spain TRO Collection Account Mandate” means the issuer account mandate in substantially
the form of schedule 3 to the Issuer Account Bank Agreement entered into by the Issuer with respect to the Issuer Spain TRO Collection Account. 

“Issuer Spain TRO Declaration of Trust” means the declaration of trust by the Issuer over the amounts standing to the credit of the Issuer
Spain TRO Collection Account following the receipt of the TRO Proceeds Confirmation by the Issuer (or the Issuer Cash Manager on its behalf) to the Transaction Agent, the Central Servicer and Finco in respect of the Spain Total Repayment Option.

 “Issuer Subordinated Advance” means the principal amount made available to the Issuer on each Issuer Payment Date under the ISFA. 

“Issuer Subordinated Advance Drawdown Date” means the date of funding of each Issuer Subordinated Advance by the Subordinated Lender pursuant
to the relevant Issuer Subordinated Advance Drawdown Notice. 
 “Issuer Subordinated Advance Repayment Date” means any repayment date of an
Issuer Subordinated Advance as set out in the Issuer Subordinated Facility Agreement. 
 “Issuer Subordinated Facility Agreement” or
“ISFA” means the facility agreement dated 5 March 2013 as amended, restated, modified, supplemented or waived from time to time between, amongst others, the Issuer and the Subordinated Lender, in respect of the making of
subordinated advances by the Subordinated Lender to the Issuer. 
 “Issuer Transaction Account” means a EUR denominated account opened by
the Issuer with the Issuer Account Bank with the account number 28379300 (IBAN: GB92DEUT40508128379300). 
 “Issuer Transaction Account
Mandate” means the issuer account mandate in substantially the form of schedule 1 to the Issuer Account Bank Agreement entered into by the Issuer with respect to the Issuer Transaction Account. 

“Issuer Transaction Documents” means the following documents to which the Issuer is a party (taking account of the fact that certain
documents will only be entered into and/or be effective after the date hereof): 
  

	(i)	the Funds Flow Agreement (from and including the date on which the Issuer enters into such agreement); 

  

	(ii)	the Framework Agreement; 

  

	(iii)	the Master Definitions Agreement; 

  

	(iv)	the Issuer Note Issuance Facility Agreement; 

  

	(v)	the Issuer Subordinated Facility Agreement; 

  

	(vi)	the Issuer Cash Management Agreement; 

  

	(vii)	the Issuer Account Bank Agreement; 

  

	(viii)	the Issuer and FleetCo Holdings Corporate Services Agreement; 

  

	(ix)	the Issuer Hedging Agreements (from and including the date on which the Issuer enters into any such agreement); 

  

	(x)	the FleetCo Spanish Facility Agreement; 

  

	(xi)	the FleetCo German Facility Agreement; 

  

	(xii)	the FleetCo Dutch Facility Agreement; 

  
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	(xiii)	the VFN Funding Agreement; 

  

	(xiv)	the FleetCo Italian Facility Agreement; 

  

	(xv)	the Central Servicing Agreement; 

  

	(xvi)	the Issuer Security Documents; 

  

	(xvii)	the Issuer Spain TRO Declaration of Trust; 

  

	(xviii)	the FleetCo Security Documents; 

  

	(xix)	the Issuer Security Power of Attorney; 

  

	(xx)	the Fee Letters; 

  

	(xxi)	the Tax Deed of Covenant; and 

  

	(xxii)	all documents approved by the Transaction Agent to which the Issuer is a party in connection with or related to any of the above documents. 

“Italian Account Bank Agreement” means the agreement to appoint the Italian FleetCo Account Bank. 

“Italian Account Mandate” has the meaning given to it in clause 4.1 of the Italian Account Bank Agreement. 

“Italian Bank Accounts” means: 
  

	(i)	the Italian Transaction Account; 

  

	(ii)	the Italian FleetCo Reserve Account (if any); 

  

	(iii)	the Italian Dedicating Financing Account; and 

  

	(iv)	any Additional Accounts opened and maintained in accordance with the Italian Account Bank Agreement. 

“Italian Dedicated Financing Account” means the bank account in Italy in the name of Italian FleetCo with account number IBAN:
IT23B0310401600000000826065 SWIFT CODE: DEUTITMMMIL in respect of the deposit of the sale proceeds received from Vehicle Manufacturers and/or Vehicle Dealers (in the case of Programme Vehicles) as well as Vehicle Dealers and other third parties (in
the case of Non-Programme Vehicles) in relation to the Vehicles from time to time sold by Italian FleetCo. 
 “Italian FleetCo” means Avis
Budget Italia S.p.A. Fleet Co. S.A.p.A., a partnership limited by shares incorporated in Italy which, among other things, holds title to or holds possession of the Vehicle Fleet in Italy. 

“Italian FleetCo Account Bank” means the entity appointed as account bank under the Italian Account Bank Agreement. 

“Italian FleetCo Deed of Charge” means the English law deed of charge pursuant to which, among other things, Italian FleetCo assigns, pledges
and otherwise creates a security over all its rights and interests in and to each of the English Transaction Documents to which it is a party, in favour of the FleetCo Security Agent. 

“Italian FleetCo Post-Enforcement Priority of Payments” means the priority of payments in part C (Italian FleetCo Post-Enforcement
Priority of Payments) of part 6 (FleetCo Post-Enforcement Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

  
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 “Italian FleetCo Pre-Enforcement Priority of Payments” means the priority of payments in part C
(Italian FleetCo Pre-Enforcement Priority of Payments) of part 5 (FleetCo Pre-Enforcement Priority of Payments) of schedule 3 (Priorities of Payments) to the Framework Agreement. 

“Italian FleetCo Reserve Account” means the reserve account in Italy in the name of Italian FleetCo and which may, from time to time be
opened and maintained with the Italian Account Bank. 
 “Italian FleetCo Secured Creditors” means the Issuer, the Italian Account Bank, the
FleetCo Italian Back-up Cash Manager, the Italian Servicer and the Central Servicer, the Italian VAT Lender and the FleetCo Security Agent (including any Receiver or Appointee thereof). 

“Italian FleetCo Secured Property” means the assets from time to time secured by the FleetCo Italian Security Documents and the Italian
FleetCo Deed of Charge. 
 “Italian FleetCo Security Deed” means the security deed dated 5 March 2013 between, among others, Italian
FleetCo, Italian Opco and the FleetCo Security Agent in respect of, among other things, (i) an assignment of receivables by way of security and (ii) a pledge over the Italian Bank Accounts. 

“Italian FleetCo Share Pledge” means the pledge of all the shares in Italian FleetCo. 

“Italian FleetCo Shareholders Agreement” means the shareholders agreement between Italian Opco and FleetCo Holdings. 

“Italian FleetCo Shareholders Call Option” means the call option granted by FleetCo Holdings under the Italian FleetCo Shareholders Agreement
pursuant to which Italian Opco may, on or after the exercise by Finco of the Italy Repayment Option, exercise an option to purchase FleetCo Holdings’ shareholding in Italian FleetCo. 

“Italian Income Tax Consolidation Agreement” means the agreement dated 16 June 2012 between, among others, Italian FleetCo and Italian
Opco in relation to, among other things, the consolidation of corporate income tax of Italian FleetCo between the parties to such agreement. 

“Italian Mandate Agreement” means the agreement pursuant to which Italian FleetCo grants a mandate to Italian Opco in respect of Italian
FleetCo’s Vehicle Fleet in Italy. 
 “Italian Master Lease Agreement” means, the master lease agreement dated 7 March 2013
entered into by, amongst others, Italian FleetCo and Italian Opco. 
 “Italian Opco” means Avis Budget Italia S.p.A. 

“Italian Opco Event of Default” means an Event of Default in respect of Italian Opco as the Relevant Person. 

“Italian Servicer” means Italian Opco which is to provide transaction management services to Italian FleetCo. 

“Italian Servicing Agreement” means the servicing and cash management agreement between, among others, Italian FleetCo and Italian Opco in
respect of Italian FleetCo’s operations in Italy. 
 “Italian Transaction Account” means the bank account in Italy in the name of
Italian FleetCo with account number IBAN: IT15H0310401600000000825477 SWIFT CODE: DEUTITMM. 
 “Italian Transaction Documents” means
(taking account of the fact that certain documents will only be entered into and/or be effective after the date hereof): 
  

	(i)	the FleetCo Italian Facility Agreement; 

  
 78 

	(ii)	the Italian Account Bank Agreement; 

  

	(iii)	the Italian Account Mandate; 

  

	(iv)	the Italian Master Lease Agreement; 

  

	(v)	the Italian Servicing Agreement 

  

	(vi)	the Italian Mandate Agreement; 

  

	(vii)	the Italian FleetCo Shareholders Agreement; 

  

	(viii)	the Italian FleetCo Share Pledge; 

  

	(ix)	the Italian FleetCo Security Deed; and 

  

	(x)	any other Transaction Documents expressed to be governed by Italian law and designated as an “Italian Transaction Document” by the Transaction Agent and Italian FleetCo. 

“Italian VAT Lender” means Avis Finance Company Limited in its capacity as the Lender under the VAT Loan Agreement. 

“Italian VAT Loan Agreement” means the Italian VAT Loan Agreement dated 5 March 2013 and entered into between Italian FleetCo and the
Italian VAT Lender. 
 “Italian VAT Sharing Agreement” means the agreement dated 18 May 2012 between, among others, Italian FleetCo
and Italian Opco in relation to the Italian VAT sharing arrangement between the parties to such agreement. 
 “Italian Vehicle Documents”
means, in respect of Vehicles in Italy, the keys and spare keys to the Vehicles, the property certificates (certificato di proprietà) and the registration and technical documents regarding the Vehicles (carta di circolazione and
manuale dell’utente). 
 “Italy Repayment Option” means, in respect of a TRO Default, the Country Repayment Option applicable
to Italian Opco and Italian FleetCo, as more particularly set out in clause 6 (Country Repayment Option) of the Framework Agreement. 

“Labour and Social Security Laws” means any regulation governing labour-related matters and relating to employer’s obligations, also
including, for the avoidance of doubt, (i) paying contributions for social security and mandatory insurance for industrial accidents and occupational diseases and fulfilling health and safety obligations and (ii) paying salary allowances
and all other amounts due to the employees, including that portion of TFR (trattamento di fine rapporto) that accrues while performing the Services. 

“Labour Claim” means any claim (save for claims brought in bad faith or on frivolous grounds) or litigation or social security or insurance
deficiency assessment asserted against (i.e., brought, initiated or otherwise notified to) the Servicer and/or any of its Sub-contractors and/or any subcontractor and/or partner of any of its Sub-contractors in connection with the application of
Labour and Social Security Laws, to the extent that any such claims may create liability for the Italian FleetCo. 
 “Labour Payments”
means any and all payments due by the Servicer and/or any of its Sub-contractors and/or any subcontractor and/or partner of any of its Sub-contractors in application of Labour and Social Security Laws, to the extent that failure to pay any such
amounts may create liability for the Italian FleetCo. 

  
 79 

 “Law” means: 
  

	(a)	any constitution, decree, judgment, legislation, order, ordinance, regulation, statute, treaty or other legislative measure in any Relevant Jurisdiction; and 

 

	(b)	any present or future directive, regulation, practice, concession or requirement which has the force of law and which is issued by any governmental body, agency or department or any central bank or other fiscal,
monetary, regulatory, self-regulatory or other authority or agency. 

 “Lease Commencement Date” means, with respect to a
Vehicle, the date on which the Vehicle Manufacturer or Dealer delivers the Vehicle to the Lessor (or the Servicer or the Lessee on the Lessor’s behalf for the purposes of the Lessee leasing such Vehicle from the Lessor under and in accordance
with the relevant Master Lease Agreement). 
 “Lease Determination Date” means the day falling 2 Business Days prior to each Lease Payment
Date provided that if such date is not a Business Day, the immediately preceding Business Day. 
 “Lease Expiration Date” means, in
relation to a Vehicle the subject of a lease between the relevant Lessor and Lessee pursuant to the relevant Master Lease Agreement, the earliest to occur of: 
  

	(a)	if such Vehicle is a Programme Vehicle returned under a Vehicle Manufacturer Programme, the Turn-back Date for such Vehicle; 

  

	(b)	if such Vehicle is sold to a third party (including to another FleetCo or an Opco) (other than pursuant to a Vehicle Manufacturer Programme), the date on which the possession of such Vehicle is transferred from the
Lessee or the Lessor to such person; 

  

	(c)	if such Vehicle becomes a Casualty or a Non-Eligible Vehicle, the date funds in the amount of the Casualty Payment thereof are deposited in the relevant FleetCo Bank Account by the Lessee; 

 

	(d)	if such Vehicle has been purchased on credit terms with a retention of title provision in the Vehicle Manufacturer Agreement or Vehicle Dealer Agreement and the purchase price has not been paid to the relevant Vehicle
Manufacturer or Dealer, the date on which the Vehicle Manufacturer or Vehicle Dealer, as the case may be, has repossessed such Vehicle; 

  

	(e)	in relation to any Vehicle subject to a lease between a Lessor and a Lessee under the Italian Master Lease Agreement, the French Master Lease Agreement, the Spanish Master Lease Agreement and/or the Master Dutch Fleet
Lease Agreement, the Master Lease End Date; 

  

	(f)	any other date for the termination of a lease in the relevant Master Lease Agreement; and 

  

	(g)	the Estimated Lease Expiration Date in relation to the Master German Fleet Lease Agreement, subject to any lease extension in accordance with the Master German Fleet Lease Agreement. 

“Lease Payment Date” means the day falling 3 Business Days prior to a Settlement Date. 

“Lease Reports” means the reports to be provided by the relevant Lessee (as defined in and in accordance with the relevant Master Lease
Agreement). 
 “Lease Term” means, in relation to any relevant Vehicle, the period from (and including) the relevant Lease Commencement
Date to (and including) the relevant Lease Expiration Date. 

  
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 “Ledger” has the meaning given to it in part C (Cash Management, records and information
reporting) of schedule 1 to the relevant Servicing Agreement. 
 “Lessee” means each lessee under the Spanish Master Lease Agreement,
the Italian Master Lease Agreement, the Master Dutch Fleet Lease Agreement, the French Master Lease Agreement and the Master German Fleet Lease Agreement, respectively. 

“Lessor” means each relevant FleetCo. 

“Lessor Power of Attorney” means the lessor power of attorney in the form set out in schedule 1 (Form of Lessor Power of Attorney) to
the Liquidation Agency Agreement. 
 “Liabilities” means any loss, damage, cost, charge, claim, demand, expense, judgment, action,
proceedings or other liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and legal fees on a full indemnity basis. 

“Light Truck” means a motor vehicle having at least four wheels, used for the carriage of goods (which includes, as the case may be,
semitrailer) and having a maximum weight not exceeding 3.5 metric tons. 
 “Liquidation Agency Agreement” means the agreement between,
among others, the FleetCo Security Agent, the Liquidation Agent and the FleetCos, pursuant to which the Liquidation Agent is appointed to provide liquidation agency services to the relevant FleetCo as owner of (or the entity in possession of) the
relevant vehicle fleet. 
 “Liquidation Agent” means FISERV Automotive Solutions, Inc and any successor or replacement appointed under the
Liquidation Agency Agreement and which has acceded to the Framework Agreement and each FleetCo German Security Document and the German FleetCo Deed of Charge in accordance with clause 11.4 (Acceding Liquidation Agent) of the Framework
Agreement. 
 “Liquidation Agent Service Commencement Notice” means the notice delivered to the Liquidation Agent under the Liquidation
Agency Agreement pursuant to which the Liquidation Agent may exercise certain rights in respect of the Vehicle Fleet. 
 “Liquidity Facility
Arrangement” means a liquidity facility, liquidity asset purchase facility or similar arrangement between a Conduit Senior Noteholder and a liquidity provider pursuant to which such Liquidity Provider agrees that from time to time it shall
make available funds to the Conduit Senior Noteholder for the purpose of the Conduit Senior Noteholder subscribing for and funding the Senior Notes in accordance with the terms of the relevant Issuer Note Issuance Facility Agreement in respect of
any period. 
 “Liquidity Provider” means a bank or financial institution which has entered into a Liquidity Facility Arrangement with a
Conduit Senior Noteholder. 
 “Listing Sponsor” means Carey Olsen Corporate Finance Limited. 

“LMA” means the Loan Market Association. 

“LOC Pro Rata Share” means, with respect to any Issuer LC Provider as of any date, the fraction (expressed as a percentage) obtained by
dividing: 
  

	(i)	the available amount under such Issuer LC Provider’s Issuer Letter of Credit as of such date by 

  

	(ii)	an amount equal to the aggregate available amount under all Issuer Letters of Credit as of such date, 

  
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 provided that only for purposes of calculating the LOC Pro Rata Share with respect to any Issuer LC Provider as
of any date, if such Issuer LC Provider has not complied with its obligation to pay the Issuer the amount of any draw under its Issuer Letter of Credit made prior to such date, the available amount under such Issuer LC Provider’s Issuer Letter
of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Issuer LC Provider has
paid such amount to the Issuer and been reimbursed by the Lessee for such amount (provided that the foregoing calculation shall not in any manner reduce the undersigned’s actual liability in respect of any failure to pay any demand under its
Issuer Letter of Credit). 
 “LPA” means the Law of Property Act 1925. 

“Majority Senior Noteholders” means at least 2 Senior Noteholders whose proportion of the total of all the Senior Note Principal Amount
Outstanding together aggregates more than 66 2/3 per cent. 
 “Mandatory Cost” means the percentage rate per annum calculated by the
Transaction Agent in accordance with schedule 4 (Mandatory Cost) to the Issuer Note Issuance Facility Agreement. 
 “Margin Based Profit
Amount” means, in respect of Dutch FleetCo in Spain, Dutch FleetCo in Germany, Dutch FleetCo in The Netherlands, French FleetCo in France or Italian FleetCo in Italy (as applicable) and a Lease Determination Date, the product of: 

 

	(a)	the FleetCo Total Borrowed Amount in respect of such Lease Determination Date; 

  

	(b)	the FleetCo Profit Margin in respect of such Lease Determination Date; and 

  

	(c)	the actual number of days in the Related Month divided by 360. 

 “Master Definitions
Agreement” means this Agreement. 
 “Master Dutch Fleet Lease Agreement” means the master lease agreement dated on or about the Dutch
Accession Date entered into by, amongst others, Dutch FleetCo and Dutch Opco. 
 “Master Dutch Fleet Purchase Agreement” means the master
purchase agreement dated on or about the Dutch Accession Date between, amongst others, Dutch FleetCo and Dutch Opco. 
 “Master German Fleet Lease
Agreement” means the master lease agreement dated 5 March 2013 as amended, restated, modified, supplemented or waived from time to time between, amongst others, Dutch FleetCo and German Opco. 

“Master German Fleet Purchase Agreement” means the master purchase agreement dated 5 March 2013 as amended, restated, modified,
supplemented or waived from time to time between, amongst others, Dutch FleetCo and German Opco. 
 “Master Lease Agreement” means the
Master German Fleet Lease Agreement, the Italian Master Lease Agreement, the Master Dutch Fleet Lease Agreement, the French Master Lease Agreement or the Spanish Master Lease Agreement (as applicable). 

“Master Lease End Date” means, in relation to a Master Lease Agreement, the earliest to occur of: 

 

	(a)	any Master Lease Scheduled Expiry Date with respect to the Italian Master Lease Agreement, the French Master Lease Agreement and the Spanish Master Lease Agreement, provided that no Master Lease End Date will occur if a
Master Lease Extension/Renewal Agreement has been executed within 5 Business Days after the Master Lease Scheduled Expiry Date; 

  
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	(b)	the date on which the termination of the relevant Master Lease Agreement takes effect following the occurrence of a Master Lease Termination Event; and 

 

	(c)	in respect of France, Italy and Spain, the date on which the 60 days’ notice given by the relevant FleetCo expires following exercise of the FleetCo’s rights in accordance with relevant provision of the
related Master Lease Agreement which (in the case of Italian FleetCo) is clause 27.1.1 of the Italian Master Lease Agreement, (in the case of French FleetCo) is clause 28.1.1 of the French Master Lease Agreement and (in the case of Dutch FleetCo,
Spanish Branch) is clause 28.1.1 of the Spanish Master Lease Agreement. 

 “Master Lease Extension Agreement” means, in
relation to: 
  

	(a)	the Spanish Master Lease Agreement, an agreement executed by Dutch FleetCo and Spanish Opco which provides that the Master Lease Scheduled Expiry Date in respect of the Spanish Master Lease Agreement will be extended
for a further period of 3 months from the date of such agreement; 

  

	(b)	the Italian Master Lease Agreement, an agreement executed by Italian FleetCo and Italian Opco which provides that the Master Lease Scheduled Expiry Date in respect of the Italian Master Lease Agreement will be renewed
for a further period of 3 months from the date of such agreement; 

  

	(c)	the French Master Lease Agreement, an agreement executed by French FleetCo and French Opco which provides that the Master Lease Scheduled Expiry Date in respect of the French Master Lease Agreement will be renewed for a
further period of 3 months from the date of such agreement; and 

  

	(d)	the Master German Fleet Lease Agreement, an agreement executed by Dutch FleetCo and German Opco which provides that the Master Lease Scheduled Expiry Date in respect of the Master German Fleet Lease Agreement will be
extended subject to the Lease Expiration Date falling no later than 20 months from the Lease Commencement Date. 

 “Master Lease
Extension/Renewal Agreement” means, in relation to the Italian Master Lease Agreement, the French Master Lease Agreement and the Spanish Master Lease Agreement, the Master Lease Extension Agreement. 

“Master Lease Payment Default” means, in respect of any Master Lease Agreement, the occurrence of a default in the payment of any Rent or
other amount payable by the relevant Lessee under the relevant Master Lease Agreement for a period of four (4) Business Days (whether or not formally demanded). 

“Master Lease Scheduled Expiry Date” means, in relation to the Italian Master Lease Agreement, the French Master Lease Agreement and the
Spanish Master Lease Agreement, the date falling 3 calendar months after: 
  

	(a)	the Lease Commencement Date; or 

  

	(b)	the date on which the most recent Master Lease Extension/Renewal Agreement became effective. 

 “Master
Lease Termination Event” means, in respect of the Lessee under (i) the Spanish Master Lease Agreement, (ii) the Italian Master Lease Agreement, (iii) the Master Dutch Fleet Lease Agreement, (iv) the French Master Lease
Agreement, (v) the Master German Fleet Lease Agreement (as applicable) (for the purposes of this definition, the “Relevant Lessee”), the occurrence of any of the following: 

  
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	(i)	(in respect of the Spanish Master Lease Agreement, French Master Lease Agreement and the Italian Master Lease Agreement): 

  

	 	(a)	a Spanish Opco Event of Default, a French Opco Event of Default or an Italian Opco Event of Default (as applicable) (other than an Insolvency Event of the Relevant Lessee); or 

 

	 	(b)	the expiry of 60 days following the delivery of the notice by the relevant FleetCo to the Transaction Agent, the Issuer and the Relevant Lessee, notifying the Transaction Agent, the Issuer and the Relevant Lessee of the
exercise of the FleetCo’s rights to terminate the relevant Master Lease Agreement in accordance with relevant provision of such Master Lease Agreement; and 

  

	(ii)	(in respect of the Master German Fleet Lease Agreement and the Master Dutch Fleet Lease Agreement) a German Opco Event of Default or a Dutch Opco Event of Default. 

“Master Lease Termination Notice” has the meaning given to it in clause 28.2 (Termination by Notification) of the Spanish Master Lease
Agreement, clause 27.2 (Termination by Notification) of the Italian Master Lease Agreement, clause 27.2 of the Master Dutch Fleet Lease Agreement, clause 28.2 of the French Master Lease Agreement and clause 25.2.7 of the Master German Fleet
Lease Agreement. 
 “Material Adverse Effect” means, in respect of each of Dutch FleetCo, Italian FleetCo, French FleetCo and the Issuer
and as the context specifies, a material adverse effect on the business, operations, assets or financial condition of such party which has resulted in, or will result in, an inability of such party to perform and comply with its obligations under
any Transaction Document to which it is a party. 
 “Measurement Month” means, with respect to any date and any Country, collectively, each
of the three periods most closely preceding such date, each of which periods shall consist of one calendar month or the smallest number of consecutive calendar months, in which: 

 

	(a)	at least 250 Eligible Vehicles owned by Dutch FleetCo in Spain, Dutch FleetCo in Germany, Dutch FleetCo in The Netherlands, French FleetCo in France or Italian FleetCo in Italy (as applicable) which were At Risk Assets
were sold at auction or otherwise; or 

  

	(b)	at least one twelfth of the aggregate Net Book Value of such Eligible Vehicles owned by Dutch FleetCo in Spain, Dutch FleetCo in Germany, Dutch FleetCo in The Netherlands, French FleetCo in France or Italian FleetCo in
Italy (as applicable) as of the last day of each such period was sold at auction or otherwise, 

 provided, however, that no calendar month
included in any Measurement Month shall be included in any other Measurement Month. 
 “Measurement Month Average” means the lesser of:

  

	(a)	with respect to any Measurement Month and any Country, the percentage equivalent of a fraction, the numerator of which is the aggregate amount of the VAT-exclusive amount of the proceeds of sale of all Eligible Vehicles
owned by Dutch FleetCo in Spain, Dutch FleetCo in Germany, Dutch FleetCo in The Netherlands, French FleetCo in France or Italian FleetCo in Italy (as applicable) which were At Risk Assets sold at auction or otherwise during such Measurement Month
and the denominator of which is the aggregate Net Book Value of such Eligible Vehicles on the dates of their respective sales; and 

  

	(b)	100 per cent. 

  
 84 

 “Minimum Drawing Amount” means Euro 2,500,000. 

“Monthly Accounting Reference Period” means each calendar month. 

“Monthly Central Servicer Report” means the monthly report substantially in the form set out in the Framework Agreement to be delivered by
the Central Servicer to, among others, the Transaction Agent pursuant to clause 15 (Provisions of Information and Reports) of the Framework Agreement and, if amended, amended with the prior consent of the Transaction Agent and the Central
Servicer and in form and substance satisfactory to the Transaction Agent. 
 “Monthly Input VAT Ledger” has the meaning given to it in the
schedule 1 to each of the relevant Servicing Agreements. 
 “Monthly Output VAT Ledger” has the meaning given to it in the schedule 1 to
each of the relevant Servicing Agreements. 
 “Monthly Risk Vehicle Loss” means the amount by which the aggregate Net Book Value of the At
Risk Vehicles sold in the immediately preceding calendar month exceeds the aggregate sale proceeds of such At Risk Vehicles. 
 “Monthly Risk
Vehicle Profit” means the amount by which the aggregate sale proceeds realised on the At Risk Vehicles in the immediately preceding calendar month and received by the relevant FleetCo exceeds the aggregate Net Book Value of such At Risk
Vehicles. 
 “Monthly Target Corporate Profit Amount” means an amount calculated on a Lease Determination Date being the greater of
(i) the Margin Based Profit Amount in respect of such Lease Determination Date and (ii) Euro [REDACTED] in respect of such Lease Determination Date. 

“Moody’s” means Moody’s Investors Services Limited or any successor to its rating business. 

“Motor Third Party Liability Cover” means the 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. 
 “Motor Third Party Property Damage Liability
Cover” means the insurance protecting against loss or damage to property belonging to third parties. 
 “Negotiation Guidelines”
means the criteria required in respect of the terms of the Vehicle Purchasing Agreements entered into by the FleetCos in respect of the Vehicle Fleet in Spain, France and Italy, as set out in schedule 2 to the Spanish Servicing Agreement, schedule 6
to the French Master Lease Agreement and schedule 2 to the Italian Servicing Agreement (as applicable). 
 “Net Book Value” means, on any
date with respect to each Vehicle, such Vehicle’s Capitalised Cost, minus the aggregate Depreciation Charges accrued from the date of registration of such Vehicle to such date. 

“New Senior Noteholder” has the meaning given to it in clause 5.1 (Increase in Senior Noteholder Commitments) of the Issuer Note
Issuance Facility Agreement. 
 “Non-Eligible Assets” means (i) Non-Eligible Vehicles and (ii) Non-Eligible Receivables. 

“Non-Eligible Programme Vehicle” means each Programme Vehicle which is the subject of a Vehicle Manufacturer Programme with a Vehicle
Manufacturer in respect of which a Vehicle Manufacturer Event of Default has occurred. 

  
 85 

 “Non-Eligible Receivables” means, in respect of Dutch FleetCo in Spain, Dutch FleetCo in
Germany, Dutch FleetCo in The Netherlands, French FleetCo in France or Italian FleetCo in Italy, its Vehicle Manufacturer Receivables and Vehicle Dealer Receivables that do not constitute Eligible Receivables. 

“Non-Eligible Vehicles” means Vehicles delivered to a FleetCo that are not Eligible Vehicles. 

“Non-Imperative Principles” means those principles indicated as “Non-Imperative” in, as applicable, schedule 2 of the Italian
Servicing Agreement, schedule 6 of the French Master Lease Agreement and schedule 2 of the Spanish Servicing Agreement. 
 “Non-Investment Grade
Non-Programme Vehicles” means Non-Programme Vehicles purchased by the relevant FleetCo for each Country from Non-Investment Grade Vehicle Manufacturers or, in the case of Germany and the Netherlands, by the relevant Opco from Non-Investment
Grade Vehicle Manufacturers and sold to Dutch FleetCo, provided that: 
  

	(a)	Vehicles whose Borrower Vehicle Fleet NBV exceed the Borrower Vehicle Fleet NBV of all Eligible Vehicles that comply with the Concentration Limits shall not be Vehicles for the purposes of “Non-Investment Grade
Non-Programme Vehicles”; and 

  

	(b)	any such excess in Borrower Vehicle Fleet NBV is or has been allocated on a pro rata basis to the Borrower Vehicle Fleet NBV of Programme Vehicles and the Borrower Vehicle Fleet NBV of Non-Programme Vehicles in each
Country. 

 “Non-Investment Grade Programme Vehicles” means, for each Country: 

 

	(a)	Programme Vehicles purchased by the relevant FleetCo from Non-Investment Grade Vehicle Manufacturers or Vehicle Dealers for each Country or, in the case of Germany and the Netherlands, by the relevant Opco from
Non-Investment Grade Vehicle Manufacturers or Vehicle Dealers and sold to Dutch FleetCo, provided that: 

  

	 	(i)	Vehicles whose Borrower Vehicle Fleet NBV exceed the Borrower Vehicle Fleet NBV of all Eligible Vehicles that comply with the Concentration Limits shall not be Vehicles for the purposes of “Non-Investment Grade
Programme Vehicles”; and 

  

	 	(ii)	any such excess in Borrower Vehicle Fleet NBV is or has been allocated on a pro rata basis to the Borrower Vehicle Fleet NBV of Programme Vehicles and the Borrower Vehicle Fleet NBV of Non-Programme Vehicles in each
Country; and 

  

	(b)	Vehicle Manufacturer Receivables held by French FleetCo or Dutch FleetCo in Germany and The Netherlands in respect of any Non-Investment Grade Vehicle Manufacturers pursuant to Vehicle Manufacturer Buy-Back Agreements
which provide for a valid and enforceable retention of title provision to the benefit of the relevant FleetCo; and 

  

	(c)	Vehicle Dealer Receivables held by French FleetCo or Dutch FleetCo in Germany and The Netherlands in respect of any Vehicle Dealer pursuant to Vehicle Dealer Buy-Back Agreements which provide for a valid and enforceable
retention of title provision to the benefit of the relevant FleetCo. 

 “Non-Investment Grade Vehicle Manufacturer” means any
Vehicle Manufacturer which is not an Investment Grade Vehicle Manufacturer. 
 “Non-Investment Grade Vehicle Manufacturer Receivables (for which a
FleetCo holds enforceable title)” means, at any time and in relation to any Country, Vehicle Manufacturer Receivables owed by any Non-Investment Grade Vehicle Manufacturer to the relevant FleetCo in such Country pursuant to Vehicle
Manufacturer Buy-Back Agreements or Vehicle Dealer Buy-Back Agreements which provide for a valid and enforceable retention of title provision to the benefit of the relevant FleetCo. 

  
 86 

 “Non-Programme Vehicle” means each Eligible Vehicle which is not a Programme Vehicle. 

“Non-Utilisation Fee” means, in respect of each Senior Noteholder Available Commitment of a Senior Noteholder, the fee payable by the Issuer
in accordance with the relevant Senior Noteholder Fee Letter. 
 “Note Certificate” means a Restricted Senior Note Certificate or an
Unrestricted Senior Note Certificate. 
 “Notice” means any notice delivered under or in connection with any Transaction Document. 

“Notional Commitment” means: 
  

	(i)	in respect of a Senior Noteholder Group, the commitment amount from time to time as set out in the relevant Senior Noteholder Fee Letter in respect of such Senior Noteholder Group; and 

 

	(ii)	in respect of a Senior Noteholder that does not form part of a Senior Noteholder Group, the commitment amount from time to time as set out in the relevant Senior Noteholder Fee Letter in respect of such Senior
Noteholder. 

 “Ongoing Issuer Fee” means the aggregate of all amounts due and payable by the Issuer pursuant to: 

 

	(i)	in respect of the Issuer Revolving Period Priority of Payments: 

  

	 	(a)	paragraph (a) (in respect of amounts payable to the Issuer Security Trustee); 

  

	 	(b)	paragraph (b) (in respect of amounts payable to the Transaction Agent, the Registrar, the Issuer Account Bank and the Issuer Cash Manager); 

 

	 	(c)	paragraph (c) (in respect of Tax payments); 

  

	 	(d)	paragraph (d) (in respect of amounts payable to the FleetCo Holdings Corporate Services Provider, the Issuer Corporate Services Providers, the Issuer Share Trustee, the Issuer Profit Amount, the Issuer’s
independent accountants, auditors, legal advisers and Tax advisers, the Channel Islands Stock Exchange, the Listing Sponsor, the relevant Rating Agencies and the Central Servicer); 

 

	 	(e)	paragraph (e)(ii) (in respect of commitment fees); 

  

	 	(f)	paragraph (e)(iii) (in respect of amounts payable to the Issuer Hedge Counterparties); 

  

	 	(g)	paragraph (h) (in respect of other amounts payable to the Issuer Hedge Counterparties); 

  

	 	(h)	paragraph (i) (in respect of indemnity payments for Currency Hedging Breakage Costs payable to the applicable Conduit Senior Noteholder); 

 

	 	(i)	paragraph (j) (in respect of amounts of interest payable in respect of any Issuer Subordinated Advances other than those drawn for the purpose set out in clause 4.2.1(a) of the Issuer Subordinated Facility
Agreement); 

  
 87 

	 	(j)	paragraph (k) (in respect of amounts of principal payable in respect of any Issuer Subordinated Advances other than those drawn for the purpose set out in clause 4.2.1(a) of the Issuer Subordinated Facility
Agreement); 

  

	 	(k)	paragraph (l) (in respect of amounts payable to the other Issuer Secured Creditors); and 

  

	 	(l)	paragraph (m) (in respect of amounts payable to any other parties); 

  

	(ii)	in respect of the Issuer Scheduled Amortisation Period Priority of Payments: 

  

	 	(a)	paragraph (a) (in respect of amounts payable to the Issuer Security Trustee); 

  

	 	(b)	paragraph (b) (in respect of amounts payable to the Transaction Agent, the Registrar, the Issuer Account Bank and the Issuer Cash Manager); 

 

	 	(c)	paragraph (c) (in respect of Tax payments); 

  

	 	(d)	paragraph (d) (in respect of amounts payable to the FleetCo Holdings Corporate Services Provider, the Issuer Corporate Services Providers, the Issuer Profit Amount, the Issuer’s independent accountants,
auditors, legal advisers and Tax advisers, the Channel Islands Stock Exchange, the Listing Sponsor, the relevant Rating Agencies and the Central Servicer); 

  

	 	(e)	paragraph (e)(ii) (in respect of commitment fees); 

  

	 	(f)	paragraph (e)(iii) (in respect of amounts payable to the Issuer Hedge Counterparties); 

  

	 	(g)	paragraph (h) (in respect of other amounts payable to the Issuer Hedge Counterparties); 

  

	 	(h)	paragraph (i) (in respect of indemnity payments for Currency Hedging Breakage Costs payable to the applicable Conduit Senior Noteholder); 

 

	 	(i)	paragraph (j) (in respect of amounts of interest payable in respect of any Issuer Subordinated Advances other than those drawn for the purpose set out in clause 4.2.1(a) of the Issuer Subordinated Facility
Agreement); 

  

	 	(j)	paragraph (j) (in respect of amounts of principal payable in respect of any Issuer Subordinated Advances other than those drawn for the purpose set out in clause 4.2.1(a) of the Issuer Subordinated Facility
Agreement); 

  

	 	(k)	paragraph (k) (in respect of amounts payable to the other Issuer Secured Creditors); and 

  

	 	(l)	paragraph (l) (in respect of amounts payable to any other parties); 

  

	(iii)	in respect of the Issuer Rapid Amortisation Period (Pre-Enforcement) Priority of Payments: 

  

	 	(a)	paragraph (a) (in respect of amounts payable to the Issuer Security Trustee); 

  

	 	(b)	paragraph (b) (in respect of amounts payable to the Transaction Agent, the Registrar, the Issuer Account Bank and the Issuer Cash Manager); 

 

	 	(c)	paragraph (c) (in respect of Tax payments); 

  

	 	(d)	 paragraph (d) (in respect of amounts payable to the Issuer Corporate Services Provider, the FleetCo Holdings Corporate Services Provider, the
Issuer Profit 

  
 88 

	 	
Amount, the Issuer’s independent accountants, auditors, legal advisers and Tax advisers, the Channel Islands Stock Exchange, the Listing Sponsor, the relevant Rating Agencies and the Central
Servicer); 

  

	 	(e)	paragraph (e)(ii) (in respect of commitment fees); 

  

	 	(f)	paragraph (e)(iii) (in respect of amounts payable to the Issuer Hedge Counterparties); 

  

	 	(g)	paragraph (g) (in respect of other amounts payable to the Issuer Hedge Counterparties); 

  

	 	(h)	paragraph (h) (in respect of indemnity payments for Currency Hedging Breakage Costs payable to the applicable Conduit Senior Noteholder); 

 

	 	(i)	paragraph (i) (in respect of amounts of interest payable in respect of any Issuer Subordinated Advances other than those drawn for the purpose set out in clause 4.2.1(a) of the Issuer Subordinated Facility
Agreement); 

  

	 	(j)	paragraph (i) (in respect of amounts of principal payable in respect of any Issuer Subordinated Advances other than those drawn for the purpose set out in clause 4.2.1(a) of the Issuer Subordinated Facility
Agreement); 

  

	 	(k)	paragraph (j) (in respect of amounts payable to the other Issuer Secured Creditors); and 

  

	 	(l)	paragraph (k) (in respect of amounts payable to any other parties); 

  

	(iv)	in respect of the Issuer Rapid Amortisation (Post-Enforcement) Priority of Payments: 

  

	 	(a)	paragraph (a) (in respect of amounts payable to the Issuer Security Trustee); 

  

	 	(b)	paragraph (b) (in respect of amounts payable to the Transaction Agent, the Registrar, the Issuer Account Bank and the Issuer Cash Manager); 

 

	 	(c)	paragraph (c) (in respect of Tax payments and amounts payable to the Issuer Corporate Services Provider, the FleetCo Holdings Corporate Services Provider, the Issuer’s independent accountants, auditors, legal
advisers and Tax advisers, the Channel Islands Stock Exchange and the relevant Rating Agencies); 

  

	 	(d)	paragraph (d)(ii) (in respect of commitment fees); 

  

	 	(e)	paragraph (d)(iii) (in respect of amounts payable to the Issuer Hedge Counterparties); 

  

	 	(f)	paragraph (g) (in respect of other amounts payable to the Issuer Hedge Counterparties); 

  

	 	(g)	paragraph (h) (in respect of indemnity payments for Currency Hedging Breakage Costs payable to the applicable Conduit Senior Noteholder); 

 

	 	(h)	paragraph (i) (in respect of amounts of interest payable in respect of any Issuer Subordinated Advances other than those drawn for the purpose set out in clause 4.2.1(a) of the Issuer Subordinated Facility);

  

	 	(i)	paragraph (i) (in respect of amounts of principal payable in respect of any Issuer Subordinated Advances other than those drawn for the purpose set out in clause 4.2.1(a) of the Issuer Subordinated Facility
Agreement); 

  
 89 

	 	(j)	paragraph (j) (in respect of amounts payable to the other Issuer Secured Creditors); 

  

	 	(k)	paragraph (k) (in respect of amounts payable in respect of the Issuer Profit Amount); and 

  

	 	(l)	paragraph (l) (in respect of amounts payable to any other parties). 

 “Onward Purchase
Price” means, in respect of any Vehicle in Germany, the purchase price as specified in the Purchase Offer and Lease Request payable by Dutch FleetCo to German Opco which (i) for a Vehicle (other than a German Opco Existing Fleet
Vehicle) shall be equal to the Initial Purchase Price payable by German Opco with regard to such vehicles and (if necessary) calculated by way of break-down of the aggregate price for each type of vehicle
subject to the respective Purchase Offer and Lease Request or (ii) for a German Opco Existing Fleet Vehicle, shall be equal to the Net Book Value on the Initial Funding Date for such German Opco Existing Fleet Vehicle, in each case excluding
any VAT and Charge Costs. 
 “Opco” means Spanish Opco, Italian Opco, Dutch Opco, French Opco or German Opco (as the case may be). 

“Opco Change of Control” means the Avis Europe Group ceasing to (x) own directly or indirectly at least 100 per cent. of the share
capital of Finco, Avis Europe or any Opco, (y) have the right or ability to cast at least 100 per cent. of the votes capable of being cast in shareholders’ general meetings of Finco, Avis Europe or any Opco or (z) have the right
or ability to appoint or remove all directors (or equivalent officers) of the board of directors (or equivalent body) of Finco, Avis Europe or any Opco or to give directions with respect to the operating and financial policies of any Opco with which
the directors or other equivalent officers of Finco, Avis Europe or such Opco (as applicable) are obliged to comply. 
 “Opco Event of
Default” means an event of default as set out in part 3 (Opco Events of Default) of schedule 4 (Events of Default) to the Framework Agreement. 

“Opco Repurchase Price” means, in respect of any Vehicle in Germany, the repurchase price payable by German Opco to Dutch FleetCo which
(i) for a Programme Vehicle shall be equal to the Vehicle Manufacturer Repurchase Price, less any VAT and (ii) for Non-Programme Vehicles, the Estimated Sales Price in respect of that Vehicle, less any VAT. 

“Operating Documents” means (taking account of the fact that certain documents will only be entered into and/or be effective after the date
hereof): 
  

	(i)	the Italian Master Lease Agreement; 

  

	(ii)	the Spanish Master Lease Agreement; 

  

	(iii)	the French Master Lease Agreement; 

  

	(iv)	the Master German Fleet Lease Agreement; 

  

	(v)	the Master German Fleet Purchase Agreement; 

  

	(vi)	the Master Dutch Fleet Lease Agreement; 

  

	(vii)	the Master Dutch Fleet Purchase Agreement; 

  

	(viii)	the German Trust Agreement; 

  

	(ix)	the Italian Servicing Agreement; 

  

	(x)	the Italian Mandate Agreement; 

  
 90 

	(xi)	the VAT Loan Agreement; 

  

	(xii)	the Italian VAT Sharing Agreement; 

  

	(xiii)	the Italian Income Tax Consolidation Agreement; 

  

	(xiv)	the Italian FleetCo Shareholders Agreement; 

  

	(xv)	the Spanish Servicing Agreement; 

  

	(xvi)	the Spanish Account Bank Agreement; 

  

	(xvii)	the German Account Bank Agreement; 

  

	(xviii)	the Dutch Account Bank Agreement; 

  

	(xix)	the French Account Bank Agreement; 

  

	(xx)	the French Servicing Agreement; 

  

	(xxi)	the German Custody Agreement; 

  

	(xxii)	the Italian Account Bank Agreement; 

  

	(xxiii)	the FleetCo Back-up Cash Management Agreement; 

  

	(xxiv)	the Liquidation Agency Agreement; 

  

	(xxv)	the Central Servicing Agreement; 

  

	(xxvi)	the Finco Payment Guarantee; 

  

	(xxvii)	the Avis Europe Payment Guarantee; 

  

	(xxviii)	the Parent Performance Guarantee; and 

  

	(xxix)	any other documents to which Dutch FleetCo, French FleetCo and/or Italian FleetCo is a party, approved by the FleetCo Security Agent and the Transaction Agent and are in respect of the servicing and/or leasing of the
Vehicle Fleet in each Country. 

 “Original Financial Statements” means: 

 

	(a)	in relation to Avis Europe, its audited financial statements for its financial year ended 31 December 2011 and (if prepared) its unaudited consolidated management accounts for the financial quarter ended
31 December 2012; 

  

	(b)	in relation to each of Finco, Italian FleetCo and Spanish Opco, its audited financial statements for its financial year ended 31 December 2011; 

 

	(c)	in relation to the German Opco, the consolidated financial statements of AVIS Autovermietung Beteiligungsgesellschaft mbH Oberursel for its financial year ended 31 December 2011; 

 

	(d)	in relation to the Italian Opco, its audited financial statements for its financial year ended 31 December 2011; 

  

	(e)	in relation to the French Opco, its audited financial statements for its financial year ended 31 December 2012; and 

  

	(f)	in relation to the Dutch Opco, its audited financial statements for its financial year ended 31 December 2012. 

  
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 “Original FleetCo Advance Drawdown Date” means, in respect of a FleetCo Advance, the date of
FleetCo Advance drawdown as specified in the relevant FleetCo Advance Drawdown Notice. 
 “Original Scheduled Amortisation Commencement
Date” means 20 April 2017. 
 “outstanding” means, in relation to the Senior Notes or a FleetCo Advance or a VFN Advance (as
applicable), all Senior Notes or FleetCo Advances or VFN Advances (as applicable) other than: 
  

	(a)	those which have been redeemed in accordance with the Issuer Note Issuance Facility Agreement or VFN Funding Agreement or repaid in accordance with the relevant FleetCo Facility Agreement (as applicable);

  

	(b)	those in respect of which the date for redemption or repayment (as applicable) in accordance with the provisions of the Issuer Note Issuance Facility Agreement, VFN Funding Agreement or the relevant FleetCo Facility
Agreement (as applicable) has occurred and for which the redemption moneys or repayment moneys (including, in each case, all interest accrued thereon to the date for such redemption or repayment (as applicable)) have been duly paid to the Issuer,
the FleetCo Security Agent, the Issuer Cash Manager, the Transaction Agent (as applicable) and (following the occurrence of an Issuer Enforcement Event) the Issuer Security Trustee in the manner provided for in the Issuer Note Issuance Facility
Agreement, VFN Funding Agreement or the relevant FleetCo Facility Agreement (as applicable) and remain available for payment in accordance with the Issuer Note Issuance Facility Agreement, VFN Funding Agreement or the relevant FleetCo Facility
Agreement (as applicable); 

  

	(c)	those which have been purchased and surrendered for cancellation as provided in the Issuer Note Issuance Facility Agreement, VFN Funding Agreement or the relevant FleetCo Facility Agreement (as applicable) and notice of
the cancellation of which has been given to the Issuer, the Issuer Security Trustee, the FleetCo Security Agent, the Issuer Cash Manager and/or the Transaction Agent (as applicable); 

 

	(d)	those which have become void under the Issuer Note Issuance Facility Agreement, VFN Funding Agreement or and the relevant FleetCo Facility Agreement (as applicable); and 

provided that for each of the following purposes in respect of the Issuer Note Issuance Facility Agreement: 

 

	(i)	the right in respect of any direction or request by the relevant Senior Noteholders; 

  

	(ii)	the determination of how many and which Senior Notes are for the time being outstanding for the purposes of clause 24 (Consents, Amendments, Waivers and Modifications) of the Framework Agreement, any discretion,
power or authority, whether contained in the Framework Agreement or provided by law, which the Transaction Agent or the Issuer Security Trustee is required to exercise in or by reference to the interests of the relevant Senior Noteholders; and

  

	(iii)	the determination by the Issuer Security Trustee or the Transaction Agent whether any event, circumstance, matter or thing is, in its opinion, materially prejudicial to the interests of the relevant Senior Noteholders
(to the extent that the Issuer Security Trustee or the Transaction Agent (as applicable) is required to make such determination in accordance with the Transaction Documents), 

those Senior Notes which are for the time being held by or on behalf of or for the benefit of the Issuer or any member of the Avis Group or any Affiliate of
the Avis Group shall (unless and until ceasing to be so held) be deemed not to remain outstanding. 

  
 92 

 “Parallel Debt” means the German Parallel Debt, Dutch Parallel Debt or the Spanish Parallel
Debt, as applicable. 
 “Parent” means Avis Budget Car Rental, LLC. 

“Parent Change of Control” means (a) ABG shall at any time cease to own or control, directly or indirectly, greater than 50 per
cent. of the Voting Stock of the Parent or (b) any of the Opcos is no longer indirectly wholly-owned by the Parent. 
 “Parent Event of
Bankruptcy” shall be deemed to have occurred with respect to the Parent if: 
  

	(a)	a case or other proceeding shall be commenced, without the application or consent of the Parent, in any court, seeking the liquidation, reorganisation, debt arrangement, dissolution, winding up, or composition or
readjustment of debts of the Parent, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for the Parent or all or any substantial part of its assets, or any similar action with respect to the Parent
under any law relating to bankruptcy, insolvency, reorganisation, winding up or composition or adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of 60 consecutive days; or an order
for relief in respect of the Parent shall be entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect; or 

 

	(b)	the Parent shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganisation, debt arrangement, dissolution or other similar law now or hereafter in effect, or shall consent
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for the Parent or for any substantial part of its property, or shall make any general assignment for the
benefit of creditors; or 

  

	(c)	the board of directors or other similar governing body of the Parent shall vote to implement any of the actions set forth in paragraph (b) above. 

“Parent Event of Default” means any of the following: 
  

	(a)	the occurrence of an Opco Change of Control, provided that if (1) any cessation described in Opco Change of Control is in relation to the share capital of, the shareholders’ general meetings of or the board of
directors of (as applicable) Spanish Opco or Italian Opco or French Opco (as applicable) and (2) the Spain Repayment Option (in respect of Spanish Opco) or the Italy Repayment Option (in respect of Italian Opco) or the France Repayment Option
(in respect of French Opco) is exercised within 30 days of such cessation, there shall not be any Parent Event of Default; 

  

	(b)	the occurrence of a Parent Change of Control; 

  

	(c)	the occurrence and continuation of an “event of default” under the Credit Agreement or Replacement Credit Agreement, that is not waived pursuant to the terms of such Credit Agreement or Replacement Credit
Agreement; 

  

	(d)	any Parent Event of Bankruptcy occurs; and 

  

	(e)	failure by the Parent or its successor or replacement to comply with any of its obligations under the Parent Performance Guarantee. 

“Parent Performance Guarantee” means the irrevocable guarantee and indemnity from the Parent in favour of the relevant FleetCo in respect of
the obligations (other than payment obligations) of each Opco under the Transaction Documents to which such Opco is a party. 

  
 93 

 “Participating Member State” means any member state of the European Union that adopts or has
adopted, and, in each case, continues to adopt, the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 

“Party” means, when used in an agreement, deed or other document, a party to that agreement, deed or other document. 

“Passenger Car” means a motor vehicle having at least four wheels, used for the carriage of passengers and comprising no more than seven
seats, including the driver’s seat. 
 “Payment” means, in respect of any Liabilities (or any other liabilities or obligations), a
payment, prepayment, repayment, redemption, defeasance or discharge of those Liabilities (or other liabilities or obligations). 
 “Payment
Confirmation Date” means, in respect of all outstanding Senior Advances and all outstanding Subordinated Advances, the date falling 5 Business Days prior to the relevant Settlement Date. 

“Payment Netting” means: 
  

	(a)	in respect of an Issuer Hedging Agreement based on an ISDA Master Agreement, netting under section 2(c) of the relevant ISDA Master Agreement; and 

 

	(b)	in respect of an Issuer Hedging Agreement not based on an ISDA Master Agreement, netting pursuant to any provision of that Hedging Agreement or a Hedging Ancillary Document which has a similar effect to the provision
referenced in paragraph (a) above. 

 “Permitted Investments” means: 

 

	(i)	EUR-denominated money market funds which have a long-term rating of “AAAmmf” by Fitch, if rated by Moody’s, “Aaa” and “MR1+” by Moody’s, if rated by S&P, “AAA” by
S&P, and, if rated by DBRS, “AAA” by DBRS; or 

  

	(ii)	any other instruments or securities, provided that, to the extent the outstanding Senior Notes are rated, the Rating Agencies have confirmed in writing that the investment in such instruments or securities will not
adversely affect any ratings with respect to any Senior Notes, 

 in each case, in respect of which the Issuer Cash Manager has been
instructed to invest in and in respect of which it is able to invest in. 
 “Permitted Subordinated Debt Payments” means the payments,
receipts and set-offs permitted by paragraph 5.3 (Permitted Subordinated Debt Payments) of the Issuer Intercreditor Terms as long as they are so permitted. 

“Person” means any individual, company, corporation, unincorporated association or body (including a partnership, trust, joint venture or
consortium), government, state, agency, organisation or other entity whether or not having separate legal personality. 
 “Potential Event of
Default” means any event which (with the expiry of a grace period, the giving of notice or the making of any determination under the relevant Transaction Documents or any combination of any of the foregoing) could constitute an Event of
Default. 
 “Potential Master Lease Termination Event” means any event which, but for the passage of time or the giving of notice or any
combination thereof, would constitute a Master Lease Termination Event. 

  
 94 

 “Potential Servicer Termination Event” means any event which but for the passage of time or the
giving of notice or any combination thereof would constitute a Servicer Termination Event. 
 “Privacy Code” means Italian Legislative
Decree number 196 of 30 June 2003, as amended and supplemented from time to time. 
 “Proceedings” means any legal action or
proceedings relating to a Dispute. 
 “Programme Maximum Term” means, where applicable in relation to a Programme Vehicle, the maximum
holding period (if any) specified under the relevant Vehicle Manufacturer Buy-Back Agreement or the relevant Vehicle Dealer Buy-Back Agreement after the expiry of which such Programme Vehicle would cease to be eligible for repurchase or sale at
auction by the relevant Vehicle Manufacturer or Vehicle Dealer, as applicable (as such maximum holding period shall be notified on an annual basis by the relevant Servicer to the relevant FleetCo). 

“Programme Minimum Term” means, where applicable in relation to a Programme Vehicle, the minimum holding period (if any) specified under the
relevant Vehicle Manufacturer Buy-Back Agreement or the relevant Vehicle Dealer Buy-Back Agreement in order for such Programme Vehicle to be eligible for repurchase or sale at auction by the relevant Vehicle Manufacturer or Vehicle Dealer, as
applicable. 
 “Programme Vehicle” means each Eligible Vehicle which is the subject of: 

 

	(i)	a Vehicle Manufacturer Buy-Back Agreement which contains all the Buy-Back Minimum Principles; or 

  

	(ii)	a Vehicle Dealer Buy-Back Agreement which contains all the Buy-Back Minimum Principles (with references to the Vehicle Manufacturer replaced by the Vehicle Dealer as the context requires). 

“Programme Vehicle Special Default Payments” means the amount of any Excess Damage Charges and/or Excess Mileage Charges applicable to a
Programme Vehicle calculated by the relevant Servicer as of: 
  

	(a)	the Lease Determination Date immediately following the receipt by the relevant FleetCo of the Vehicle Manufacturer Repurchase Price, in each case, in relation to any Programme Vehicle (or, if earlier, by the Business
Day on which FleetCo is liable for any Programme Vehicle Special Default Payment to a Vehicle Manufacturer or Vehicle Dealer); or 

  

	(b)	the Lease Determination Date immediately following the date by which the Vehicle Manufacturer Repurchase Price, in each case of such Programme Vehicle turned back to a Vehicle Manufacturer or Vehicle Dealer, would have
been paid by the Vehicle Manufacturer or Vehicle Dealer to the relevant FleetCo but for the occurrence of an event or circumstance which, if not remedied within the relevant grace period, would become a Vehicle Manufacturer Event of Default.

 “Public Deed of Pledge over Vehicles” means the vehicle pledge dated 5 March 2013 in respect of the Spanish Vehicle
fleet and entered into by Dutch FleetCo, Spanish Branch, the Issuer and Spanish Opco. 
 “Purchase and Lease Confirmation” has the meaning
given to it in clause 3.3 of the Master German Fleet Purchase Agreement or clause 3.3 of the Master Dutch Fleet Purchase Agreement, as applicable. 

  
 95 

 “Purchase Offer and Lease Request” has the meaning given to it in clause 3.1 of the Master
German Fleet Purchase Agreement or clause 3.1 of the Master Dutch Fleet Purchase Agreement, as applicable. 
 “Qualifying Senior
Noteholder” means, with respect to any relevant Senior Note, any person which is: 
  

	(a)	resident for the purposes of tax corresponding to Irish corporation tax in a jurisdiction (other than Ireland) that would not result in any Taxes being required to be withheld or deducted by the Issuer in relation to
the relevant Senior Note as a result of such person holding such Senior Note and does not receive payments under the relevant Senior Note in connection with a trade or business which is carried on in Ireland by it through a branch or agency; or

  

	(b)	a qualifying company within the meaning of Section 110 of the Taxes Consolidation Act 1997 of Ireland. 

“Quoted Eurobond WHT Form” means a form, substantially in the form of Schedule 9 to the INIFA, provided by a Senior Noteholder in accordance
with the INIFA. 
 “Rapid Amortisation Commencement Date” means the date of the service of a Rapid Amortisation Notice by the Transaction
Agent to the Issuer and the Issuer Security Trustee. 
 “Rapid Amortisation Event” means the occurrence of any of the following: 

 

	(i)	an Issuer Event of Default; 

  

	(ii)	a FleetCo Event of Default; 

  

	(iii)	a Spanish Opco Event of Default; 

  

	(iv)	an Italian Opco Event of Default; 

  

	(v)	a Central Servicer Event of Default; 

  

	(vi)	a German Opco Event of Default; 

  

	(vii)	a French Opco Event of Default; 

  

	(viii)	a Subordinated Lender Event of Default; 

  

	(ix)	a Finco Guarantor Event of Default; 

  

	(x)	an Avis Europe Event of Default; 

  

	(xi)	a Parent Event of Default; 

  

	(xii)	the non-payment in full of all outstanding Senior Advances by the Issuer under the Issuer Note Issuance Facility Agreement at their Expected Maturity Date; 

 

	(xiii)	the termination of: 

  

	 	(a)	any Spanish Transaction Document other than in accordance with its terms and the Spain Repayment Option is not exercised within 10 Business Days from the date of such termination; 

 

	 	(b)	any Italian Transaction Document other than in accordance with its terms and the Italy Repayment Option is not exercised within 10 Business Days from the date of such termination; 

  
 96 

	 	(c)	any French Transaction Document and/or the VFN Funding Agreement, in each case, other than in accordance with its terms and the France Repayment Option is not exercised within 10 Business Days from the date of such
termination; or 

  

	 	(d)	any Transaction Document other than in accordance with its terms (other than in the case of (a), (b) or (c) above); 

  

	(xiv)	a Servicer Termination Event; and 

  

	(xv)	the termination of the appointment of the Liquidation Agent if no replacement Liquidation Agent satisfactory to the Transaction Agent has been appointed within 60 days of such termination. 

“Rapid Amortisation Notice” means the notice to be delivered by the Transaction Agent to the Issuer and the Issuer Security Trustee following
the occurrence of a Rapid Amortisation Event. 
 “Rapid Amortisation Period” means the period starting from and including the Rapid
Amortisation Commencement Date. 
 “Rating Agencies” means Standard & Poor’s, Moody’s, Fitch, DBRS and any other
internationally recognised rating agency approved by the Transaction Agent and “Rating Agency” means any one of them. 
 “Rating Agency
Affirmation” means, for so long as any Senior Notes are rated by one or more Rating Agency, with respect to any specified action, determination or appointment, receipt by the Issuer (and sent to the Issuer Security Trustee and the
Transaction Agent) of written confirmation (or such other method of confirmation which may be agreed from time to time with the relevant Rating Agency) from the relevant Rating Agency that such specified action, determination or appointment will not
result in the reduction, or withdrawal, of the ratings then assigned to the Senior Notes. 
 “Receiver” means a receiver and manager or
other receiver (and may be a person or persons) appointed in respect of the Issuer Secured Property or FleetCo Secured Property (as the case may be) and shall, if allowed by law, include an administrative receiver. 

“Recoveries” means the Senior Recoveries or the Subordinated Recoveries. 

“Redesignation Amounts” means, in relation to a Vehicle following its redesignation in accordance with clause 22 of the Master German Fleet
Lease Agreement, clause 24 of the Italian Master Lease Agreement, clause 25 of the French Master Lease Agreement, clause 24 of the Master Dutch Fleet Lease Agreement or clause 25 of the Spanish Master Lease Agreement, an amount (which may positive
or negative) equal to: 
  

	(a)	the Net Book Value of each Vehicle immediately prior to redesignation; 

 minus 

 

	(b)	the Net Book Value of such Vehicle immediately following redesignation. 

 “Reference Bank
Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Transaction Agent at its request by the Reference Banks as the rate at which the relevant Reference Bank could borrow funds in the
European interbank market, in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period. 

  
 97 

 “Reference Banks” means Crédit Agricole Corporate and Investment Bank and the Senior
Noteholders that are financial institutions or such other banks as may be appointed by the Transaction Agent in consultation with the Central Servicer. 

“Register” means the register maintained by the Registrar outside the United Kingdom in respect of the Senior Notes in accordance with the
Issuer Note Issuance Facility Agreement and substantially in the form set out in schedule 8 (Form of the Register) thereto. 
 “Registered
FCT Holder” has the meaning given to it in clause 2.3 (Entries in FCT Register conclusive) of the VFN Funding Agreement. 

“Registered Holder” has the meaning given to it in clause 2.3 (Entries in Register conclusive) of the Issuer Note Issuance Facility
Agreement. 
 “Registrar” means, in respect of the Issuer, in relation to the Senior Notes, Deutsche Bank Luxembourg S.A. and/or, if
applicable, any successor registrar in relation to such Senior Notes. 
 “Regulatory Direction” means, in relation to any person, a
direction or requirement of any Governmental Authority with whose directions or requirements such person is accustomed to comply. 
 “Rejected
Vehicle” means a Vehicle rejected by the Lessee under clause 28 of the Italian Master Lease Agreement, clause 29 of the French Master Lease Agreement, clause 28 of the Master Dutch Fleet Lease Agreement or clause 29 of the Spanish Master
Lease Agreement. 
 “Rejected Vehicle Schedule” means a schedule substantially in the form set out in schedule 3 (Rejected Vehicle
Schedule) to the Spanish Servicing Agreement and Italian Servicing Agreement. 
 “Related Month” means, when used (a) with respect
to any FleetCo Payment Date, Lease Payment Date (including for the purpose of the definition of “Variable Rent”) or Lease Determination Date, the most recently ended calendar month; and (b) with respect to any other date, the calendar
month in which such date occurs. 
 “Related Opco” means: 
  

	(i)	in relation to Dutch FleetCo, German Opco, Dutch Opco or Spanish Opco (as applicable) to which Dutch FleetCo leases Vehicles under the Master German Fleet Lease Agreement, Master Dutch Fleet Lease Agreement or the
Spanish Master Lease Agreement, respectively; 

  

	(ii)	in relation to Italian FleetCo, Italian Opco; and 

  

	(iii)	in relation to French FleetCo, French Opco. 

 “Relevant Conduit CP Rate” means, in respect of
an Interest Period and a Conduit Senior Noteholder: 
  

	(i)	the weighted average funding cost of the commercial paper issued by such Conduit Senior Noteholder in order to finance, or contribute to the financing of, its subscription of the Senior Notes during the relevant
Interest Period, as notified by such Conduit Senior Noteholder to the Transaction Agent on the relevant Interest Determination Date (or Intra-Month Interest Determination Date, as the case may be), including any dealer or paying agent fees;

  

	(ii)	in the event that such commercial paper is denominated in any currency other than euros, all costs, fees and expenses incurred by such Conduit Senior Noteholder in order to hedge its exposure to such currency; and

  
 98 

	(iii)	any interest amounts payable by such Conduit Senior Noteholders in relation to any drawings on the relevant swing line or liquidity facility agreement which can be fairly allocated to the Senior Notes.

 “Relevant DBRS Rating” means, with respect to any Person as of any date of determination: (a) if such Person has both
a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date; and (b) if such Person has only one of a long term issuer rating by DBRS and a senior unsecured rating
by DBRS as of such date, then such rating of such Person as of such date; provided that, if such Person does not have any of such ratings as of such date, then there shall be no Relevant DBRS Rating with respect to such Person as of such date. 

“Relevant Excess Concentration Amount” means, on any date, in respect of the limit set out in the definition of “Concentration
Limit” an amount equal to, in each case, without double counting: 
  

	A.	the aggregate of the Borrower Vehicle Fleet NBV of all Eligible Vehicles in all the Countries which fall within the category of Vehicles described in such limit, 

less 
  

	B.	the multiple of: (x) the Borrower Vehicle Fleet NBV of all Eligible Vehicles in all Countries; and (y) the maximum percentage provided in the definition of Concentration Limit for such limit,

 or zero if such amount is negative, 

provided that any such excess is allocated on a pro rata basis to (A) the Borrower Vehicle Fleet NBV of Eligible Vehicles used for the purposes of
calculating such limit in each Country and (B) to the Borrower Vehicle Fleet NBV of Programme Vehicles and the Borrower Vehicle Fleet NBV of Non-Programme Vehicles. 

“Relevant Fitch Rating” means, with respect to any Person, (a) if such Person has both a senior unsecured rating by Fitch and a long
term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date and (b) if such Person has only one of a senior unsecured rating by Fitch and a long term issuer default rating by Fitch as of such date,
then such rating of such Person as of such date; provided that, if such Person does not have any of such ratings as of such date, then there shall be no Relevant Fitch Rating with respect to such Person as of such date. 

“Relevant Interbank Market” means the European interbank market. 

“Relevant Jurisdiction” means, in relation to an Avis Obligor, a FleetCo or the Issuer, its jurisdiction of incorporation and (in
respect of Dutch FleetCo) Spain and/or Germany (as applicable). 
 “Relevant Liabilities” means: 

 

	(i)	the Liabilities owed to the Issuer Secured Creditor ranking (in accordance with the Issuer Intercreditor Terms) pari passu with or in priority to that Issuer Secured Creditor; and 

 

	(ii)	all present and future liabilities and obligations, actual and contingent, of the Issuer to the Issuer Security Trustee. 

“Relevant Moody’s Rating” means, with respect to any Person as of any date of determination, the highest of: (a) if such Person has
a long term rating by Moody’s as of such date, then such rating as of such date; (b) if such Person has a senior unsecured rating by Moody’s as of such 

  
 99 

 
date, then such rating as of such date; and (c) if such Person has a long term corporate family rating by Moody’s as of such date, then such rating as of such date; provided that, if
such Person does not have any of such ratings as of such date, then there shall be no Relevant Moody’s Rating with respect to such Person as of such date. 

“Relevant Person” means Spanish Opco (in its capacity as the relevant Lessee and relevant Servicer), Italian Opco (in its capacity as the
relevant Lessee and relevant Servicer), the Central Servicer, German Opco (in its capacity as the relevant Lessee), Dutch Opco (in its capacity as the relevant Lessee), French Opco (in its capacity as the relevant Lessee and relevant Servicer),
French FleetCo, Dutch FleetCo, Italian FleetCo, the Issuer or the FCT (as applicable). 
 “Relevant Rating” means, with respect to any
Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody’s, the Relevant Moody’s Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating
with respect to such Person as of such date and (c) with respect to S&P, the Relevant S&P Rating with respect to such Person as of such date. 

“Relevant S&P Rating” means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of
such Person as of such date; provided that, if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be no Relevant S&P Rating with respect to such Person as of such date. 

“Relevant Senior Noteholder Commitment” means, in respect of: 
  

	(i)	a Senior Noteholder that forms part of a Senior Noteholder Group, its pro rata share of the Notional Commitment of its Senior Noteholder Group; and 

 

	(ii)	a Senior Noteholder that is not part of a Senior Noteholder Group, its Notional Commitment as set out in the relevant Senior Noteholder Fee Letter. 

“Relevant Senior Noteholder Percentage” means, in respect of any Senior Noteholder, the percentage determined by (i) dividing its
Relevant Senior Noteholder Commitment at such time by the aggregate of the Total Senior Noteholder Commitments of all Senior Noteholders at such time and (ii) multiplying the product thereof by one hundred (100). 

“Relevant Third Party” means the Issuer Account Bank, any FleetCo Account Bank, the Dutch FleetCo Spanish Account Bank Operator, the Dutch
FleetCo German Account Bank Operator, the Dutch FleetCo Dutch Account Bank Operator, the French FleetCo Account Bank Operator, the Issuer Cash Manager, the FleetCo Back-up Cash Managers, the Issuer Corporate Services Provider, the FleetCo Holdings
Corporate Services Provider, any Dutch FleetCo Corporate Services Providers, the Registrar, the Transaction Agent and (for the purposes of clause 27.1.3 (Non-petition Against the Conduit Senior Noteholders) of the Framework Agreement only)
any Conduit Senior Noteholder. 
 “Relevant Transaction Documents” means: 

 

	(i)	in respect of the Issuer, the Transaction Documents to which the Issuer is a party; and 

  

	(ii)	in respect of any other person, the Transaction Documents to which such person is a party. 

 “Remaining
Senior Noteholder” has the meaning given to it in clause 5.1.5 (Increase in Senior Noteholder Commitments) of the relevant Issuer Note Issuance Facility Agreement. 

“Rent” means, in relation to a FleetCo, the aggregate Base Rent (or, in the case of Germany, German Base Rent) plus the aggregate Variable
Rent payable to it by the relevant Lessee under the relevant Master Lease Agreement. 

  
 100 

 “Replacement Credit Agreement” means any credit agreement or similar facility entered into by
Avis Budget Holdings, LLC, the Parent and/or any affiliate of either entity, that refinances or replaces the Credit Agreement, as such replacement credit agreement may be amended, restated, modified, supplemented or waived from time to time in
accordance with its terms. 
 “Replacement Senior Noteholder” has the meaning given to such term in clause 21.5 (Replacement Senior
Noteholder) of the Issuer Note Issuance Facility Agreement and is a Conduit or a Financial Institution which enters into a relevant Senior Noteholder Accession Deed. 

“Reporting Date” means the date falling 5 Business Days before a Settlement Date. 

“Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian. 

“Repurchase Offer and Lease Termination Notice” has the meaning given to such term under clause 5.1 of the Master German Fleet Purchase
Agreement. 
 “Requirement of Law” in respect of any person means: 

 

	(a)	any law, treaty, rule, requirement or regulation; 

  

	(b)	a notice by or an order of any court having jurisdiction; 

  

	(c)	a mandatory requirement of any regulatory authority having jurisdiction; or 

  

	(d)	a determination of an arbitrator or Governmental Authority, 

 in each case applicable to or binding upon that
person or to which that person is subject or with which it is customary for it to comply. 
 “Reservations” means: 

 

	(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights
of creditors; 

  

	(b)	the required perfection of any Security Interest; 

  

	(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction; and 

  

	(d)	any other matters which are set out as qualifications or reservations as to matters of law in the legal opinions, each in the form satisfactory to the Transaction Agent, the FleetCo Security Agent and the Issuer
Security Trustee and delivered to the Transaction Agent, the FleetCo Security Agent and the Issuer Security Trustee pursuant to the Transaction Documents. 

“Restricted Senior Note” means the Senior Notes issued in the form set out in schedule 3A (Restricted Senior Note Certificate) to the
Issuer Note Issuance Facility Agreement. 
 “Restricted Senior Note Certificate” means the note certificate set out in schedule 3A
(Restricted Senior Note Certificate) to the Issuer Note Issuance Facility Agreement. 
 “Revolving Period” means, subject to the
terms of the Issuer Note Issuance Facility Agreement, the period when Senior Advances will be available, being a period commencing on the Initial Funding Date and ending on the earliest to occur of: 

 

	(i)	the Scheduled Amortisation Commencement Date; and 

  

	(ii)	the Rapid Amortisation Commencement Date. 

  
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 “S&P” means Standard & Poor’s Ratings Services (a division of The McGraw-Hill Companies, Inc.) or any successor to its rating business. 
 “Scheduled Amortisation” has the
meaning given to it in clause 5 (Scheduled Amortisation) of the Framework Agreement. 
 “Scheduled Amortisation Commencement Date”
means the Original Scheduled Amortisation Commencement Date or, if extended in accordance with clause 5.1 (Extension of Revolving Period) of the Framework Agreement, such later date as agreed in writing between the Central Servicer and the
Transaction Agent. 
 “Scheduled Amortisation Period” means the period starting from the Scheduled Amortisation Commencement Date and
ending on the earliest to occur of: 
  

	(i)	the date on which principal, interest and all other amounts due relating to all outstanding Senior Advances have been irrevocably and unconditionally repaid/paid in full; and 

 

	(ii)	the Rapid Amortisation Commencement Date; and 

  

	(iii)	the Expected Maturity Date. 

 “Screen Rate” means the percentage rate per annum determined by
the Banking Federation of the European Union for the relevant period displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Transaction Agent may specify another page or service
displaying the appropriate rate after consultation with the Central Servicer and the Senior Noteholders. 
 “Security” means all or any of
the Security Interests created or expressed to be created from time to time constituted by or pursuant to, or evidenced by, the Security Documents. 

“Security Document” means each of the Issuer Security Documents, the FleetCo Security Documents and any other document designated a Security
Document by the Issuer Security Trustee or the FleetCo Security Agent. 
 “Security Interest” means: 

 

	(a)	a mortgage, charge, pledge, lien, assignation in security, encumbrance or other security interest securing any obligation of any person; 

 

	(b)	any arrangement under which money or claims to, or the benefit of, a bank or other account may be applied, set-off or made subject to a combination of accounts so as to effect payment of sums owed or payable to any
person; or 

  

	(c)	any other type of preferential arrangement (including title transfer and retention arrangements) having a similar effect. 

“Senior Advance” means each advance made available to the Issuer under the Issuer Note Issuance Facility Agreement. 

“Senior Advance Drawdown Date” means the date of funding of each Senior Advance by the Senior Noteholders pursuant to the relevant Senior
Advance Drawdown Notice. 
 “Senior Advance Drawdown Notice” means a notice substantially in the relevant form set out in the Framework
Agreement pursuant to which the Issuer irrevocably requests one or more funding of Senior Advance(s) under the Issuer Note Issuance Facility Agreement. 

  
 102 

 “Senior Advance Interest Period” means, in respect of a Senior Advance: 

 

	(i)	the first (and, if applicable, only) period commencing from (and including) the Senior Advance Drawdown Date of such Senior Advance up to the earlier of (a) the relevant FleetCo Advance Repayment Date or
(b) the date falling on (but excluding) the next Settlement Date; and 

  

	(ii)	any subsequent period commencing from (and including) such Settlement Date in paragraph (i)(b) above to (but excluding) the relevant Senior Advance Repayment Date, 

provided that, for the purposes of this definition, the Senior Advance Drawdown Date and the Senior Advance Repayment Date are subject to the Business Day
Convention. 
 “Senior Advance Margin” has the meaning given to such term in each Senior Noteholder Fee Letter. 

“Senior Advance Repayment” means in relation to a repayment of an amount of principal of the relevant Senior Note, a payment of principal
made by the Issuer to the relevant Senior Noteholder on the Senior Advance Repayment Date of such Senior Advance. 
 “Senior Advance Repayment
Date” means, in respect of a Senior Advance, the repayment date of such advance. 
 “Senior Issuer Debt” means the Senior
Noteholder Debt and the Issuer Hedging Debt. 
 “Senior Issuer Discharge Date” means the time when the Transaction Agent (following
confirmation in writing by each of the Issuer Secured Creditors in respect of the Senior Issuer Debt (if any) owed to it) notifies the Issuer, the Issuer Security Trustee and the Issuer Secured Creditors in writing that it is satisfied that all
Senior Issuer Debt has been fully and irrevocably paid or discharged and all commitments of the Issuer Secured Creditors in respect of the Senior Issuer Debt have expired or been cancelled. 

“Senior Issuer Finance Parties” means the Senior Noteholders and the Issuer Hedge Counterparties. 

“Senior Issuer Transaction Documents” means the Issuer Note Issuance Facility Agreement and the Issuer Hedging Agreements. 

“Senior Note Principal Amount Outstanding” means, on any date in respect of a Senior Note, the current principal amount outstanding of such
Senior Note as reflected on the Register on such date. 
 “Senior Noteholder” means each holder of any Senior Notes, including the Initial
Senior Noteholders and any Senior Noteholder which accedes to the Issuer Note Issuance Facility Agreement, the Framework Agreement and the Issuer Deed of Charge as specified in the Register from time to time. 

“Senior Noteholder Accession Deed” means an accession agreement substantially in the form of part 2 (Form of Senior Noteholder Accession
Deed) of schedule 6 (Forms of Accession Deed) of the Framework Agreement. 
 “Senior Noteholder Available Commitment” means, at
any relevant time with respect to a Senior Noteholder, its Senior Noteholder Commitment less the Senior Noteholder Principal Amount Outstanding under the relevant Senior Notes subscribed by it. 

“Senior Noteholder Commitment” means, in respect of each Senior Noteholder, the amount set out in the relevant Senior Noteholder Fee Letter.

  
 103 

 “Senior Noteholder Commitment Increase Request Amount” has the meaning given to it in clause
5.1.3 (Increase in Senior Noteholder Commitments) of the Issuer Note Issuance Facility Agreement. 
 “Senior Noteholder Debt” means
all present and future moneys, debts and liabilities due, owing or incurred from time to time by the Issuer to any Senior Noteholder under or in connection with any Issuer Transaction Document (in each case, whether alone or jointly, or jointly and
severally, with any other person, whether actually or contingently, and whether as principal, surety or otherwise). 
 “Senior Noteholder
Decisions” has the meaning given to it in schedule 5 (Amendments and Waiver Consent Requirements) to the Framework Agreement. 

“Senior Noteholder Group” has the meaning given to it in clause 21.6 (Senior Noteholder Groups) of the Issuer Note Issuance Facility
Agreement. 
 “Senior Noteholder Fee Letter” means, in respect of each Senior Noteholder, a letter, the form of which is set out in
schedule 2 to the Issuer Note Issuance Facility Agreement. 
 “Senior Noteholder Minimum Drawing Amount” means, with respect to each Senior
Noteholder, Euro 100,000. 
 “Senior Notes” means the senior variable funding notes issued from time to time pursuant to the Issuer Note
Issuance Facility Agreement. 
 “Senior Notes Maximum Amount” means an amount equal to: 

 

	(a)	the aggregate of: 

  

	 	(i)	the Combined Eligible Country Asset Value; and 

  

	 	(ii)	the Issuer Reserves; 

 less 
  

	(b)	the aggregate of: 

  

	 	(i)	the Credit Enhancement Required Amount; and 

  

	 	(ii)	the Excess Advance Proportion Amount. 

 “Senior Recoveries” means the aggregate of all moneys
and other assets received or recovered (whether by way of payment, repayment, prepayment, distribution, redemption, purchase or defeasance, in cash or in kind, or the exercise of any set-off or otherwise) from time to time by any Senior Noteholders
or Issuer Hedge Counterparties under or in connection with any Senior Issuer Debt. 
 “Servicer” means the Spanish Servicer, the French
Servicer, the Italian Servicer or the Central Servicer (as applicable), together with any successor or replacement appointed in accordance with the relevant Servicing Agreement or Central Servicing Agreement (as applicable). 

“Servicer Fee” means, in relation to a FleetCo, the fee payable to the relevant Servicer pursuant to clause 10 of the Italian Servicing
Agreement, clause 12 of the Spanish Servicing Agreement, clause 10 of the French Servicing Agreement and clause 10 of the Central Servicing Agreement. 

“Servicer Records” means the original and/or any copies of all relevant documents and records, in whatever form or medium, including all
computer tapes, files and discs, relating to the Services, including, without limitation, Insurance Policies and an up-to-date list of all Sub-contractors retained by the relevant Servicer specifying their role and their contact details, which list
shall include all custodians of Vehicle Documents, transporters of Vehicles, repairers of Vehicles and providers of parking space. 

  
 104 

 “Servicer Termination Date” means, in respect of a Servicer, the date on which the
Servicer’s appointment is terminated in accordance with the terms of the relevant Servicing Agreement. 
 “Servicer Termination Event”
has, in respect of the Spanish Servicer, the Italian Servicer, the French Servicer or the Central Servicer, the meaning given to it in clause 15.1.2 of the Spanish Servicing Agreement, clause 13.1.2 of the Italian Servicing Agreement, clause 13.1.2
of the French Servicing Agreement and clause 13.1 of the Central Servicing Agreement respectively. 
 “Servicer Termination Notice” means
the notice served by the FleetCo Security Agent to the Spanish Servicer, the Italian Servicer, French Servicer or the Central Servicer (as applicable) pursuant to clause 15.1 (Termination by notification) of the Spanish Servicing Agreement
and clause 13.1 of the Italian Servicing Agreement and French Servicing Agreement. 
 “Services” means, in respect of a Servicer, the
services to be provided by the Servicer set out in schedule 1 (Services) of the relevant Servicing Agreement to which such Servicer is a party and any other service obligations under the Relevant Transaction Documents and, in relation to the
services provided by Italian Opco to Italian FleetCo, the services set out in the Italian Mandate Agreement. 
 “Service Vehicles” means
any Vehicle which is not intended to be rented to a customer of Opco as part of its daily rental business, including, without limitation, any Vehicle which is used by an Opco for transportation of either its customers or vehicles, provided that, for
the avoidance of doubt, Vehicles used by the employees of any Avis Europe Group member shall not be Service Vehicles. 
 “Servicing
Agreement” means the Spanish Servicing Agreement, the Italian Servicing Agreement, the French Servicing Agreement or the Central Servicing Agreement (as applicable). 

“Servicing Transfer Event” means: 
  

	(a)	in Italy, France and Spain, the fulfilment of each of the following conditions: (i) the occurrence of a Servicer Termination Event in respect of the Italian Servicer, French Servicer or the Spanish Servicer (as
applicable); (ii) the FleetCo Security Agent determines to serve a notice to terminate the relevant Master Lease Agreement to the relevant Opco; and (iii) the FleetCo Security Agent determines to serve a Servicer Termination Notice to the
relevant Opco; and 

  

	(b)	in Germany and The Netherlands, the fulfilment of each of the following conditions: (i) the occurrence of a Servicer Termination Event in respect of the Central Servicer; (ii) the FleetCo Security Agent
determines to serve a notice to terminate the relevant Master Lease Agreement to the relevant Opco; and (iii) the FleetCo Security Agent determines to serve a Servicer Termination Notice to the Central Servicer. 

“Settlement Date” means, in respect of each Calculation Period that ends on the last day of the relevant calendar month, the date falling on
the 20th of the calendar month immediately following the end of such Calculation Period, and, if such date is not a Business Day, the next Business Day and, for the avoidance of doubt, the first
Settlement Date shall be in April 2013. 
 “Signing Date” means 5 March 2013. 

  
 105 

 “Spain Repayment Option” means, in respect of a TRO Default, the Country Repayment Option
applicable to Spanish Opco and Dutch FleetCo, Spanish Branch, as more particularly set out in clause 6 (Country Repayment Option) of the Framework Agreement. 

“Spain TRO Power of Attorney” means the power of attorney dated 5 March 2013 and granted by the Issuer to the attorneys specified
therein in respect of the disposal of the Vehicle Fleet in Spain following the exercise of the Spain Repayment Option. 
 “Spanish Account Bank
Agreement” means the account bank agreement between, among others, Dutch FleetCo and the Dutch FleetCo Spanish Account Bank. 
 “Spanish
Account Mandate” has the meaning given to it in clause 4.1 of the Spanish Account Bank Agreement. 
 “Spanish Civil Procedural
Law” means Law 1/2000 of 7 January (Ley de Enjuiciamiento Civil); 
 “Spanish FleetCo Deed of Charge” means the
English law deed of charge pursuant to which, among other things, Dutch FleetCo, Spanish Branch assigns, pledges and otherwise creates a security over all its rights and interests in and to each of the English Transaction Documents to which it is a
party, in favour of the FleetCo Security Agent. 
 “Spanish FleetCo Secured Creditors” means the Issuer, the Dutch FleetCo Spanish Account
Bank, the Dutch FleetCo Spanish Account Bank Operator, the FleetCo Spanish Back-up Cash Manager, the Central Servicer, the Spanish Servicer and the FleetCo Security Agent (including any Receiver or Appointee thereof). 

“Spanish Master Lease Agreement” means, the master lease agreement dated 5 March 2013 entered into by, amongst others, Dutch FleetCo and
Spanish Opco. 
 “Spanish Obligor” means Spanish Opco and Dutch FleetCo, acting through its Spanish branch. 

“Spanish Opco” means Avis Alquile un Coche S.A. 

“Spanish Opco Event of Default” means an Event of Default in respect of Spanish Opco as the Relevant Person. 

“Spanish Parallel Debt” has the meaning given to it in clause 16.2 (Parallel Debt) of the Framework Agreement. 

“Spanish Public Document” means a documento público, being an escritura pública, póliza or
efecto intervenido por fedatario public. 
 “Spanish Servicer” means Spanish Opco. 

“Spanish Servicing Agreement” means the servicing and cash management agreement dated 5 March 2013 between, among others, Dutch FleetCo,
Spanish Branch and Spanish Opco in respect of Dutch FleetCo, Spanish Branch’s operations in Spain. 
 “Spanish Transaction Document”
means any Transaction Document expressed to be governed by Spanish law. 
 “Spanish Vehicle Documents” means, in respect of Vehicles in
Spain, the keys and spare keys to the Vehicles and the registration and technical documents regarding the Vehicles (Permiso de Circulación and Tarjeta de Características Técnicas). 

“Specified Business Day” means a day (other than Saturday or Sunday) on which banks are generally open for business in London, New York,
Paris, Frankfurt am Main, Madrid, Amsterdam and Milan. 

  
 106 

 “Specified Office” means, in relation to a Registrar, any office notified in accordance with the
relevant Issuer Note Issuance Facility Agreement or with the VFN Funding Agreement. 
 “Standard & Poor’s” or
“S&P” means Standard & Poor’s Rating Services, a division of Standard & Poor’s Credit Markets Service Europe Limited or any successor to its European rating business. 

“Sub-contractor” means any sub-contractor, sub-agent, delegate or representative appointed in accordance with clause 4 of the Italian
Servicing Agreement, clause 5 of the Spanish Servicing Agreement, clause 5 of the French Servicing Agreement or clause 5 of the Central Servicing Agreement. 

“Subordinated Advance Drawdown Notice” means a notice substantially in the relevant form set out in the Framework Agreement pursuant to which
the Issuer irrevocably requests one or more funding of Issuer Subordinated Advances under the Issuer Subordinated Facility Agreement. 

“Subordinated Debt” means all present and future moneys, debts and liabilities due, owing or incurred from time to time by the Issuer to the
Subordinated Lender (in each case, whether alone or jointly, or jointly and severally, with any other person, whether actually or contingently, and whether as principal, surety or otherwise). 

“Subordinated Lender” means Avis Finance Company Limited, a private limited company incorporated in England and Wales, as lender to the
Issuer under the Issuer Subordinated Facility Agreement. 
 “Subordinated Lender Event of Default” means any of the following: 

 

	(a)	Avis Europe ceasing to own the entire share capital of any Opco or Finco, provided that, if there is a change of control of Italian Opco, Spanish Opco or French Opco, such cessation of control is not remedied within 30
days of such cessation of control or (in respect of Spanish Opco) the Spain Repayment Option, (in respect of Italian Opco) the Italy Repayment Option or (in respect of French Opco) the France Repayment Option is not exercised within 30 days of such
cessation of control; 

  

	(b)	the occurrence of an Avis Europe Change of Control, provided that, for the avoidance of doubt, if all outstanding Senior Advances as of the date of such occurrence (and all accrued but unpaid interest thereon) and all
other amounts due to the Senior Noteholders and the other Issuer Secured Creditors (save for the Subordinated Lender) are repaid in full by the Issuer on such date, there shall not be a “Subordinated Lender Event of Default” under this
paragraph (b); 

  

	(c)	the occurrence of a Parent Change of Control; 

  

	(d)	the occurrence and continuation of an “event of default” under the Credit Agreement or Replacement Credit Agreement that is not waived pursuant to the terms of such Credit Agreement or Replacement Credit
Agreement; 

  

	(e)	the Subordinated Lender’s material net economic interest (within the meaning of Article 405 of the CRR) is less than, on an ongoing basis, 5 per cent. or such other figure as shall from time to time be
specified in or by reference to Article 405 of the CRR); and 

  

	(f)	any Event of Default under paragraph (d), paragraph (h) or paragraph (i) of the definition of “Event of Default”. 

“Subordinated Recoveries” means the aggregate of all moneys and other assets received or recovered (whether by way of payment, repayment,
prepayment, distribution, redemption, purchase or defeasance, in cash or in kind, or the exercise of any set-off or otherwise) from time to time by any Subordinated Lender under or in connection with any Subordinated Debt. 

  
 107 

 “Subscriber’s Cost of Funds” means, in respect of an Interest Period: 

 

	(i)	in relation to a Senior Noteholder which is a Financial Institution: 

  

	 	(a)	prior to the service of an Issuer Enforcement Notice, the Applicable EURIBOR; and 

  

	 	(b)	following the service of an Issuer Enforcement Notice to the Issuer, the sum of (x) the Applicable EURIBOR and (y) [REDACTED] per cent. per annum; and 

 

	(ii)	in relation to a Conduit Senior Noteholder: 

  

	 	(a)	through the ABCP Market, (x) the Relevant Conduit CP Rate for such Conduit Senior Noteholder (other than Jupiter Securitization Company LLC or another member of the Senior Noteholder Group in respect of Jupiter
Securitization Company LLC) during such Interest Period, and (y) for the Senior Noteholder Group in respect of Jupiter Securitization Company LLC as a Senior Noteholder, the Applicable EURIBOR during such Interest Period; 

 

	 	(b)	the weighted average rate of interest applicable to the relevant Conduit Senior Noteholder for issuing commercial paper during the relevant Interest Period to fund the purchase and holding of the Senior Notes
(including, for the avoidance of doubt, dealers’ commissions and hedging costs associated with the issue of the relevant commercial paper), provided that if the rate of interest applicable to a Conduit Senior Noteholder is a discount rate, the
Subscriber’s Cost of Funds shall be calculated by converting such discount rate to an interest-bearing equivalent rate per annum; and 

  

	 	(c)	to the extent that such Conduit Senior Noteholder or a member of the Senior Noteholder Group in respect of Jupiter Securitization Company LLC funds its subscription, purchase and/or holding of the Senior Note held by it
during such Interest Period through drawings under a Liquidity Facility Arrangement: 

  

	 	(x)	following an ABCP Market Disruption, the product of: 

  

	 	A.	the sum of (x) the Applicable EURIBOR and (y) [REDACTED] per cent. per annum; and 

  

	 	B.	the percentage of the Senior Notes affected by the ABCP Market Disruption, 

 provided that, in
the six months prior to the date on which the ABCP Market Disruption first occurred, such Conduit Senior Noteholder had issued ABCP to finance the Senior Notes held by it; 
  

	 	(y)	for any reason other than those stated in paragraphs (c)(x) and (c)(z) of this definition, the product of: 

  

	 	A.	the Applicable EURIBOR or such rate; and 

  

	 	B.	the percentage of the Senior Notes held by it that is funded by such drawing; and 

  

	 	(z)	following the service of an Issuer Enforcement Notice to the Issuer, the sum of (x) the Applicable EURIBOR and (y) [REDACTED] per cent. per annum or such rate as the parties to the Issuer Note Issuance
Facility Agreement may agree between them based on an agreed benchmark. 

  
 108 

 “Subsidiary” means, in relation to any company, corporation or legal entity (a “holding
company”), any company, corporation or legal entity: 
  

	(a)	which is controlled, directly or indirectly, by the holding company; 

  

	(b)	more than half the issued share capital of which is beneficially owned, directly or indirectly, by the holding company; or 

  

	(c)	which is a subsidiary of another subsidiary of the holding company, 

 and, for these purposes, a company,
corporation or legal entity shall be treated as being controlled by another if that other company, corporation or legal entity is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

“Substitute Issuer Cash Manager” means any entity which is appointed to perform the Issuer Cash Management Services in place of the Issuer
Cash Manager pursuant to clause 11.3 (Substitute Issuer Cash Manager) or clause 11.4 (Condition to Resignation or Termination) of the Issuer Cash Management Agreement and which satisfies the conditions set out in clause 11.6
(Conditions to Appointment of Substitute Issuer Cash Manager) of the Issuer Cash Management Agreement. 
 “Supplemental Agreement”
means each supplemental agreement entered into between the relevant FleetCo and the relevant Vehicle Manufacturers and/or Vehicle Dealers, or in the case of Vehicle purchased in Germany, each vehicle purchase addendum entered into between the German
Opco and the relevant Vehicle Manufacturers and/or Vehicle Dealers, which, in each case, supplements and replaces certain terms of the Vehicle Purchase Agreements. 

“Supplemental Agreement Report” means a report in a form agreed between the Transaction Agent and the Central Servicer which sets out: 

 

	(a)	in respect of Vehicles purchased in Spain, Italy and France, the inclusion in the relevant Supplemental Agreement of provisions the same or substantially the same as 4 (Volume Targets and Rebates), clause 7
(Repurchase Obligations unconditional), clauses 8.1.1 and 8.1.3 (Termination), clause 9 (Set-Off), clause 10.2 (Transfer to the Supplier) and clause 12.2 (Assignment by the Supplier) as such clauses are contained
Schedule 2 to the relevant Servicing Agreement or, in the case of France, schedule 6 to the French Master Lease Agreement. 

  

	(b)	in respect of Vehicles purchased in Germany and The Netherlands, the inclusion of set-off provisions in the relevant Supplemental Agreement and in the case of The Netherlands, retention of title provisions in the
relevant Supplemental Agreement. 

 “TARGET2” means the Trans-European Automated Real-Time Gross Settlement Express Transfer
payment system which utilises a single shared platform and which was launched on 19 November 2007. 
 “TARGET Day” means any day on
which TARGET2 is open for the settlement of payments in Euro. 
 “Tax” and “tax” means any tax, levy, impost, duty,
assessment or other charge or withholdings of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying the same). 

  
 109 

 “Tax Authority” means any government, state or municipality or any local, state, federal or
other authority, body or official anywhere in the world exercising a fiscal, revenue, customs or excise function. 
 “Tax Credit” means a
credit against, relief or remission for, or repayment of any Tax. 
 “Tax Deduction” means a deduction or withholding for or on account of
Tax other than a FATCA Deduction. 
 “Tax Deed of Covenant” means the tax deed of covenant dated 5 March 2013 as amended, restated,
modified, supplemented or waived from time to time between, among others, the FleetCos, the Opcos, the FleetCo Security Agent, the Issuer and the Issuer Security Trustee, pursuant to which the FleetCos, the Opcos and the Issuer represent, warrant
and undertake in respect of certain tax matters. 
 “Tax on Certain Means of Transport” means the Spanish tax imposed on the registration
of certain means of transport as regulated in Law 38/1992, dated 28 December 1992, on special taxes of Spain. 
 “Tax Payment” means
either the increase in any payment made by the Issuer to a Senior Noteholder or by a FleetCo to the Issuer or by French FleetCo to the FCT under the relevant tax gross-up provisions in the relevant Issuer Transaction Documents or FleetCo Transaction
Documents (as applicable) or any amount payable under any tax indemnity provisions under the relevant Issuer Transaction Documents or FleetCo Transaction Documents (as applicable). 

“Termination Value” means, in relation to a Vehicle and at any time, an amount equal to the Net Book Value of such Vehicle at such time. 

“Third Party Holder” means Spanish Opco in its capacity as third party holder under the Third Party Holding Agreement. 

“Third Party Holding Agreement” means the holding agreement dated on or about hereof in respect of the Spanish Vehicle fleet in respect of
the Public Deed of Pledge and entered into between Spanish Opco, Dutch FleetCo, Spanish Branch and the Issuer. 
 “Third Party Insolvency
Event” means, in respect of a Relevant Third Party, the occurrence of any of the following under any applicable law: 
  

	(a)	any corporate action, legal proceedings or other procedure or step is taken or threatened in relation to: 

  

	 	(i)	bankruptcy, insolvency, or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt (including, without limitation, with respect to any Relevant Third Party
which is subject to insolvency proceedings in Italy, any liquidazione, procedura concorsuale (fallimento, concordato preventivo, liquidazione coatta amministrativa, amministrazione straordinaria or
ristrutturazione industriale delle grandi imprese in stato di insolvenza), cessione dei beni ai creditori or any other similar proceedings)), adjustment, winding-up, examinership, liquidation, dissolution, emergency regulations, legal
de-merger, declaration or other relief with respect to it or its debts; or 

  

	 	(ii)	any expropriation, attachment, sequestration, distress or execution affecting any asset or assets of such Relevant Third Party; or 

  

	 	(iii)	any analogous procedure or step is taken or threatened in any jurisdiction; 

  
 110 

	(b)	the furtherance of, or acquiescence in, any of the acts in paragraph (a) above by such Relevant Third Party; 

  

	(c)	the value of the assets of such Relevant Third Party is less than the amount of its liabilities, taking into account its contingent and prospective liabilities; 

 

	(d)	such Relevant Third Party is or becomes unable to pay its debts as they fall due or insolvent or such Relevant Third Party admits its inability to pay its debts as they fall due; and 

 

	(e)	with respect to any Relevant Third Party which is subject to insolvency proceedings in Germany: 

  

	 	(i)	such Relevant Third Party is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences
negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness and/or is unable to pay its debts as they fall due (zahlungsunfähig) within the meaning of section 17 of the German Insolvency Code
(Insolvenzordnung); 

  

	 	(ii)	such Relevant Third Party is overindebted (überschuldet) within the meaning of section 19 of the German Insolvency Code (Insolvenzordnung); and/or 

 

	 	(iii)	a moratorium is declared in respect of any indebtedness of such Relevant Third Party. 

 “Third Party
Insolvency Proceeding” means any corporate action, legal proceedings or other procedure or step is taken in relation to: 
  

	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, examinership, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Relevant
Third Party; 

  

	(b)	a composition, compromise, assignment or arrangement with any creditor of any Relevant Third Party; 

  

	(c)	the appointment of a liquidator, receiver, examiner, administrative receiver, administrator, compulsory manager or other similar officer in respect of any Relevant Third Party or any of its assets (including, without
limitation, with respect to any Relevant Third Party which is subject to insolvency proceedings in Italy, a curatore, commissario giudiziale, commissario straordinario, commissario liquidatore or any other Relevant Third
Party performing the same function) in respect of it or in respect of any of its assets; 

  

	(d)	enforcement of any Security over any assets of any Relevant Third Party; 

  

	(e)	with respect to any Relevant Third Party which is subject to insolvency proceedings in Germany: 

  

	 	(i)	a petition for insolvency proceedings in respect of its assets (Eröffnungsantrag) has been filed or any event has occurred which constitutes a cause for the initiation of insolvency proceedings
(Eröffnungsantrag) as set out in sections 17 et seq. of the German Insolvency Code (Insolvenzordnung); or 

  

	 	(ii)	any action has been taken pursuant to section 21 of the German Insolvency Code (Insolvenzordnung) by a competent court; 

  
 111 

	(f)	with respect to any Relevant Third Party which is subject to insolvency proceedings in France, any “mandat ad hoc”, “procédure de conciliation”, “procédure de
sauvegarde”, “procédure de redressement judiciaire”, “procédure de liquidation judiciaire” as set out under “LIVRE VI” of the French Code de commerce;

  

	(g)	with respect to any Relevant Third Party which is subject to insolvency proceedings in The Netherlands, any faillissement, surseance van betaling, noodregeling and ontbinding and the
appointment of a curator or bewindvoerder; 

  

	(h)	with respect to any Relevant Third Party which is subject to insolvency proceedings in Italy, any bankruptcy proceedings (faillimento) or any other insolvency proceedings (procedura concorsuale) provided
under Italian Royal Decree 16 March 1942, No. 267, including any arrangement with creditors prior to bankruptcy (accordo di ristrutturazione di debiti and/or piano di risanamento attestato and/or concordato preventive
and/or transazione fiscale), 

 or any analogous procedure or step is taken in respect of the Relevant Third Party in any jurisdiction.

 In respect of a Relevant Third Party in Spain, a reference in this definition to: 

 

	(a)	a “suspension of payments” includes any concurso; 

  

	(b)	a “liquidator” includes a liquidador; 

  

	(c)	an “administrative receiver” includes an administrador judicial; and 

  

	(d)	any “other procedure or step” includes solicitud de inicio de procedimento de concurso, auto de declaración de concurso, convenio judicial o extrajudicial con acreedores and
transacción judicial o extrajudicial. 

 “Third Party Purchase Price” means the amount paid by a Vehicle
Manufacturer, Vehicle Dealer or any other third party purchaser on the sale of a Non-Programme Vehicle by German Opco or Dutch FleetCo (as applicable) in respect of the Vehicle Fleet in The Netherlands only to that person, plus VAT. 

“Third Party Purchase Price VAT Amount” shall have the meaning as ascribed to such term in clause 6.6 of the Master German Fleet Purchase
Agreement. 
 “Total Senior Noteholder Commitments” means €500 million on the Initial Funding Date as increased or decreased
pursuant to clause 5 (Increase in and Intra-Senior Noteholder Group Transfer of Senior Noteholder Commitments) of the Issuer Note Issuance Facility Agreement. 

“Transaction Agent” means Crédit Agricole Corporate and Investment Bank. 

“Transaction Agent Fee Letter” means the fee letter between the Initial Senior Noteholders and CACIB in respect of CACIB’s appointment
as the Transaction Agent and the FleetCo Security Agent. 
 “Transaction Documents” means the Issuer Transaction Documents, the FleetCo
Transaction Documents and the Avis Europe Payment Guarantee. 
 “Transaction Party” means any Party to any Transaction Document. 

“Treasury Transaction” means any currency or interest rate purchase, cap or collar agreement, forward rate agreement, interest rate
agreement, index linked agreement, interest rate or currency or future or option contract, foreign exchange or currency purchase or sale agreement, interest rate swap, currency swap, basis rate swap or combined similar agreement or any derivative
transaction protecting against or benefiting from fluctuations in any rate, index or price. 

  
 112 

 “TRO Defaults” means the Potential Events of Default in relation to which the Italy Repayment
Option, Spain Repayment Option and/or France Repayment Option are available. 
 “TRO Proceeds Confirmation” means the confirmation
by the Issuer (or the Issuer Cash Manager on its behalf) to the Central Servicer, Finco and the Transaction Agent that the Issuer has received: 
  

	(i)	in respect of a Spain Repayment Option, the amounts set out in clause 6.2.1(ii) (Spain) of the Framework Agreement; 

  

	(ii)	in respect of an Italy Repayment Option, the amounts set out in clause 6.2.2(ii) (Italy) of the Framework Agreement; and 

  

	(iii)	in respect of a France Repayment Option, the amounts set out in clause 6.2.3(ii) (France) of the Framework Agreement. 

“Turn-back Date” means, in relation to a Programme Vehicle, the date on which such Programme Vehicle is returned to and accepted by the
relevant Vehicle Manufacturer or Vehicle Dealer pursuant to the terms of the relevant Vehicle Dealer Buy-Back Agreement or Vehicle Manufacturer Buy-Back Agreement. 

“UNCITRAL Regulations” means the Cross-Border Insolvency Regulations 2006, SI2006/1030. 

“Unpaid Sum” means any sum due and payable by the Issuer under any Transaction Document but unpaid. 

“Unrestricted Senior Note” means the Senior Notes issued in the form set out in schedule 3 (Unrestricted Senior Note Certificate) to
the Issuer Note Issuance Facility Agreement. 
 “Unrestricted Senior Note Certificate” means the note certificate set out in schedule 3
(Unrestricted Senior Note Certificate) to the Issuer Note Issuance Facility Agreement. 
 “US Tax Obligor” means: 

 

	(a)	an Avis Obligor, a FleetCo or the Issuer that is resident for tax purposes in the United States of America; or 

  

	(b)	an Avis Obligor, a FleetCo or the Issuer some or all of whose payments under the Transaction Documents are from sources within the United States for US federal income tax purposes. 

“Value Added Tax Group” means a VAT group permitted under Article 11 of Council Directive 2006/112/EC. 

“Van” means a covered boxlike motor vehicle, having at least four wheels and typically having a rear door and/ or sliding doors on the side
panels, used for the carriage of people. 
 “Variable Funding Notes” means the variable funding note issued by the FCT on the Initial
French Funding Date pursuant to the VFN Funding Agreement. 
 “Variable Rent” means, in respect of all Vehicles leased to the Lessee under
the relevant Master Lease Agreement on any date during a Calculation Period, on any Lease Payment Date, or any other date on which accrued rent is due and payable (such date being, for the purpose of this definition only, a Lease Payment Date): 

  
 113 

	(i)	the sum of all amounts payable by the relevant FleetCo under the applicable FleetCo Priority of Payments (in each case excluding any part thereof which represents VAT and excluding further (x) principal due and
payable in respect of the relevant FleetCo Facility Agreement or the VAT Loan Agreement, (y) any amounts which are payable by the relevant FleetCo but for which such FleetCo has been indemnified by, or has otherwise received amounts from, the
Lessee pursuant to the relevant Master Lease Agreement or Servicing Agreement and (z) item (e)(i) of the relevant FleetCo Pre-Enforcement Priority of Payments and item (d) of the relevant FleetCo Post-Enforcement Priority of Payments);

 plus (in respect of Vehicles in Spain, France, The Netherlands and Italy only) 

 

	(ii)	any Monthly Risk Vehicle Loss; 

 minus (in respect of Vehicles in Spain, France, The Netherlands and Italy only)

  

	(iii)	any Monthly Risk Vehicle Profit. 

 “VAT” means: 

 

	(a)	any tax imposed in compliance with the council directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and 

 

	(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above or elsewhere. 

“VAT Amount” shall have the meaning as ascribed to such term in clause 6.4 of the Master German Fleet Purchase Agreement. 

“VAT Component” shall have the meaning assigned to it in clause 4.3 of the Master German Fleet Purchase Agreement. 

“VAT Component and Charge Costs Component Trust Account” means the account with account number 100-9644667-05 in the name of Dutch FleetCo
into which the VAT Component and the Charge Costs Component are paid by German Opco pursuant to the terms of the German Trust Agreement. 

“VAT Loan Advance” means the principal amount of each advance made or to be made under the VAT Loan Agreement. 

“VAT Loan Advance Drawdown Notice” means a duly completed notice substantially in the form set out in schedule 1 (VAT Loan Utilisation
Request) to the VAT Loan Agreement. 
 “VAT Loan Agreement” means (i) in respect of Italian FleetCo, the Italian VAT Loan
Agreement and (ii) in respect of Dutch FleetCo in relation to its Vehicle Fleet in The Netherlands only, the Dutch VAT Loan Agreement. 
 “VAT
Loan Borrower” means Italian FleetCo and/or Dutch FleetCo in relation to its Vehicle Fleet in The Netherlands only, respectively. 
 “VAT
Loan Facility” means the facility made available to the VAT Loan Borrower by the Italian VAT Lender. 
 “VAT Payables” means, at
any time and in relation to Dutch FleetCo, Spanish Branch and French FleetCo, the aggregate of all VAT payments owed by it to the Spanish Tax Authority or French Tax Authority, respectively at such time. 

  
 114 

 “VAT Payables Amount” means, in relation to Dutch FleetCo, Spanish Branch and French FleetCo,
the aggregate amount of its VAT Payables in Spain and France, respectively. 
 “VAT Receivables” means in relation to Dutch FleetCo,
Spanish Branch and French FleetCo, the aggregate of all VAT repayments owed by the Spanish Tax Authority to Dutch FleetCo, Spanish Branch and the French Tax Authority to French FleetCo, respectively, in respect of which evidence satisfactory to the
Transaction Agent (acting reasonably) has been received that such VAT repayment is owed to Dutch FleetCo, Spanish Branch or French FleetCo, as applicable, but excluding any VAT repayment in respect of which security in form and substance acceptable
to the FleetCo Security Agent and the Transaction Agent has not been provided to the Transaction Agent and the FleetCo Security Agent in accordance with the Security Documents. 

“Vehicle” means any Passenger Car, Van or Light Truck. 

“Vehicle Dealer” means, in relation to any Vehicle, the dealership (being an entity which is in the business of buying and selling cars and
which is not a member of any Vehicle Manufacturer Group) which sells or buys such Vehicle to or from the relevant FleetCo (or, in the case of Germany, German Opco and, in the case of The Netherlands, Dutch Opco). 

“Vehicle Dealer Agreements” means Vehicle Dealer Buy-Back Agreements and Vehicle Dealer Purchase Agreements. 

“Vehicle Dealer Buy-Back Agreement” means, in relation to any FleetCo (or, in the case of Germany, German Opco and, in the case of The
Netherlands, Dutch Opco), any agreement providing for a buy-back commitment by such Vehicle Dealer of Vehicles purchased by such FleetCo (or, in the case of Germany, German Opco and, in the case of The Netherlands, Dutch Opco and subsequently sold
to Dutch FleetCo). 
 “Vehicle Dealer Purchase Agreement” means: 
  

	(i)	(in respect of Dutch FleetCo, Spanish Branch, French FleetCo and Italian FleetCo) any purchase agreement between such FleetCo and a Vehicle Dealer entered into prior to the date hereof with respect to any Vehicle;

  

	(ii)	(in respect of Dutch FleetCo, Spanish Branch, French FleetCo and Italian FleetCo) any purchase agreement between such FleetCo and a Vehicle Dealer entered into on or after the date hereof with respect to any Vehicle in
Spain, France, The Netherlands or Italy, provided that such agreement is consistent with the Vehicle Dealer Purchase Agreement existing on the Signing Date with such Vehicle Dealer (if any) taking into consideration any change in the relevant
Vehicle Dealer’s policy or, in the absence of such Vehicle Dealer Purchase Agreement, is in form and substance satisfactory to the Transaction Agent (acting reasonably) and is consistent with other Vehicle Dealer Purchase Agreements of such
FleetCo; 

  

	(iii)	in respect of Dutch FleetCo only and in respect of any Vehicle in Germany, any purchase agreement between German Opco and a Vehicle Dealer entered into on or after the date hereof with respect to any Vehicle in Germany,
provided that such agreement is consistent with the Vehicle Dealer Purchase Agreement existing on the Signing Date with such Vehicle Dealer (if any) taking into consideration any change in the relevant Vehicle Dealer’s policy or, in the absence
of such Vehicle Dealer Purchase Agreement, is in form and substance satisfactory to the Transaction Agent (acting reasonably) and is consistent with other Vehicle Dealer Purchase Agreements of German Opco; and 

  
 115 

	(iv)	in respect of Dutch FleetCo only and in respect of any Vehicle in The Netherlands, any purchase agreement between Dutch Opco, Dutch FleetCo and a Vehicle Dealer entered into on or after the date hereof with respect to
any Vehicle in The Netherlands, provided that such agreement is consistent with the Vehicle Dealer Purchase Agreement existing on the Signing Date with such Vehicle Dealer (if any) taking into consideration any change in the relevant Vehicle
Dealer’s policy or, in the absence of such Vehicle Dealer Purchase Agreement, is in form and substance satisfactory to the Transaction Agent (acting reasonably) and is consistent with other Vehicle Dealer Purchase Agreements of Dutch Opco).

 “Vehicle Dealer Receivables” means, at any time and in relation to any FleetCo (or, in the case of Germany, German Opco),
the aggregate of the unpaid portion of all amounts (excluding amounts in respect of VAT) owed by any Vehicle Dealer to such FleetCo (or, in the case of Germany, German Opco) at such time pursuant to the disposition by such FleetCo (or, in the case
of Germany, German Opco) of any Vehicle under any Vehicle Dealer Buy-Back Agreement. 
 “Vehicle Documents” means the German Vehicle
Documents, the Italian Vehicle Documents, the French Vehicle Documents, the Dutch Vehicle Documents and the Spanish Vehicle Documents. 
 “Vehicle
Fleet” means, at any Calculation Date or (if relevant) the Intra-Month Cut-Off Date and in relation to any Country, all Vehicles that have been delivered to, or to the order of, the relevant FleetCo and that are legally owned by such
FleetCo free and clear of all liens (other than a retention of title in favour of the corresponding Vehicle Manufacturer or Vehicle Dealer (as applicable)). 

“Vehicle Manufacturer” means, in relation to any Vehicle: 
  

	(a)	any member of a Vehicle Manufacturer Group who is party to a Vehicle Manufacturer Purchase Agreement in respect of such Vehicle with (i) in respect of Spain, France, The Netherlands and Italy, any relevant FleetCo
and (ii) in respect of Germany and The Netherlands, German Opco and Dutch Opco respectively; or 

  

	(b)	a vehicle manufacturer who is not a member of a Vehicle Manufacturer Group and who is party to a Vehicle Manufacturer Purchase Agreement in respect of such Vehicle with (i) in respect of Spain, France, The
Netherlands and Italy, any relevant FleetCo and (ii) in respect of Germany and The Netherlands, German Opco and Dutch Opco respectively. 

“Vehicle Manufacturer Agreements” means Vehicle Manufacturer Buy-Back Agreements and Vehicle Manufacturer Purchase Agreements. 

“Vehicle Manufacturer Buy-Back Agreement” means, in relation to any FleetCo, any agreement between such FleetCo (or, in respect of Vehicles
in Germany, German Opco and, in respect of Vehicles in The Netherlands, Dutch Opco) and a Vehicle Manufacturer and providing for a buy-back commitment by such Vehicle Manufacturer in favour of or for the benefit of such FleetCo (or, in respect of
Vehicles in Germany, German Opco). 
 “Vehicle Manufacturer Event of Default” means, with respect to any Vehicle Manufacturer, either of
the following circumstances: 
  

	(i)	the relevant Vehicle Manufacturer has failed to pay when due pursuant to the terms of the relevant Vehicle Manufacturer Programmes and: 

 

	 	(a)	such failure continues unremedied for a period of 30 calendar days or more, the Euro Equivalent of €30,000,000 at such time; 

  
 116 

	 	(b)	such amounts are not being contested in good faith by such Vehicle Manufacturer as evidenced in writing questioning the accuracy of amounts paid or payable with respect to certain Vehicles subject to Vehicle
Manufacturer Programmes entered into by such Vehicle Manufacturer, (but excluding amounts arising pursuant to a general repudiation by such Vehicle Manufacturer of all of its obligations under all of its Vehicle Manufacturer Programmes with such
FleetCo); and 

  

	 	(c)	such FleetCo has not established an adequate reserve (as determined by such FleetCo, acting reasonably) in respect of such amounts; or 

 

	(ii)	any of the Vehicle Manufacturer Insolvency Events, Vehicle Manufacturer Insolvency Proceedings or Execution or Distress Events occurs in respect of such Vehicle Manufacturer and/or the Vehicle Manufacturer Group Head
Entity of the Vehicle Manufacturer Group of which such Vehicle Manufacturer is a member. 

 “Vehicle Manufacturer Group”
means each vehicle manufacturer group identified as such in schedule 17 (Vehicle Manufacturer Group Table) to the Framework Agreement as such schedule may be amended from time to time as provided for therein, it being provided that each such
Vehicle Manufacturer Group shall include (a) the relevant Vehicle Manufacturer Group Head Entity set out in the relevant column in the above-mentioned table opposite that group, (b) the relevant Vehicle Manufacturer Group Rating Entity set
out in the relevant column in the above-mentioned table opposite that Vehicle Manufacturer Group (if any) and (c) any Subsidiary of such Vehicle Manufacturer Group Head Entity (and each such entity shall be a “member” of such Vehicle
Manufacturer Group). 
 “Vehicle Manufacturer Group Head Entity” has the meaning ascribed to it in the table set out in schedule 17
(Vehicle Manufacturer Group Table) to the Framework Agreement as such schedule may be amended from time to time as provided for therein with respect to the relevant Vehicle Manufacturer Group. 

“Vehicle Manufacturer Group Rating Entity” has the meaning ascribed to it in the table set out in schedule 17 (Vehicle Manufacturer Group
Table) to the Framework Agreement as such schedule may be amended from time to time as provided for therein with respect to the relevant Vehicle Manufacturer Group. 

“Vehicle Manufacturer Guarantee” means, in relation to any Vehicle Dealer and any Vehicle Dealer Buy-Back Agreement, any guarantee granted by
a Vehicle Manufacturer benefiting any FleetCo (or, in the case of Germany, German Opco and, in the case of The Netherlands, Dutch FleetCo and Dutch Opco) with respect to the obligations of such Vehicle Dealer under such Vehicle Dealer Buy-Back
Agreement, which guarantee, if entered into after the date hereof, shall be in form and substance satisfactory to the Transaction Agent (acting reasonably). 

“Vehicle Manufacturer Insolvency Event” means, in relation to any Vehicle Manufacturer, the occurrence of any of the following under any
applicable law: 
  

	(a)	any corporate action, legal proceedings or other procedure or step is taken or threatened in relation to: 

  

	 	(i)	bankruptcy, insolvency or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent (including, without limitation, with respect to any Vehicle
Manufacturer which is subject to insolvency proceedings in Italy, any liquidazione, procedura concorsuale (fallimento, concordato preventivo, liquidazione coatta amministrativa, amministrazione straordinaria
or ristrutturazione industriale delle grandi imprese in 

  
 117 

	 	
stato di insolvenza), cessione dei beni ai creditori or any other similar proceedings)), adjustment, winding-up, examinership, liquidation, dissolution, emergency regulations, legal
de-merger, declaration or other relief with respect to it or its debts; or 

  

	 	(ii)	any expropriation, attachment, sequestration, distress or execution affecting any asset or assets of such Vehicle Manufacturer; or 

  

	 	(iii)	enforcement of any Security Interests over any assets of such Vehicle Manufacturer, 

 or any
analogous procedure or step is taken or threatened in any jurisdiction; 
  

	(b)	the furtherance of, or acquiescence in, any of the acts in paragraph (a) above by such Vehicle Manufacturer; 

  

	(c)	the value of the assets of such Vehicle Manufacturer is less than the amount of its liabilities, taking into account its contingent and prospective liabilities; 

 

	(d)	such Vehicle Manufacturer is or becomes unable to pay its debts as they fall due or insolvent or such Vehicle Manufacturer admits its inability to pay its debts as they fall due; and 

 

	(e)	with respect to any Vehicle Manufacturer which is subject to insolvency proceedings in Germany: 

  

	 	(i)	such Vehicle Manufacturer is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences
negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness and/or is unable to pay its debts as they fall due (zahlungsunfähig) within the meaning of section 17 of the German Insolvency Code
(Insolvenzordnung); 

  

	 	(ii)	such Vehicle Manufacturer is overindebted (überschuldet) within the meaning of section 19 of the German Insolvency Code (Insolvenzordnung); and/or 

 

	 	(iii)	a moratorium is declared in respect of any indebtedness of such Vehicle Manufacturer. 

 “Vehicle
Manufacturer Insolvency Proceeding” means any corporate action, legal proceedings or other procedure or step is taken in relation to: 
  

	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, examinership, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Vehicle
Manufacturer; 

  

	(b)	a composition, compromise, assignment or arrangement with any creditor of any Vehicle Manufacturer; 

  

	(c)	the appointment of a liquidator, receiver, examiner, administrative receiver, administrator, compulsory manager or other similar officer in respect of any Vehicle Manufacturer or any of its assets (including, without
limitation, with respect to any Vehicle Manufacturer which is subject to insolvency proceedings in Italy, a curatore, commissario giudiziale, commissario straordinario, commissario liquidatore or any other Vehicle
Manufacturer performing the same function); 

  

	(d)	enforcement of any Security over any assets of any Vehicle Manufacturer; 

  
 118 

	(e)	with respect to any Vehicle Manufacturer which is subject to insolvency proceedings in Germany: 

  

	 	(i)	a petition for insolvency proceedings in respect of its assets (Eröffnungsantrag) has been filed or any event has occurred which constitutes a cause for the initiation of insolvency proceedings
(Eröffnungsantrag) as set out in sections 17 et seq. of the German Insolvency Code (Insolvenzordnung); or 

  

	 	(ii)	any action has been taken pursuant to section 21 of the German Insolvency Code (Insolvenzordnung) by a competent court; 

  

	(f)	with respect to any Vehicle Manufacturer which is subject to insolvency proceedings in France, any “mandat ad hoc”, “procédure de conciliation”, “procédure de
sauvegarde”, “procédure de redressement judiciaire”, “procédure de liquidation judiciaire” as set out under “LIVRE VI” of the French Code de commerce;

  

	(g)	with respect to any Vehicle Manufacturer which is subject to insolvency proceedings in The Netherlands, any faillissement, surseance van betaling, noodregeling and ontbinding and the
appointment of a curator or bewindvoerder; 

  

	(h)	with respect to any Vehicle Manufacturer which is subject to insolvency proceedings in Italy, any bankruptcy proceedings (faillimento) or any other insolvency proceedings (procedura concorsuale) provided
under Italian Royal Decree 16 March 1942, No. 267, including any arrangement with creditors prior to bankruptcy (accordo di ristrutturazione di debiti and/or piano di risanamento attestato and/or concordato preventive
and/or transazione fiscale), 

 or any analogous procedure or step is taken in respect of the Vehicle Manufacturer in any jurisdiction.

 In respect of a Vehicle Manufacturer in Spain, a reference in this definition to: 

 

	(a)	a “suspension of payments” includes any concurso; 

  

	(b)	a “liquidator” includes a liquidador; 

  

	(c)	an “administrative receiver” includes an administrador judicial; and 

  

	(d)	any “other procedure or step” includes solicitud de inicio de procedimento de concurso, auto de declaración de concurso, convenio judicial o extrajudicial con acreedores and
transacción judicial o extrajudicial. 

 “Vehicle Manufacturer Programme” means, in relation to any
FleetCo and any Vehicle Manufacturer, any Vehicle Manufacturer Buy-Back Agreement to which such Vehicle Manufacturer and such FleetCo (or, in the case of Germany, German Opco and, in the case of The Netherlands, Dutch FleetCo and Dutch Opco) are
parties and any Vehicle Manufacturer Guarantee from which such FleetCo (or, in the case of Germany, German Opco and, in the case of The Netherlands, Dutch FleetCo and Dutch Opco) benefits. 

“Vehicle Manufacturer Purchase Agreement” means, in relation to any FleetCo: 

 

	(a)	any purchase agreement between such FleetCo and a Vehicle Manufacturer entered into prior to the date hereof with respect to any Vehicle; and 

 

	(b)	 any purchase agreement between such FleetCo and a Vehicle Manufacturer entered into on or after the date hereof with respect to any Vehicle, provided
that such agreement is consistent with the Vehicle Manufacturer Purchase Agreement and Vehicle Manufacturer 

  
 119 

	 	
Buy-Back Agreement existing on the Signing Date with such Vehicle Manufacturer (if any) taking into consideration any change in the relevant Vehicle Manufacturer’s policy or, in the absence
of such Vehicle Manufacturer Purchase Agreement, is in form and substance satisfactory to the Transaction Agent (acting reasonably) and is consistent with other Vehicle Manufacturer Purchase Agreements of such FleetCo. 

“Vehicle Manufacturer Receivables” means, at any time and in relation to any Country, the aggregate of all amounts (excluding amounts in
respect of VAT and volume bonuses) owed by any Vehicle Manufacturer in such Country to the relevant FleetCo) in respect of the Vehicle Fleet in such Country at such time pursuant to the disposition by such FleetCo) of any Vehicle under any Vehicle
Manufacturer Buy-Back Agreement and to any Vehicle Manufacturer Guarantee. 
 “Vehicle Manufacturer Repurchase Price” means, in relation to
a Vehicle, the purchase price or other consideration payable by the relevant Vehicle Manufacturer or Vehicle Dealer to (in respect of Vehicles in Italy, France, The Netherlands or Spain) the relevant FleetCo or (in respect of Vehicles in Germany)
German Opco (or a person determined by German Opco) for the repurchase by the Vehicle Manufacturer or Vehicle Dealer of such Vehicle, as provided for in the relevant Vehicle Manufacturer Agreement or Vehicle Dealer Agreement, plus VAT. 

“Vehicle Purchasing Agreement” means an agreement pursuant to which a FleetCo, Dutch Opco or German Opco purchases Vehicles from a Vehicle
Manufacturer or Vehicle Dealer. 
 “Vehicle Ratio” means, in respect of a Vehicle on a Lease Determination Date, the Net Book Value of such
Vehicle on the Calculation Date immediately preceding such Lease Determination Date divided by the Borrower Vehicle Fleet NBV in relation to such FleetCo on such Calculation Date. 

“Vehicle Request Notice” means the vehicle request notice in the form of schedule 2 (Form of Vehicle Request Notice) to the relevant
Master Lease Agreement. 
 “Vehicle Schedule” means, in relation to the Spanish Master Lease Agreement, an Individual Vehicle Schedule or a
Global Vehicle Schedule, in relation to the French Master Lease Agreement, a vehicle schedule substantially in the form of schedule 3 to the French Master Lease Agreement and, in relation to the Italian Master Lease Agreement, a vehicle schedule
substantially in the form of schedule 3 to the Italian Master Lease Agreement. 
 “VFN Advance” means each advance made available to the
FCT under the VFN Funding Agreement and by which the VFN Principal Amount Outstanding is increased. 
 “VFN Advance Drawdown Date” means
the date of funding of each VFN Advance by the Issuer pursuant to the relevant VFN Advance Drawdown Notice. 
 “VFN Advance Drawdown
Notice” means a notice substantially in the relevant form set out in the Framework Agreement pursuant to which the FCT irrevocably requests one or more funding of VFN Advance(s) under the VFN Funding Agreement. 

“VFN Final Repayment Date” has the meaning ascribed to such terms in clause 7.1.1 of the VFN Funding Agreement. 

“VFN Funding Agreement” means the VFN funding agreement entered into between the Issuer and the FCT. 

“VFN Funding Agreement Purchase Option” has the meaning given to it in clause 6.2.3(vii) of the Framework Agreement. 

  
 120 

 “VFN Note Certificate” means the note certificate set out in Schedule 1 to the VFN Funding
Agreement. 
 “VFN Principal Amount Outstanding” means, on any date in respect of the Variable Funding Note, the current principal amount
outstanding of such Variable Funding Note as reflected on the FCT Register on such date. 
 “VFN Repayment” means a payment of principal
under the VFN Funding Agreement made by the FCT to the Issuer on the VFN Repayment Date and by which the VFN Principal Amount Outstanding is decreased. 

“Voluntary Insolvency Event” means: 
  

	(i)	the occurrence of an event referred to in paragraph (c) or paragraph (e) under the definition of “Insolvency Proceedings” in respect of Italian Opco, Italian FleetCo, Dutch Opco, French Opco, French
FleetCo or Spanish Opco, provided that: 

  

	 	(a)	the reference to a meeting of such person in paragraph (c) shall mean a meeting convened by the directors of Italian Opco, Italian FleetCo, Dutch Opco, French Opco, French FleetCo or Spanish Opco; and

  

	 	(b)	the reference to protection granted (including any moratorium) from its creditors under paragraph (e) shall mean protection granted by or at the request of Italian Opco, Italian FleetCo, Dutch Opco, French Opco,
French FleetCo or Spanish Opco or any of their directors; 

  

	(ii)	(A) the occurrence of an event referred to in paragraph (b)(i)(y) under the definition of “Insolvency Proceedings” in respect of Italian Opco, Dutch Opco, French Opco and Spanish Opco or (B) the
occurrence of an event referred to in paragraph (b)(i)(x) or paragraph (b)(ii) under the definition of “Insolvency Proceedings” in respect of Italian FleetCo or French FleetCo, provided, in each case, that the reference to a corporate
action, legal proceedings or other procedure or step of such person in the relevant sub-paragraph (b) of the definition of “Insolvency Proceedings” shall mean a corporate action, legal proceedings or other procedure or step taken by
or at the request of Italian Opco, Italian FleetCo, Dutch Opco, French Opco, French FleetCo or Spanish Opco (as applicable) or any of their directors; 

  

	(iii)	the occurrence of an event in respect of Italian Opco, Italian FleetCo, Dutch Opco, French Opco, French FleetCo or Spanish Opco referred to in paragraph (i) of the definition of “Insolvency Proceedings”
which has an effect equivalent or substantially similar to any of those mentioned in paragraph (b)(i)(y), paragraph (b)(i)(x), paragraph (b)(ii), paragraph (c) or paragraph (e) of the definition of “Insolvency Proceedings”, as
applicable, in each case where such event occurs at the request of or on the application by the directors of Italian Opco, Italian FleetCo, Dutch Opco, French Opco, French FleetCo or Spanish Opco; 

 

	(iv)	the occurrence of an event referred to in paragraph (g) of the definition of “Insolvency Proceedings” in respect of Italian Opco, Italian FleetCo, Dutch Opco, French Opco, French FleetCo or Spanish Opco
where the Insolvency Official referred to therein is appointed at the request of, or the application to appoint the Insolvency Officer referred to therein has been made by, the directors of Italian Opco, Italian FleetCo, Dutch Opco, French Opco,
French FleetCo or Spanish Opco; or 

  
 121 

	(v)	Italian Opco, Italian FleetCo, Dutch Opco, French Opco, French FleetCo or Spanish Opco is or becomes Insolvent as per paragraph (b) or paragraph (c) of the definition of “Insolvent”.

 “Voting Stock” means, with respect to any person, the common stocks or membership interests of such person and any other
security of, or ownership interest in, such person having ordinary voting power to elect a majority of the board of directors or a majority of the managers (or other persons serving similar functions) of such person. 

“Weighted Average Exposure Rate” means, in respect of all the outstanding Treasury Transactions entered into by the Issuer, the weighted
average of: 
  

	(i)	in the case of an interest rate Treasury Transaction, the fixed rate (per annum) payable by the Issuer to the Issuer Hedge Counterparties as scheduled payments in accordance with the relevant Issuer Hedging Agreement;
and 

  

	(ii)	in the case of an interest rate cap Treasury Transaction, the interest rate cap rate (per annum) set out in the relevant Issuer Hedging Agreement, 

pro rata to the Notional Amount (as defined in the relevant Confirmations (as defined in the relevant Issuer Hedging Agreement)) of such Treasury
Transaction. 
  

	2	Principles of Interpretation and Construction 

 Each of the parties hereto agrees that in
any agreement, deed or other document expressly stating that it shall be construed and interpreted in accordance with the provisions of this Clause 2 (Principles of Interpretation and Construction) (a “Relevant Document”):

  

	2.1	references to: 

  

	 	(i)	such Relevant Document: 

  

	 	(a)	are to such Relevant Document (as from time to time amended, varied, supplemented, modified, suspended, assigned or novated, in each case, however fundamental and in accordance with such Relevant Document) and any other
document executed in accordance with such Relevant Document (as from time to time so amended, varied, supplemented, modified, suspended, assigned or novated, in each case, however fundamental) and expressed to be supplemental to such Relevant
Document; and 

  

	 	(b)	include its Schedules and references to paragraphs, clauses, Recitals, or Schedules are (unless specified otherwise) references to such provisions of such Relevant Document; 

 

	 	(ii)	any other agreement, deed, instrument, licence, code or other document, or to a provision contained in any of these, shall be construed, at the particular time, as a reference to it as it may then have been amended,
varied, supplemented, modified, suspended, assigned or novated, in each case, however fundamental and, in respect of the FleetCo Facility Agreements, the VFN Funding Agreement and the Issuer Note Issuance Facility Agreement, shall include all
amendments, variations, supplements, modifications, suspensions, assignments or novations providing for further FleetCo Advances or Senior Advances (as applicable); 

  
 122 

	 	(iii)	any party to any Transaction Document include its successors in title, permitted assigns and permitted transferees; 

  

	 	(iv)	“Senior Notes” are to the Senior Notes for the time being outstanding and include any replacement Senior Notes issued pursuant to the Issuer Note Issuance Facility Agreement; 

 

	 	(v)	fees, costs, charges or expenses include any value added, turnover or similar tax charged in respect thereof; 

  

	 	(vi)	an action, remedy or method of judicial proceedings for the enforcement of creditors’ rights include references to the action, remedy or method of judicial proceedings in jurisdictions other than England as shall
most nearly approximate thereto; 

  

	 	(vii)	a statute or statutory provision include that statute or provision as from time to time modified, re-enacted or consolidated; 

  

	 	(viii)	a “judgment” include any order, injunction, determination, award or other judicial or arbitral measure in any jurisdiction; 

 

	 	(ix)	a “person” include any company, partnership or unincorporated association (whether or not having separate legal personality); 

 

	 	(x)	a “company” include any company, corporation or body corporate, wherever incorporated; 

  

	 	(xi)	“assets” include present and future properties, revenues and rights of every description; 

  

	 	(xii)	“indebtedness” include any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(xiii)	a “regulation” include any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency,
department or regulatory, self-regulatory or other authority or organisation; 

  

	 	(xiv)	“the service of an Issuer Enforcement Notice” mean the giving of an Issuer Enforcement Notice to the Issuer in accordance with clause 8.1 (Notification of Enforcement) of the Issuer Deed of
Charge; 

  

	 	(xv)	“the service of an FleetCo Enforcement Notice” mean the giving of a FleetCo Enforcement Notice to the relevant FleetCo in accordance with clause 8.1 (Notification of Enforcement) of the relevant
FleetCo Deed of Charge; 

  

	 	(xvi)	“the FleetCo in a/each/the relevant/such Country” shall mean, in the context of Dutch FleetCo, either Dutch FleetCo’s Vehicle Fleet in Germany, Dutch FleetCo’s Vehicle Fleet in The Netherlands
or Dutch FleetCo, Spanish Branch’s Vehicle Fleet in Spain, as applicable; 

  

	 	(xvii)	 “Dutch FleetCo” shall, in the context of Dutch FleetCo’s activities in relation to the Spanish Vehicle Fleet, mean Dutch
FleetCo, Spanish Branch and, in all other contexts, Dutch FleetCo acting through its headquarters in The Netherlands, provided further that, for the avoidance of doubt, a reference to Dutch FleetCo in

  
 123 

	 	
the Transaction Documents shall always be a reference to the Dutch FleetCo in relation to its Vehicle Fleet in Spain, Germany or The Netherlands and provided further that a reference to Dutch
FleetCo’s Vehicle Fleet in the Netherlands shall mean the Vehicle Fleet Dutch FleetCo has purchased from Dutch Opco, a reference to Dutch FleetCo’s Vehicle Fleet in Germany shall mean the Vehicle Fleet Dutch FleetCo has purchased from
German Opco and a reference to Dutch FleetCo, Spanish Branch’s Vehicle Fleet in Spain shall mean the Vehicle Fleet owned by Dutch FleetCo, Spanish Branch, as the context may require, unless expressly specified otherwise; 

 

	 	(xviii)	in respect of a Country Repayment Option, a Spain Repayment Option, an Italy Repayment Option or a France Repayment Option, “exercise”, “exercises” or “exercised” shall
mean the delivery of the TRO Proceeds Confirmation by the Issuer (or the Issuer Cash Manager on its behalf) to the Transaction Agent, the Central Servicer and Finco in accordance with clause 6 (Country Repayment Option) of the Framework
Agreement; 

  

	 	(xix)	an “Act” of parliament or any other governmental authority is a reference to such act as amended superseded, supplemented or replaced from time to time; 

 

	 	(xx)	an “amendment” includes a supplement, novation, restatement or re-enactment and “amended” will be construed accordingly; 

 

	 	(xxi)	an “approval” shall be construed as a reference to any approval, consent, authorisation, exemption, permit, licence, registration, filing or enrolment by or with any competent authority;

  

	 	(xxii)	an “authorisation” includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration or notarisation; 

 

	 	(xxiii)	a “currency” is a reference to the lawful currency for the time being of the relevant country; 

  

	 	(xxiv)	“disposal” means a sale, transfer, grant, lease or other disposal, whether voluntary or involuntary, and “dispose” will be construed accordingly; 

 

	 	(xxv)	any reference in the Transaction Documents to an action being “contemplated by”, “contemplated under” or similar references in a Transaction Document shall, for the avoidance of doubt,
not include an action which is expressly prohibited in such Transaction Document; 

  

	 	(xxvi)	“set-off” shall include analogous rights in other relevant jurisdictions; 

  

	 	(xxvii)	“repay”, “redeem” and “pay” shall each include both of the others and cognate expressions shall be construed accordingly; 

 

	 	(xxviii)	a “successor” of any party shall be construed so as to include an assignee or successor in title of such party and any person who under the laws of the jurisdiction of incorporation or domicile of such
party has assumed the rights and obligations of such party under any Transaction Document or to which, under such laws, such rights and obligations have been transferred; 

 

	 	(xxix)	all references to the “Irish Companies Act 1963-2012”, “Companies Act 1963 of Ireland” and “Irish Companies (Amendment) Act 1990” are to such legislation, each as may
be modified, re-enacted, consolidated or superseded; and 

  
 124 

	 	(xxx)	“acting reasonably” or similar references means, in relation to the FleetCo Security Agent or the Transaction Agent (a) acting on the instructions of any of the Senior Noteholders pursuant to and
in accordance with clause 13.4 (Consents, Directions, Instructions, Amendments, Waivers and Modifications of Transaction Documents by the Transaction Agent) of the Framework Agreement and clause 14.2 (Instructions to FleetCo Security Agent)
of the Framework Agreement or (b) acting in a reasonable manner; 

  

	 	(xxxi)	“consent or approval not to be unreasonably withheld” or similar references mean, in relation to the FleetCo Security Agent or the Transaction Agent, that, in determining whether to give such consent or
approval, the FleetCo Security Agent or the Transaction Agent (as applicable) shall have regard to the time necessary to seek and act upon the instructions of the Senior Noteholders pursuant to and in accordance with clause 13.4 (Consents,
Directions, Instructions, Amendments, Waivers and Modifications of Transaction Documents by the Transaction Agent) of the Framework Agreement and clause 14.2 (Instructions to FleetCo Security Agent) of the Framework Agreement;

  

	 	(xxxii)	“may reasonably direct”, “may reasonably request” or “may reasonably require” or similar references means, in relation to the FleetCo Security Agent or the Transaction
Agent, such directions or requests acting on the instructions of any of the Senior Noteholders pursuant to and in accordance with clause 13.4 (Consents, Directions, Instructions, Amendments, Waivers and Modifications of Transaction Documents by
the Transaction Agent) of the Framework Agreement and clause 14.2 (Instructions to FleetCo Security Agent) of the Framework Agreement; 

  

	 	(xxxiii)	the ratings of Vehicle Manufacturers in “Non-Investment Grade Vehicle Manufacturer Receivables (for which a FleetCo holds enforceable title)”, “Non-Investment Grade Vehicle
Manufacturer”, “Investment Grade Vehicle Manufacturer”, “Investment Grade Vehicle Manufacturer Receivables”, “Investment Grade Programme Vehicles”, “Investment Grade Non-Programme
Vehicles”, “Non-Investment Grade Programme Vehicles”, “Non-Investment Grade Non-Programme Vehicles” or any other ratings of Vehicle Manufacturers referred to in such definition or the definitions of
“Credit Enhancement Matrix”, “Concentration Limit” or related definitions shall mean, in respect of any date, such rating of the relevant Vehicle Manufacturer on the immediately preceding Calculation Date or the immediately
preceding Intra-Month Cut-off Date, as applicable; 

  

	 	(xxxiv)	 the English Transaction Documents shall, in the context of (i) the Dutch FleetCo Deed of Charge, exclude the FleetCo Spanish Facility Agreement,
the FleetCo German Facility Agreement, the Spanish FleetCo Deed of Charge, the German FleetCo Deed of Charge and the FleetCo Security Powers of Attorney granted under the Spanish FleetCo Deed of Charge and the German FleetCo Deed of Charge;
(ii) the German FleetCo Deed of Charge, exclude the FleetCo Spanish Facility Agreement, the FleetCo Dutch Facility Agreement, the Spanish FleetCo Deed of Charge, the Dutch FleetCo Deed of Charge and the FleetCo Security Powers of Attorney
granted under the Spanish FleetCo Deed of Charge and the Dutch FleetCo Deed of Charge; and (iii) the Spanish FleetCo Deed of Charge, exclude the FleetCo Dutch Facility Agreement, the FleetCo German Facility

  
 125 

	 	
Agreement, the Dutch FleetCo Deed of Charge, the German FleetCo Deed of Charge and the FleetCo Security Powers of Attorney granted under the Dutch FleetCo Deed of Charge and the German FleetCo
Deed of Charge; 

  

	 	(xxxv)	items (i) (Framework Agreement), (ii) (Master Definitions Agreement), (iii) (Funds Flow Agreement), (iv) (Tax Deed of Covenant), (xiii) (Central Servicing Agreement), (xiv) (FleetCo Back-up
Cash Management Agreement), (xvi) (Finco Payment Guarantee), (xvii) (Parent Performance Guarantee), (xx) (Liquidation Agency Agreement) and (xxiv) (Lessor Power of Attorney) of the English Transaction Documents shall: (x) in
the definition of Dutch FleetCo Deed of Charge and in the context of enforcement of the Dutch FleetCo Dutch Secured Property (as applicable) be construed as references to such items to the extent of the Dutch FleetCo Level Dutch Advances Proportion
only; (y) in the definition of Spanish FleetCo Deed of Charge and in the context of enforcement of the Dutch FleetCo Spanish Secured Property (as applicable), be construed as references to such items to the extent of the Dutch FleetCo Level
Spanish Advances Proportion only; and (z) in the definition of German FleetCo Deed of Charge and in the context of enforcement of the Dutch FleetCo German Secured Property (as applicable), be construed as references to such items to the extent
of the Dutch FleetCo Level German Advances Proportion only; and 

  

	 	(xxxvi)	the proceeds of enforcement of any security over the Dutch FleetCo Share Pledge and the Dutch FleetCo Management Documents shall be construed as being to the extent of the Dutch FleetCo Level Dutch Advances Proportion,
Dutch FleetCo Level Spanish Advances Proportion or the Dutch FleetCo Level German Advances Proportion, as appropriate. 

  

	2.2	use of the singular shall include the plural and vice versa; 

  

	2.3	headings are for ease of reference only and shall be ignored in interpreting such Relevant Document; 

  

	2.4	all notices to be given by any Party and all other communications and documentation which are in any way relevant to such Relevant Document or the performance or termination of such Relevant Document shall be in
the English language; 

  

	2.5	any statement qualified by reference to a party’s state of knowledge, belief or awareness shall be deemed to include an additional statement that, before making it, the relevant party has made such enquiry as it
would be reasonable to expect it to have made; 

  

	2.6	the words “include” and “including” are to be construed without limitation; 

  

	2.7	time shall be of the essence of such Relevant Document; and 

  

	2.8	a Default (other than an Event of Default) is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has not been waived. 

 

	3	Incorporation of Common Terms and Clause 24 of the Framework Agreement 

 This Agreement
shall have expressly and specifically incorporated into it the Common Terms and clause 24 (Consents, Amendments, Waivers and Modifications) of the Framework Agreement as though they were set out in full in this Agreement. If there is any
conflict between this Agreement and the incorporated Common Terms or clause 24 (Consents, Amendments, Waivers and Modifications) of the Framework Agreement, such incorporated Common Terms and clause 24 (Consents, Amendments, Waivers and
Modifications) of the Framework Agreement shall prevail. 

  
 126 

	4	Governing Law and Jurisdiction 

  

	4.1	This Agreement and any non-contractual obligations arising out of it or in connection with it shall be governed by English law. 

  

	4.2	The courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement and accordingly any legal action or proceedings arising out of or in connection with this
Agreement may be brought in such courts. The parties irrevocably submit to the jurisdiction of such courts and waive any objection to Proceedings in such courts whether on the ground of venue or on the ground that the Proceedings have been brought
in an inconvenient forum. These submissions are for the benefit of the Issuer Security Trustee, the FleetCo Security Agent and the Transaction Agent and shall not limit the right of the Issuer Security Trustee, the FleetCo Security Agent or the
Transaction Agent to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in any one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not).

  

	5	Enforcement 

  

	5.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or
any non-contractual obligation arising out of or in connection with this Agreement). 

  

	5.2	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no such Party will argue to the contrary. 

 

	5.3	This Clause 5 (Enforcement) is for the benefit of the Issuer Secured Creditors and the FleetCo Secured Creditors only. As a result, no Issuer Secured Creditor and no FleetCo Secured Creditor shall be
prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, such Parties may take concurrent proceedings in any number of jurisdictions. 

  
 127 

 Schedule 1 

The Parties 
 Part 1

 Opcos, Servicers and Lessees 

Opcos 
  

			
	 Name of Opcos
	  	 Registration number (or equivalent, if any)

	Avis Budget Autovermietung GmbH & Co. KG (the “German Opco”)	  	HRA 3033
		
	Avis Budget Italia S.p.A. (the “Italian Opco”)	  	00421940586
		
	Avis Alquile un Coche S.A. (the “Spanish Opco”)	  	A28152767
		
	Avis Budget Autoverhuur B.V. (the “Dutch Opco”)	  	33129079 in The Netherlands
		
	Avis Location de Voitures SAS (the “French Opco”)	  	652 023 961 RCS Nanterre

 Servicers (excluding the Central Servicer) 

 

			
	 Name of Servicers
	  	 Registration number (or equivalent, if any)

	Avis Alquile un Coche S.A. (the “Spanish Servicer”) in respect of Dutch FleetCo’s fleet in Spain	  	A28152767
		
	In respect of Italian FleetCo: Avis Budget Italia S.p.A. (the “Italian Servicer”)	  	00421940586
		
	In respect of French FleetCo: Avis Location de Voitures SAS (the “French Servicer”)	  	652 023 961 RCS Nanterre

 Lessees 
  

			
	 Name of Lessees
	  	 Registration number (or equivalent, if any)

	Avis Budget Autovermietung GmbH & Co. KG (as lessee under the Master German Fleet Lease Agreement)	  	HRA 3033
		
	Avis Budget Italia S.p.A. (as lessee under the Italian Master Lease Agreement)	  	00421940586
		
	Avis Alquile un Coche S.A. (as lessee under the Spanish Master Lease Agreement)	  	A28152767
		
	Avis Budget Autoverhuur B.V. (as lessee under the Master Dutch Fleet Lease Agreement)	  	33129079 in The Netherlands
		
	Avis Location de Voitures SAS (as lessee under the French Master Lease Agreement)	  	652 023 961 RCS Nanterre

  
 128 

 Central Servicer 
  

			
	 Name
	  	 Registration number (or equivalent, if any)

	Avis Finance Company Ltd	  	02123807

 Part 2 

FleetCos 
  

			
	 Name of FleetCos Jurisdiction of incorporation and legal form
	  	 Registration number (or equivalent, if any)

	FinCar Fleet B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) (the “Dutch FleetCo”)	  	55227732
		
	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 (the “Dutch FleetCo, Spanish Branch”)	  	W0037096E
		
	Avis Budget Italia S.p.A. Fleet Co. S.A.p.A., a partnership limited by shares (the “Italian FleetCo”)	  	097550851009
		
	AB FleetCo a simplified limited stock company (société par actions simplifiée) (the “French FleetCo”)	  	799 383 997 R.C.S. Beauvais

  
 129 

 Part 3 

The Account Banks 
  

			
	 Name of Account Bank
	  	 Registration number (or equivalent, if any)

	Deutsche Bank AG, London Branch (the “Issuer Account Bank”)	  	HRB 30 000, branch number BR00005
		
	Deutsche Bank S.A.E. (the “Dutch FleetCo Spanish Account Bank”)	  	A-08000614
		
	Deutsche Bank AG, London Branch (the “Dutch FleetCo Spanish Account Bank Operator”)	  	HRB 30 000, branch number BR00005
		
	Deutsche Bank S.P.A. (the “Italian FleetCo Account Bank”)	  	01340740156
		
	Deutsche Bank AG (the “Dutch FleetCo German Account Bank”)	  	HRB 30 000
		
	Deutsche Bank AG, London Branch (the “Dutch FleetCo German Account Bank Operator”)	  	HRB 30 000, branch number BR00005
		
	Deutsche Bank AG, Amsterdam Branch (the “Dutch FleetCo Dutch Account Bank”) 	  	HRB 30 000, branch number 33304583
		
	Deutsche Bank AG, London Branch (the “Dutch FleetCo Dutch Account Bank Operator”)	  	HRB 30 000, branch number BR00005
		
	Deutsche Bank AG, Paris Branch (the “French FleetCo Account Bank”) 	  	HRB 30 000, branch number 310327481
		
	Deutsche Bank AG, London Branch (the “French FleetCo Account Bank Operator”)	  	HRB 30 000, branch number BR00005

  
 130 

 Part 4 

The Senior Noteholders 
  

			
	 Names of Senior Noteholders
	 	 Registration number (or equivalent, if any)

	Blue Finn S.a.r.l., Luxembourg, Küsnacht Branch	 	CH-020.9.003.783-3
		
	Crédit Agricole Corporate and Investment Bank	 	304187701
		
	Deutsche Bank AG, London Branch	 	HRB 30 000, branch number BR00005
		
	Natixis	 	542044524
		
	Scotiabank Europe plc	 	00817692
		
	Elektra Purchase No. 34 Limited	 	548807
		
	Jupiter Securitization Company LLC	 	223771
		
	JPMorgan Chase Bank, N.A.	 	2118141

  
 131 

 This Agreement has been entered into on the date stated at the beginning. 

  
 132 

 Execution Page 
  

			
	Issuer
	
	SIGNED by a duly authorised attorney of
	
	CARFIN FINANCE INTERNATIONAL LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	FleetCo Holdings
	
	SIGNED by a duly authorised attorney of
	
	CARFIN FINANCE HOLDINGS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Transaction Agent and Arranger
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 133 

			
	Issuer Security Trustee
	
	DEUTSCHE TRUSTEE COMPANY LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	FleetCo Security Agent
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 134 

			
	The Opcos
	
	AVIS BUDGET AUTOVERMIETUNG GMBH & CO. KG (as German Opco)
		
	By:		  

	Name:		
	Title:		
	
	AVIS BUDGET ITALIA S.P.A. (as Italian Opco)
		
	By:		  

	Name:		
	Title:		
	
	AVIS ALQUILE UN COCHE S.A.
(as Spanish Opco)
		
	By:		  

	Name:		
	Title:		
	
	AVIS BUDGET AUTOVERHUUR B.V.
(as Dutch Opco)
		
	By:		  

	Name:		
	Title:		
	
	AVIS LOCATION DE VOITURES SAS
(as French Opco)
		
	By:		  

	Name:		
	Title:		

  
 135 

			
	The Lessees
	
	AVIS BUDGET AUTOVERMIETUNG GMBH & CO. KG (as Lessee)
		
	By:		  

	Name:		
	Title:		
	
	AVIS BUDGET ITALIA S.P.A. (as Lessee)
		
	By:		  

	Name:		
	Title:		
	
	AVIS ALQUILE UN COCHE S.A.
(as Lessee)
		
	By:		  

	Name:		
	Title:		
	
	AVIS BUDGET AUTOVERHUUR B.V.
(as Lessee)
		
	By:		  

	Name:		
	Title:		
	
	AVIS LOCATION DE VOITURES SAS
(as Lessee)
		
	By:		  

	Name:		
	Title:		

  
 136 

									
	The Servicers						
				
	AVIS ALQUILE UN COCHE S.A.
(as Spanish Servicer)						
					
	By:		  
						
	Name:								
	Title:								
	
	 AVIS FINANCE COMPANY LIMITED (as Central Servicer)

					
	By:		  
				By:		  

	 Name:
						Name:		
	 Director
						Director/Secretary
				
	AVIS BUDGET ITALIA S.P.A.
(as Italian Servicer)						
					
	By:		  
						
	Name:								
	Title:								
				
	AVIS LOCATION DE VOITURES SAS
(as French Servicer)						
					
	By:		  
						
	Name:								
	Title:								

  
 137 

			
	The FleetCos
	
	FINCAR FLEET B.V. (as Dutch FleetCo)
		
	By:		  

	Name:		
	Title:		Managing Director/Proxyholder A
		
	By:		  

	Name:		
	Title:		Managing Director/Proxyholder B
	
	FINCAR FLEET B.V., SUCURSAL EN ESPAÑA
(as Dutch FleetCo, Spanish Branch)
		
	By:		  

	Name:		Beatriz Diez Arranz
	Title:		Dutch FleetCo, Spanish Branch representative
	
	AVIS BUDGET ITALIA S.P.A. FLEET CO. S.A.P.A.
(as Italian FleetCo)
		
	By:		  

	Name:		
	Title:		
	
	AB FLEETCO (as French FleetCo)
		
	 By:
		  

	Name:		
	Title:		

  
 138 

									
	Parent				
			
	AVIS BUDGET CAR RENTAL, LLC				
					
	By:		  
						
	Name:								
	Title:								
		
	Finco, Italian VAT Lender and Subordinated Lender		
	
	AVIS FINANCE COMPANY LIMITED
					
	By:		  
				By:		  

	Name:						Name:		
	Director						Director/Secretary
				
	VAT Sharing Italian Opco						
				
	AVIS BUDGET ITALIA S.P.A.						
					
	By:		  
						
	Name:								
	Title:								
				
	Avis Europe						
				
	AVIS BUDGET EMEA LIMITED						
					
	By:		  
						
	Name:								
	Title:								

  
 139 

			
	The Account Banks
	
	DEUTSCHE BANK AG, LONDON BRANCH
(as Issuer Account Bank)
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DEUTSCHE BANK S.A.E.
(as Dutch FleetCo Spanish Account Bank)
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DEUTSCHE BANK AG, LONDON BRANCH
(as Dutch FleetCo Spanish Account Bank Operator)
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 140 

			
	DEUTSCHE BANK AG
(as Dutch FleetCo German Account Bank)
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DEUTSCHE BANK S.P.A.
(as Italian FleetCo Account Bank)
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DEUTSCHE BANK AG, LONDON BRANCH
(as Dutch FleetCo German Account Bank Operator)
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 141 

			
	DEUTSCHE BANK AG, AMSTERDAM BRANCH
(as Dutch FleetCo Dutch Account Bank)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		
	
	DEUTSCHE BANK AG, LONDON BRANCH
(as Dutch FleetCo Dutch Account Bank Operator)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		

  
 142 

			
	DEUTSCHE BANK AG, PARIS BRANCH
(as French FleetCo Account Bank)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		
	
	DEUTSCHE BANK AG, LONDON BRANCH
(as French FleetCo Account Bank Operator)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		

  
 143 

			
	Issuer Cash Manager
	
	DEUTSCHE BANK AG, LONDON BRANCH
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		

  
 144 

			
	The FleetCo Back-up Cash Managers
	
	DEUTSCHE BANK AG, LONDON BRANCH
(as FleetCo German Back-up Cash Manager)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		
	
	DEUTSCHE BANK AG, LONDON BRANCH
(as FleetCo Italian Back-up Cash Manager)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		
	
	DEUTSCHE BANK AG, LONDON BRANCH
(as FleetCo Spanish Back-up Cash Manager)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		

  
 145 

			
	DEUTSCHE BANK AG, LONDON BRANCH
(as FleetCo Dutch Back-up Cash Manager)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		
	
	DEUTSCHE BANK AG, LONDON BRANCH
(as FleetCo French Back-up Cash Manager)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		

  
 146 

			
	The Senior Noteholders
	
	For and on behalf of
	
	BLUE FINN S.A.R.L., LUXEMBOURG, KÜSNACHT BRANCH
(as a Senior Noteholder)
		
	By:		  

	Authorised Signatory:
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (as a Senior Noteholder)
		
	By:		  

	Name:		
	Title:		
	
	DEUTSCHE BANK AG, LONDON BRANCH
(as a Senior Noteholder)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		
	
	NATIXIS (as a Senior Noteholder)
		
	By:		  

	Name:		
	Title:		

  
 147 

			
	SCOTIABANK EUROPE PLC
(as a Senior Noteholder)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		
	
	French Intermediary Bank
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:		  

	Name:		
	Title:		

  
 148 

			
	The Corporate Services Providers
	 INTERTRUST (NETHERLANDS) B.V.

(as a Dutch FleetCo Corporate Services Provider)

		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		
	
	VISTRA B.V. (as a Dutch FleetCo Corporate Services Provider)
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		
	
	 STRUCTURED FINANCE MANAGEMENT (IRELAND) LIMITED

(as Issuer Corporate Services Provider and FleetCo Holdings Corporate Services Provider)

		
	By:		  

	Name:		
	Title:		

  
 149 

			
	Registrar
	
	DEUTSCHE BANK LUXEMBOURG S.A.
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		

  
 150 

			
	The FCT
	
	FCT CARFIN
	
	Represented by Eurotitrisation as FCT Management Company
		
	By:		  

	Name:		
	Title:		
	
	FCT Custodian
	
	CACEIS BANK FRANCE
		
	By:		  

	Name:		
	Title:		
	
	FCT Servicer
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:		  

	Name:		
	Title:		

  
 151 

			
	The Liquidation Agent
	
	FISERV AUTOMOTIVE SOLUTIONS, INC.
		
	By:		  

	Name:		
	Title:		
	
	The Hedge Counterparties
	
	DEUTSCHE BANK AG
		
	By:		  

	Name:		
	Title:		
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:		  

	Name:		
	Title:		

  
 152 

 Execution Page 
  

			
	Issuer and FCT Noteholder
	 SIGNED AND DELIVERED AS A DEED

for and on behalf of

	 CARFIN FINANCE INTERNATIONAL LIMITED

by its lawfully appointed attorney: /s/ Karen McCrave

		
	Name:		KAREN MCCRAVE
	Title:		ATTORNEY AT FACT

  

			
	in the presence of /s/ Patsy O’Sullivan
		
	Name:		PATSY O’SULLIVAN
		
	Address:		1 GRANT’S ROW, LOWER MOUNT STREET, DUBLIN 2, IRELAND
		
	Occupation		ANALYST

  
 12 

			
	Transaction Agent and Arranger
	EXECUTED AS A DEED on behalf of
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:		 /s/ Edith Lusson

	Name:		EDITH LUSSON
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Cécile Roulier
		
	Name:		CÉCILE ROULIER
		
	Address:		9 QUAI PAUL DOUMER, 92920 PARIS
		
	Occupation		BANKER

  
 13 

			
	Issuer Security Trustee
	The common seal of
	 DEUTSCHE TRUSTEE COMPANY LIMITED

was affixed to this DEED in the presence of:

	
	/s/ Nick Rogivue
	Name: NICK ROGIVUE
	Associate Director:		  

	
	/s/ Leigh Cobb
	Name: LEIGH COBB
	Associate Director:		  

  
 14 

			
	FleetCo Security Agent
	EXECUTED AS A DEED on behalf of
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:		 /s/ Edith Lusson

	Name:		EDITH LUSSON
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Cécile Roulier
		
	Name:		CÉCILE ROULIER
		
	Address:		9 QUAI PAUL DOUMER, 92920 PARIS
		
	Occupation		BANKER

  
 15 

			
	The Opcos
	EXECUTED AS A DEED on behalf of
	AVIS BUDGET AUTOVERMIETUNG GMBH & CO. KG
(as German Opco)
		
	By:		 /s/ Martin Gruber

	Name:		MARTIN GRUBER
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Inge König
		
	Name:		INGE KÖNIG
		
	Address:		MUEHLWEG 10, 61479
GLASHUETTEN, GERMANY
		
	Occupation		ASSISTANT TO MANAGING DIRECTOR

  
 16 

			
	The Opcos
	EXECUTED AS A DEED on behalf of
	AVIS BUDGET ITALIA S.P.A. (as Italian Opco)
		
	By:		 /s/ Gianluca Testa

	Name:		GIANLUCA TESTA
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Cristina Alonso
		
	Name:		CRISTINA ALONSO
		
	Address:		AUDA. MANOTERAS, 32.28050, MADRID
		
	Occupation		LAWYER

  
 17 

			
	The Opcos
	EXECUTED AS A DEED on behalf of
	AVIS BUDGET ITALIA S.P.A. (as VAT Sharing Italian Opco)
		
	By:	 	 /s/ Gianluca Testa

	Name:	 	GIANLUCA TESTA
	Title:	 	MANAGING DIRECTOR

  

			
	in the presence of /s/ Cristina Alonso
		
	Name:	 	CRISTINA ALONSO
		
	Address:	 	AUDA. MANOTERAS, 32.28050, MADRID
		
	Occupation	 	LAWYER

  
 18 

			
	The Opcos
	EXECUTED AS A DEED on behalf of
	AVIS ALQUILE UN COCHE S.A.
(as Spanish Opco)
		
	By:	 	 /s/ Gianluca Testa

	Name:	 	GIANLUCA TESTA
	Title:	 	MANAGING DIRECTOR

  
 19 

			
	The Opcos
	EXECUTED AS A DEED on behalf of
	 AVIS BUDGET AUTOVERHUUR B.V.

(as Dutch Opco)

		
	By:	 	 /s/ Laurent Sculier

	Name:	 	LAURENT SCULIER
	Title:	 	FLEET & REMARKETING DIRECTOR

  

			
	in the presence of /s/ Sarah Coens
		
	Name:	 	SARAH COENS
		
	Address:	 	1 RUE DU GAL, LECLERC, 92800, PUTEAUX
		
	Occupation	 	LEGAL MANAGER

  
 20 

			
	The Opcos
	EXECUTED AS A DEED on behalf of
	AVIS LOCATION DE VOITURES SAS
(as French Opco)
		
	By:		 /s/ Renato De Lussu

	Name:		RENATO DE LUSSU
	Title:		CFO

  

			
	in the presence of /s/ Sarah Coens
		
	Name:		SARAH COENS
		
	Address:		1 RUE DU GÉNÉRAL, LECLERC, 92800, PUTEAUX
		
	Occupation		LEGAL MANAGER

  
 21 

			
	The Servicers
	EXECUTED AS A DEED on behalf of
	AVIS ALQUILE UN COCHE S.A.
(as Spanish Servicer)
		
	By:		 /s/ Gianluca Testa

	Name:		GIANLUCA TESTA
	Title:		MANAGING DIRECTOR

  
 22 

									
	The Servicers
	EXECUTED AS A DEED on behalf of
	AVIS FINANCE COMPANY LIMITED (as Central Servicer)
					
	By:		/s/ Joanna Spiers				By:		/s/ Gail Jones
	Name:		JOANNA SPIERS				Name:		GAIL JONES
	Director						Director/Secretary		

  
 23 

			
	The Servicers
	EXECUTED AS A DEED on behalf of
	 AVIS BUDGET ITALIA S.P.A. 

(as Italian Servicer)

		
	By:		 /s/ Gianluca Testa

	Name:		GIANLUCA TESTA
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Cristina Alonso
		
	Name:		CRISTINA ALONSO
		
	Address:		AUDA. MANOTERAS, 32.28050, MADRID
		
	Occupation		LAWYER

  
 24 

			
	The Servicers
	EXECUTED AS A DEED on behalf of
	 AVIS LOCATION DE VOITURES SAS 

(as French Servicer)

		
	By:		 /s/ Renato De Lussu

	Name:		RENATO DE LUSSU
	Title:		CFO

  

			
	in the presence of /s/ Sarah Coens
		
	Name:		SARAH COENS
		
	Address:		1 RUE DU GAL, LECLERC, 92800, PUTEAUX
		
	Occupation		LEGAL MANAGER

  
 25 

			
	The Lessees
	EXECUTED AS A DEED on behalf of
	AVIS BUDGET AUTOVERMIETUNG GMBH & CO. KG (as German Lessee)
		
	By:		 /s/ Martin Gruber

	Name:		MARTIN GRUBER
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Inge König
		
	Name:		INGE KÖNIG
		
	Address:		MUEHLWEG 10, 61479 GLASHUETTEN, GERMANY
		
	Occupation		ASSISTANT TO MANAGING DIRECTOR

  
 26 

			
	The Lessees
	EXECUTED AS A DEED on behalf of
	 AVIS BUDGET ITALIA S.P.A. 

(as Italian Lessee)

		
	By:		 /s/ Gianluca Testa

	Name:		GIANLUCA TESTA
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Cristina Alonso
		
	Name:		CRISTINA ALONSO
		
	Address:		AUDA. MANOTERAS, 32 28050, MADRID
		
	Occupation		LAWYER

  
 27 

			
	The Lessees
	EXECUTED AS A DEED on behalf of
	 AVIS ALQUILE UN COCHE S.A.

(as Spanish Lessee)

		
	By:		 /s/ Gianluca Testa

	Name:		GIANLUCA TESTA
	Title:		MANAGING DIRECTOR

  
 28 

			
	The Lessees
	EXECUTED AS A DEED on behalf of
	AVIS BUDGET AUTOVERHUUR B.V.
(as Dutch Lessee)
		
	By:	 	 /s/ Laurent Sculier

	Name:	 	LAURENT SCULIER
	Title:	 	FLEET & REMARKETING DIRECTOR

  

			
	in the presence of /s/ Sarah Coens
		
	Name:	 	SARAH COENS
		
	Address:	 	1 RUE DU GAL, LECLERC, 92800, PUTEAUX
		
	Occupation	 	LEGAL MANAGER

  
 29 

			
	The Lessees
	EXECUTED AS A DEED on behalf of
	AVIS LOCATION DE VOITURES SAS
(as French Lessee)
		
	By:	 	 /s/ Renato De Lussu

	Name:	 	RENATO DE LUSSU
	Title:	 	CFO

  

			
	in the presence of /s/ Sarah Coens
		
	Name:	 	SARAH COENS
		
	Address:	 	1 RUE DU GAL, LECLERC, 92800, PUTEAUX
		
	Occupation	 	LEGAL MANAGER

  
 30 

			
	FleetCo Holdings
	SIGNED AND DELIVERED AS A DEED
	for and on behalf of
	CARFIN FINANCE HOLDINGS LIMITED
	by its lawfully appointed attorney:
	
	/s/ Karen McCrave
	Name:	 	KAREN MCCRAVE
	Title:	 	ATTORNEY AT FACT

  

			
	in the presence of /s/ Patsy O’Sullivan
		
	Name:	 	PATSY O’SULLIVAN
		
	Address:	 	1 GRANT’S ROW, LOWER MOUNT STREET, DUBLIN 2, IRELAND
		
	Occupation	 	ANALYST

  
 31 

			
	The FleetCos
	EXECUTED AS A DEED on behalf of
	FINCAR FLEET B.V. (as Dutch FleetCo)
		
	By:	 	 /s/ P.D. Haverkamp-Idema

	Name:	 	P.D. HAVERKAMP-IDEMA
	Title:	 	Managing Director / Proxyholder A
		
	By:	 	 /s/ B.W. De Sonnaville

	Name:	 	B.W. DE SONNAVILLE
	Title:	 	Managing Director / Proxyholder B

  
 32 

			
	The FleetCos
	EXECUTED AS A DEED on behalf of
	FINCAR FLEET B.V., SUCURSAL EN ESPAÑA (as Dutch FleetCo, Spanish Branch)
		
	By:	 	 /s/ Beatriz Diez Arranz

	Name:	 	BEATRIZ DIEZ ARRANZ
	Title:	 	Dutch FleetCo, Spanish Branch representative

  
 33 

			
	The FleetCos
	EXECUTED AS A DEED on behalf of
	AVIS BUDGET ITALIA S.P.A. FLEET CO. S.A.P.A.
(as Italian FleetCo)
		
	By:		 /s/ Gianluca Testa

	Name:		GIANLUCA TESTA
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Cristina Alonso
		
	Name:		CRISTINA ALONSO
		
	Address:		AUDA. MANOTERAS, 32.28050, MADRID
		
	Occupation		LAWYER

  
 34 

			
	The FleetCos
	EXECUTED AS A DEED on behalf of
	AB FLEETCO (as French FleetCo)
		
	By:		 /s/ Frédéric LeGuide

	Name:		FRÉDÉRIC LEGUIDE
	Title:		REPRESENTATIVE OF MAS FRANCE

  

			
	in the presence of /s/ Josefina Parisi
		
	Name:		JOSEFINA PARISI
		
	Address:		21 RUE CLÉMENT MAROT, 75008,
PARIS, FRANCE
		
	Occupation		MANAGER – MAS FRANCE

  
 35 

			
	Parent
	EXECUTED AS A DEED on behalf of
	AVIS BUDGET CAR RENTAL, LLC
		
	By:		 /s/ Rochelle Tarlowe

	Name:		ROCHELLE TARLOWE
	Title:		VICE PRESIDENT AND TREASURER

  

			
	in the presence of /s/ Erik Johnson
		
	Name:		ERIK JOHNSON
		
	Address:		6 SYLVAN WAY, PARSIPPANY, NJ 07054
		
	Occupation		CORPORATE COUNSEL

  
 36 

									
	Finco, Italian VAT Lender, Dutch VAT Lender and the Subordinated Lender
	EXECUTED AS A DEED on behalf of
	AVIS FINANCE COMPANY LIMITED
					
	By:		/s/ Joanna Spiers				By:		/s/ Gail Jones
	Name:		JOANNA SPIERS				Name:		GAIL JONES
	Director						Director/Secretary

  
 37 

			
	EXECUTED AS A DEED on behalf of
	
	Avis Europe
	AVIS BUDGET EMEA LIMITED
		
	By:		 /s/ Martyn Smith

	Name:		MARTYN SMITH
	Title:		DIRECTOR

  

			
	in the presence of /s/ Erik Johnson
		
	Name:		ERIK JOHNSON
		
	Address:		6 SYLVAN WAY, PARSIPPANY, NJ 07054
		
	Occupation		CORPORATE COUNSEL

  
 38 

			
	The Account Banks
	 DEUTSCHE BANK AG, LONDON BRANCH

(as Issuer Account Bank)

	EXECUTED AS A DEED
		
	By:		/s/ Nick Rogivue
	Name:		NICK ROGIVUE
	Title:		VICE PRESIDENT
		
	By:		/s/ Leigh Cobb
	Name:		LEIGH COBB
	Title:		VICE PRESIDENT

  
 39 

			
	EXECUTED AS A DEED on behalf of
	DEUTSCHE BANK S.A.E. (as Dutch FleetCo Spanish Account Bank)
		
	By:		 /s/ Thomas Steimann

	Name:		THOMAS STEIMANN
	Title:		DIRECTOR
		
	By:		 /s/ Javier DiGirolamo

	Name:		JAVIER DIGIROLAMO
	Title:		VICE PRESIDENT

  
 40 

			
	 DEUTSCHE BANK AG, LONDON BRANCH

(as Dutch FleetCo Spanish Account Bank Operator)

	EXECUTED AS A DEED
		
	By:		 /s/ Nick Rogivue

	Name:		NICK ROGIVUE
	Title:		VICE PRESIDENT
		
	By:		 /s/ Leigh Cobb

	Name:		LEIGH COBB
	Title:		VICE PRESIDENT

  
 41 

			
	EXECUTED AS A DEED on behalf of
	DEUTSCHE BANK S.P.A. (as Italian FleetCo Account Bank)
		
	By:		 /s/ Solidea B. Maccioni

	Name:		SOLIDEA B. MACCIONI
	Title:		VP
		
	By:		 /s/ Emanuela Di Felice

	Name:		EMANUELA DI FELICE
	Title:		AVP

  
 42 

			
	EXECUTED AS A DEED on behalf of
	DEUTSCHE BANK AG (as Dutch FleetCo German Account Bank)
		
	By:		 /s/ Vivien Wichmann

	Name:		VIVIEN WICHMANN
	Title:		VICE PRESIDENT
		
	By:		 /s/ Bernd Birck

	Name:		BERND BIRCK
	Title:		VICE PRESIDENT

  
 43 

			
	 DEUTSCHE BANK AG, LONDON BRANCH

(as Dutch FleetCo German Account Bank Operator)

	EXECUTED AS A DEED
		
	By:		 /s/ Nick Rogivue

	Name:		NICK ROGIVUE
	Title:		VICE PRESIDENT
		
	By:		 /s/ Leigh Cobb

	Name:		LEIGH COBB
	Title:		VICE PRESIDENT

  
 44 

			
	EXECUTED AS A DEED on behalf of
	DEUTSCHE BANK AG, AMSTERDAM BRANCH (as Dutch FleetCo Dutch Account Bank)
		
	By:	 	 /s/ Jan Roos

	Name:	 	JAN ROOS
	Title:	 	VP
		
	By:	 	 /s/ Jeroen Blok

	Name:	 	JEROEN BLOK
	Title:	 	DIRECTOR

  
 45 

			
	DEUTSCHE BANK AG, LONDON BRANCH
(as Dutch FleetCo Dutch Account Bank Operator)
	EXECUTED AS A DEED
		
	By:	 	 /s/ Nick Rogivue

	Name:	 	NICK ROGIVUE
	Title:	 	VICE PRESIDENT
		
	By:	 	 /s/ Leigh Cobb

	Name:	 	LEIGH COBB
	Title:	 	VICE PRESIDENT

  
 46 

			
	DEUTSCHE BANK AG, LONDON BRANCH
(as French FleetCo Account Bank Operator)
	EXECUTED AS A DEED
		
	By:	 	 /s/ Nick Rogivue

	Name:	 	NICK ROGIVUE
	Title:	 	VICE PRESIDENT
		
	By:	 	 /s/ Leigh Cobb

	Name:	 	LEIGH COBB
	Title:	 	VICE PRESIDENT

  
 47 

			
	EXECUTED AS A DEED on behalf of
	DEUTSCHE BANK AG, PARIS BRANCH
(as French FleetCo Account Bank)
		
	By:	 	 /s/ Xavier Connen

	Name:	 	XAVIER CONNEN
	Title:	 	AUTHORISED SIGNATORY
		
	By:	 	 /s/ Catherine Bonnouvrier

	Name:	 	CATHERINE BONNOUVRIER
	Title:	 	VP

  
 48 

			
	Issuer Cash Manager
	
	DEUTSCHE BANK AG, LONDON BRANCH
	EXECUTED AS A DEED
		
	By:	 	 /s/ Nick Rogivue

	Name:	 	NICK ROGIVUE
	Title:	 	VICE PRESIDENT
		
	By:	 	 /s/ Leigh Cobb

	Name:	 	LEIGH COBB
	Title:	 	VICE PRESIDENT

  
 49 

			
	The FleetCo Back-up Cash Managers
	
	 DEUTSCHE BANK AG, LONDON BRANCH

(as FleetCo German Back-up Cash Manager)

	EXECUTED AS A DEED
		
	By:		 /s/ Nick Rogivue

	Name:		NICK ROGIVUE
	Title:		VICE PRESIDENT
		
	By:		 /s/ Leigh Cobb

	Name:		LEIGH COBB
	Title:		VICE PRESIDENT

  
 50 

			
	 DEUTSCHE BANK AG, LONDON BRANCH

(as FleetCo Italian Back-up Cash Manager)

	EXECUTED AS A DEED
		
	By:		 /s/ Nick Rogivue

	Name:		NICK ROGIVUE
	Title:		VICE PRESIDENT
		
	By:		 /s/ Leigh Cobb

	Name:		LEIGH COBB
	Title:		VICE PRESIDENT

  
 51 

			
	 DEUTSCHE BANK AG, LONDON BRANCH

(as FleetCo Spanish Back-up Cash Manager)

	EXECUTED AS A DEED
		
	By:		 /s/ Nick Rogivue

	Name:		NICK ROGIVUE
	Title:		VICE PRESIDENT
		
	By:		 /s/ Leigh Cobb

	Name:		LEIGH COBB
	Title:		VICE PRESIDENT

  
 52 

			
	 DEUTSCHE BANK AG, LONDON BRANCH

(as FleetCo Dutch Back-up Cash Manager)

	EXECUTED AS A DEED
		
	By:		 /s/ Nick Rogivue

	Name:		NICK ROGIVUE
	Title:		VICE PRESIDENT
		
	By:		 /s/ Leigh Cobb

	Name:		LEIGH COBB
	Title:		VICE PRESIDENT

  
 53 

			
	 DEUTSCHE BANK AG, LONDON BRANCH

(as FleetCo French Back-up Cash Manager)

	EXECUTED AS A DEED
		
	By:		 /s/ Nick Rogivue

	Name:		NICK ROGIVUE
	Title:		VICE PRESIDENT
		
	By:		 /s/ Leigh Cobb

	Name:		LEIGH COBB
	Title:		VICE PRESIDENT

  
 54 

			
	The Senior Noteholder
	EXECUTED AS A DEED on behalf of
	CREDIT AGRICOLE CORPORATE
	AND INVESTMENT BANK
		
	By:		/s/ Edith Lusson
	Name:		EDITH LUSSON
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Cécile Roulier
		
	Name:		CÉCILE ROULIER
		
	Address:		9 QUAI PAUL DOUMER, 92920, PARIS
		
	Occupation		BANKER

  
 55 

			
	The Senior Noteholder
	EXECUTED AS A DEED on behalf of
	DEUTSCHE BANK AG, LONDON BRANCH
		
	By:		/s/ Patrick Connors
	Name:		PATRICK CONNORS
	Title:		MANAGING DIRECTOR
		
	By:		/s/ Frederic De Benoist
	Name:		FREDERIC DE BENOIST
	Title:		DIRECTOR

  
 56 

			
	The Senior Noteholder
	EXECUTED AS A DEED on behalf of
	NATIXIS
		
	By:		/s/ Jean-Baptiste Thiery
	Name:		JEAN-BAPTISTE THIERY
	Title:		R.D.

  

			
	in the presence of /s/ Thomas Pons
		
	Name:		THOMAS PONS
		
	Address:		47 QUAI D’AUSTERLITZ, 75013, PARIS
		
	Occupation		EXECUTIVE DIRECTOR/BANKER?

  
 57 

			
	The Senior Noteholder
	EXECUTED AS A DEED on behalf of
	SCOTIABANK EUROPE PLC
		
	By:		/s/ William Swords
	Name:		WILLIAM SWORDS
	Title:		MANAGING DIRECTOR
		
	By:		/s/ John O’Connor
	Name:		JOHN O’CONNOR
	Title:		HEAD OF CREDIT RISK CONTROL

  
 58 

			
	The Senior Noteholder
	EXECUTED AS A DEED on behalf of
	BLUE FINN S.A.R.L., LUXEMBOURG, KÜSNACHT BRANCH
		
	By:		/s/ Paul K.C. Spiering
	Name:		PAUL K.C. SPIERING
	Title:		BRANCH MANAGER

  

			
	in the presence of /s/ Richard Norton
		
	Name:		RICHARD NORTON
		
	Address:		2 KING EDWARD STREET, EC1A 1HQ
		
	Occupation		FINANCE

  
 59 

			
	The Senior Noteholder
	 SIGNED AND DELIVERED AS A DEED

for and on behalf of

	ELEKTRA PURCHASE NO. 34 LIMITED
	Acting by its duly authorised Attorney
		
	By:		/s/ Brian Buckley
	Name:		BRIAN BUCKLEY
	Title:		DIRECTOR

  

			
	in the presence of /s/ Abbie O’Connor
		
	Name:		ABBIE O’CONNOR
		
	Address:		17 THE CRESCENT, INSE BAY, LAYTOWN, CO. MEATH
		
	Occupation		TRAINEE ADMINISTRATOR

  
 60 

			
	The Senior Noteholder
	EXECUTED AS A DEED on behalf of
	JUPITER SECURITIZATION COMPANY LLC
	By JPMorgan Chase Bank N.A., its attorney-in-fact
		
	By:		/s/ Corina Mills
	Name:		CORINA MILLS
	Title:		EXECUTIVE DIRECTOR
		
	By:		/s/ Alan P. English
	Name:		ALAN P. ENGLISH
	Title:		EXECUTIVE DIRECTOR

  
 61 

			
	The Senior Noteholder
	EXECUTED AS A DEED on behalf of
	JPMORGAN CHASE BANK, N.A.
		
	By:		/s/ Corina Mills
	Name:		CORINA MILLS
	Title:		EXECUTIVE DIRECTOR
		
	By:		/s/ Alan P. English
	Name:		ALAN P. ENGLISH
	Title:		EXECUTIVE DIRECTOR

  
 62 

			
	French Intermediary Bank
	EXECUTED AS A DEED on behalf of
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:		 /s/ Edith Lusson

	Name:		EDITH LUSSON
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Cécile Roulier
		
	Name:		CÉCILE ROULIER
		
	Address:		9 QUAI PAUL DOUMER, 92920, PARIS
		
	Occupation		BANKER

  
 63 

									
	The Corporate Services Providers
	
	EXECUTED AS A DEED on behalf of
	INTERTRUST (NETHERLANDS) B.V. (as a Dutch FleetCo Corporate Services Provider)
					
	By:		 /s/ P.D. Haverkamp-Idema
				By:		 /s/ Edwin Van Ankeren

	Name:		P.D. HAVERKAMP-IDEMA				Name:		EDWIN VAN ANKEREN
	Title:		PROXYHOLDER				Title:		PROXY HOLDER

  
 64 

									
	EXECUTED AS A DEED on behalf of
	VISTRA B.V. (as a Dutch FleetCo Corporate Services Provider)
					
	By:		 /s/ B.W. De Sonnaville
				By:		 /s/ J. J. Van Ginkel

	Name:		B.W. DE SONNAVILLE				Name:		J. J VAN GINKEL
	Title:		PROXY HOLDER				Title:		DIRECTOR

  
 65 

 PRESENT when the COMMON SEAL of  

STRUCTURED FINANCE MANAGEMENT (IRELAND) LIMITED 

(as Issuer Corporate Services Provider and FleetCo Holdings Corporate Services Provider) 

was affixed hereto and this DEED was delivered 

 

			
	 /s/ Jonathan Hanly

	Name:		JONATHAN HANLY
	Director		
	
	 /s/ Siobhán Hallissey

	Name:		SIOBHÁN HALLISSEY
	Director / Company Secretary

 . 

  
 66 

			
	Registrar
	EXECUTED AS A DEED on behalf of
	DEUTSCHE BANK LUXEMBOURG S.A.
		
	By:		/s/ Nick Rogivue
	Name:		NICK ROGIVUE
	Title:		ATTORNEY
		
	By:		 /s/ Leigh Cobb

	Name:		LEIGH COBB
	Title:		ATTORNEY

  
 67 

			
	FCT Servicer
	EXECUTED AS A DEED on behalf of
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:		 /s/ Edith Lusson

	Name:		EDITH LUSSON
	Title:		MANAGING DIRECTOR

  

			
	in the presence of /s/ Cécile Roulier
		
	Name:		CÉCILE ROULIER
		
	Address:		9 QUAI PAUL DOUMER, 92920, PARIS
		
	Occupation		BANKER

  
 68 

			
	FCT CARFIN
	Represented by Eurotitrisation
	EXECUTED AS A DEED on behalf of
	EUROTITRISATION
		
	By:		 /s/ Jean-March Leger

	Name:		JEAN-MARCH LEGER
	Title:		DIRECTEUR GÉNÉRAL

  

			
	in the presence of /s/ Cécile Fossati
		
	Name:		CÉCILE FOSSATI
		
	Address:		41 RUE DELIZY, 93500, PANTIN, FRANCE
		
	Occupation		LEGAL DEPARTMENT

  
 69 

			
	FCT Custodian
	EXECUTED AS A DEED on behalf of
	CACEIS BANK FRANCE
		
	By:	 	 /s/ Carine Echelard

	Name:	 	CARINE ECHELARD
	Title:	 	CHIEF EXECUTIVE OFFICER

  

			
	in the presence of /s/ Philippe Bourgues
		
	Name:	 	PHILIPPE BOURGUES
		
	Address:	 	CACEIS INVESTOR SERVICES, 1-3 PLACE VALHUBERT, 75206, PARIS, CEDEX 13, FRANCE
		
	Occupation	 	DEPUTY CEO

  
 70 

			
	FCT Registrar
	EXECUTED AS A DEED on behalf of
	CACEIS CORPORATE TRUST
		
	By:	 	 /s/ Lionel Barthelemy

	Name:	 	LIONEL BARTHELEMY
	Title:	 	DIRECTEUR GÉNÉRAL DÉLÉGUÉ

  

			
	in the presence of /s/ Julie Huguet Lepers
		
	Name:	 	JULIE HUGUET LEPERS
		
	Address:	 	CACEIS CORPORATE TRUST, 1-3 PLACE VALHUBERT, 75013, PARIS
		
	Occupation	 	RESPONSABLE JURIDIQUE

  
 71 

			
	The Issuer Hedge Counterparty
	
	EXECUTED as a deed on behalf of
	
	THE BANK OF NOVA SCOTIA
		
	By:	 	 /s/ Chris Kulima

	Name:	 	CHRIS KULIMA
	Title:	 	DIRECTOR

  

			
	in the presence of /s/ Nikhil Varki
		
	Name:	 	NIKHIL VARKI
		
	Address:	 	250 VESEY ST, NEW YORK, NY 10281
		
	Occupation	 	DIRECTOR

  
 72 

			
	The Issuer Hedge Counterparty
	
	EXECUTED as a deed on behalf of
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:	 	 /s/ Rachel Tresser

	Name:	 	RACHEL TRESSER
	Title:	 	MANAGING DIRECTOR

  

			
	in the presence of /s/ Schlomo Schiff
		
	Name:	 	SCHLOMO SCHIFF
		
	Address:	 	1301 6TH AVE, NEW YORK, NY, USA
		
	Occupation	 	BANKER

  

			
	By:	 	 /s/ Christine Cremel

	Name:	 	CHRISTINE CREMEL
	Title:	 	MANAGING DIRECTOR

  
 73EXH 4.1 CHTR 4.21.15 8K

Exhibit 4.1

 

CCO HOLDINGS, LLC and CCO HOLDINGS CAPITAL CORP.
as Issuers,
CHARTER COMMUNICATIONS, INC.,
as Parent Guarantor
and
The Bank of New York Mellon TRUST COMPANY, N.A.,
as Trustee
                                                                                                 
THIRD SUPPLEMENTAL INDENTURE
Dated as of April 21, 2015
                                                                                                 
    
5.125% Senior Notes due 2023

CROSS-REFERENCE TABLE*

	
		
	Trust Indenture
Act Section
	Indenture Section

	310(a)(1)
	7.10

	(a)(2)
	7.10

	(a)(3)
	N.A.

	(a)(4)
	N.A.

	(a)(5)
	7.10

	(b)
	7.10

	(c)
	N.A.

	311(a)
	7.11

	(b)
	7.11

	(c)
	N.A.

	312(a)
	2.05

	(b)
	11.03

	(c)
	11.03

	313(a)
	7.06

	(b)(1)
	N.A.

	(b)(2)
	7.06; 7.07

	(c)
	7.06; 11.02

	(d)
	7.06

	314(a)
	4.04; 11.02; 11.04

	(b)
	N.A.

	(c)(1)
	11.04

	(c)(2)
	11.04

	(c)(3)
	N.A.

	(d)
	N.A.

	(e)
	11.05

	(f)
	N.A.

	315(a)
	7.01; 7.02

	(b)
	7.05; 11.02

	(c)
	7.01

	(d)
	7.01

	(e)
	6.11

	316(a) (last sentence)
	2.09

	(a)(1)(A)
	6.05

	(a)(1)(B)
	6.04

	(a)(2)
	N.A.

	(b)
	6.07

	(c)
	2.12

	317(a)(1)
	6.08

	(a)(2)
	6.09

	(b)
	2.04

	318(a)
	11.01

	(b)
	N.A.

	(c)
	11.01

N.A. means not applicable.
* This Cross Reference Table is not part of this Third Supplemental Indenture.

-i-

TABLE OF CONTENTS
	
					
	 
	 
	 
	Page
	

	 
	 
	ARTICLE 1
	 

	 
	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 

	 
	 
	 
	 

	Section 1.01
	 
	Definitions
	2
	

	Section 1.02
	 
	Other Definitions
	26
	

	 
	 
	 
	 

	 
	 
	ARTICLE 2
	 

	 
	 
	THE NOTES
	 

	 
	 
	 
	 

	Section 2.01
	 
	Form and Dating
	27
	

	Section 2.02
	 
	Execution and Authentication
	27
	

	Section 2.03
	 
	Registrar and Paying Agent
	29
	

	Section 2.04
	 
	Paying Agent to Hold Money in Trust
	30
	

	Section 2.05
	 
	Holder Lists
	30
	

	Section 2.06
	 
	Transfer and Exchange
	30
	

	Section 2.07
	 
	Replacement Notes
	43
	

	Section 2.08
	 
	Outstanding Notes
	44
	

	Section 2.09
	 
	Treasury Notes
	44
	

	Section 2.10
	 
	Temporary Notes
	44
	

	Section 2.11
	 
	Cancellation
	44
	

	Section 2.12
	 
	Defaulted Interest
	45
	

	Section 2.13
	 
	CUSIP Numbers
	45
	

	Section 2.14
	 
	FATCA
	45
	

	 
	 
	 
	 

	 
	 
	ARTICLE 3
	 

	 
	 
	REDEMPTION AND PREPAYMENT
	 

	 
	 
	 
	 

	Section 3.01
	 
	Notices to Trustee
	46
	

	Section 3.02
	 
	Selection of Notes to Be Redeemed
	46
	

	Section 3.03
	 
	Notice of Redemption
	46
	

	Section 3.04
	 
	Effect of notice of Redemption
	47
	

	Section 3.05
	 
	Deposit of Redemption Price
	47
	

	Section 3.06
	 
	Notes Redeemed in Part
	48
	

	Section 3.07
	 
	Optional Redemption
	48
	

	Section 3.08
	 
	Mandatory Redemption
	49
	

	Section 3.09
	 
	Offer to Purchase by Application of Excess Proceeds
	49
	

-ii-

	
					
	 
	 
	ARTICLE 4
	 

	 
	 
	COVENANTS
	 

	 
	 
	 
	 

	Section 4.03
	 
	Reports
	51
	

	Section 4.04
	 
	Compliance Certificate
	52
	

	Section 4.05
	 
	Taxes
	52
	

	Section 4.06
	 
	Stay, Extension and Usury Laws
	52
	

	Section 4.07
	 
	Restricted Payments
	53
	

	Section 4.08
	 
	Investments
	57
	

	Section 4.09
	 
	Dividend and Other Payment Restrictions Affecting Subsidiaries
	58
	

	Section 4.10
	 
	Incurrence of Indebtedness and Issuance of Preferred Stock
	60
	

	Section 4.11
	 
	Limitation on Asset Sales
	62
	

	Section 4.12
	 
	[Reserved]
	64
	

	Section 4.13
	 
	Transactions with Affiliates
	64
	

	Section 4.14
	 
	Liens
	65
	

	Section 4.15
	 
	Existence
	65
	

	Section 4.16
	 
	Repurchase at the Option of Holders upon a Change of Control Triggering Event
	66
	

	Section 4.17
	 
	Limitations on Issuances of Guarantees of Indebtedness
	68
	

	Section 4.18
	 
	Special Interest Notice
	68
	

	Section 4.19
	 
	Termination of Covenants
	68
	

	 
	 
	 
	 

	 
	 
	ARTICLE 5
	 

	 
	 
	SUCCESSORS
	 

	 
	 
	 
	 

	Section 5.01
	 
	Merger, Consolidation or Sale of Assets
	69
	

	 
	 
	 
	 

	 
	 
	ARTICLE 6
	 

	 
	 
	DEFAULTS AND REMEDIES
	 

	 
	 
	 
	 

	Section 6.01
	 
	Events of Default
	70
	

	 
	 
	 
	 

	 
	 
	ARTICLE 7
	 

	 
	 
	TRUSTEE
	 

	 
	 
	 
	 

	Section 7.01
	 
	Duties of Trustee
	70
	

	Section 7.02
	 
	Rights of Trustee
	71
	

	Section 7.03
	 
	Individual Rights of Trustee
	73
	

	Section 7.04
	 
	Trustee's Disclaimer
	73
	

	Section 7.05
	 
	Notice of Defaults
	73
	

-iii-

	
					
	Section 7.06
	 
	Reports by Trustee to Holders
	73
	

	Section 7.07
	 
	Compensation and Indemnity
	73
	

	Section 7.08
	 
	Replacement of the Trustee
	74
	

	Section 7.09
	 
	Successor Trustee by Merger, etc
	76
	

	Section 7.10
	 
	Eligibility; Disqualification
	76
	

	Section 7.11
	 
	Preferential Collection of Claims Against the Issuer
	76
	

	 
	 
	 
	 

	 
	 
	ARTICLE 8
	 

	 
	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 

	 
	 
	 
	 

	Section 8.03
	 
	Covenant Defeasance
	76
	

	 
	 
	 
	 

	 
	 
	ARTICLE 9
	 

	 
	 
	AMENDMENT, SUPPLEMENT AND WAIVER
	 

	 
	 
	 
	 

	Section 9.01
	 
	Without Consent of Holders of Notes
	77
	

	Section 9.02
	 
	With Consent of Holders of Notes
	77
	

	 
	 
	 
	 

	 
	 
	ARTICLE 10
	 

	 
	 
	GUARANTEE
	 

	 
	 
	 
	 

	Section 10.02
	 
	Limitation on Liability
	78
	

	 
	 
	 
	 

	 
	 
	ARTICLE 12
	 

	 
	 
	MISCELLANEOUS
	 

	 
	 
	 
	 

	Section 12.13
	 
	Table of Contents, Headings, etc
	78
	

	Section 12.16
	 
	Supplemental Indenture Controls
	78
	

	Section 12.17
	 
	Submission to Jurisdiction
	78
	

	 
	 
	 
	 

	 
	 
	ARTICLE 13
	 

	 
	 
	SATISFACTION AND DISCHARGE
	 

	 
	 
	 
	 

	Section 13.01
	 
	Satisfaction and Discharge of Supplemental Indenture
	79
	

	Section 13.02
	 
	Application of Trust Money
	80
	

-iv-

THIRD SUPPLEMENTAL INDENTURE dated as of April 21, 2015 (the “Supplemental Indenture”) among CCO Holdings, LLC, a Delaware limited liability company (the “Company” or “CCO Holdings”), CCO Holdings Capital Corp. (“Capital Corp”, and together with CCO Holdings, the “Issuers”), Charter Communications, Inc., a Delaware corporation (as further defined below, “CCI” or the “Parent Guarantor”) (with respect to Article 10 and Section 7.07 only) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).
WHEREAS, CCOH Safari, LLC, a Delaware limited liability company (“Safari II”), the Issuers, the Parent Guarantor and the Trustee have previously executed and delivered an Indenture, dated as of November 5, 2014 (the “Base Indenture”), providing for the issuance from time to time of one or more series of senior debt securities of Safari II or the Company and Capital Corp; 
WHEREAS, Section 9.01 of the Base Indenture provides that the Issuers and the Trustee may enter into a supplemental indenture to the Base Indenture to, among other things, establish the form or terms of any series of Notes (as defined in the Base Indenture) as permitted by Section 2.01 and Section 9.01 of the Base Indenture; 
WHEREAS, clause (9) of Section 9.01 of the Base Indenture provides that the Issuers and the Trustee may enter into a supplemental indenture changing or eliminating any provision of the Base Indenture; provided, that any such change shall become effective only when there are no outstanding Notes (as defined in the Base Indenture) of such series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provisions;
WHEREAS, the Issuers and the Parent Guarantor are entering into this Supplemental Indenture to, among other things, establish the form and terms of the Issuers’ new series of 5.125% Senior Notes due 2023 (the “Notes”) pursuant to the Base Indenture, as modified by this Supplemental Indenture; 
WHEREAS, clause (8) of Section 9.01 of the Base Indenture provides that the Issuers and the Parent Guarantor may conform the Base Indenture, as amended and supplemented, or the Notes, as amended or supplemented, to the description and terms of such Notes in the offering memorandum, prospectus supplement or other offering document applicable to such Notes at the time of the initial sale thereof; and 
WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding obligation of the Issuers have been satisfied or performed. 
NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Issuers, the Parent Guarantor and the Trustee, for the benefit of each other and for the equal and ratable benefit of the Holders (as defined in the Base Indenture), hereby enter into this Supplemental Indenture to, among other things, establish the terms of the Notes pursuant to Section 2.01 of the Base Indenture and there is hereby established the Issuers’ “5.125% Senior Notes due 2023” as a separate series of Notes (as defined in the Base Indenture) and such parties further agree that this Supplemental Indenture affects the Issuers’ 5.125% Sen-

ior Notes due 2023 only and not any other series of Notes (as defined in the Base Indenture), except with respect to Section 9.02 hereof.
ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01    Definitions.  The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context of this Supplemental Indenture otherwise requires) for all purposes of this Supplemental Indenture and of any indenture supplemental hereto that governs the Notes have the respective meanings specified in this Section 1.01.  All other terms used in this Supplemental Indenture that are defined in the Base Indenture or the TIA, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Supplemental Indenture otherwise requires), have the respective meanings assigned to such terms in the Base Indenture or the TIA, as the case may be, as in force at the date of this Supplemental Indenture as originally executed.

 “Acquired Business” means the assets and liabilities acquired by CCI and its Subsidiaries from Comcast pursuant to the Acquisition Agreement.
“Acquired Debt” means, with respect to any specified Person, Indebtedness:
(1)    of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and
(2)    secured by a Lien encumbering any asset acquired by such specified Person. 
“Acquisition Agreement” means that certain Comcast/Charter Transaction Agreement dated as of April 25, 2014 between CCI and Comcast, and the definitive agreement contemplated thereby.
 “Acquisition Transactions” means the acquisition of the Acquired Business by CCI and its Subsidiaries pursuant to the Acquisition Agreement.
“Additional Notes” means Notes issued pursuant to the terms of this Supplemental Indenture in addition to Initial Notes (other than any Notes issued in respect of Initial Notes pursuant to Sections 2.06, 2.07, 2.10, 3.06, 3.09 or 4.16 of this Supplemental Indenture or Section 9.05 of the Base Indenture).
“Asset Acquisition” means (a) an Investment by the Company or any of its Restricted Subsidiaries in any other Person pursuant to which such Person shall become a Restricted Subsidiary of the Company or any of its Restricted Subsidiaries or shall be merged with or into the Company or any of its Restricted Subsidiaries, or (b) the acquisition by the Company or any of its Restricted Subsidiaries of the assets of any Person which constitute all or substantially 

-2-

all of the assets of such Person, any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business.
“Asset Sale” means:
(1)    the sale, lease, conveyance or other disposition of any assets or rights, other than sales of inventory in the ordinary course of the Cable Related Business consistent with applicable past practices; provided that the sale, conveyance or other disposition of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, shall be governed by Section 4.16 and/or Section 5.01 and not by the provisions of Section 4.11; and
(2)    the issuance of Equity Interests by any Restricted Subsidiary of the Company or the sale of Equity Interests in any Restricted Subsidiary of the Company.
Notwithstanding the preceding, the following items shall not be deemed to be Asset Sales:
(1)    any single transaction or series of related transactions that:  (a) involves assets having a fair market value of less than $100.0 million; or (b) results in net proceeds to the Company and its Restricted Subsidiaries of less than $100.0 million;
(2)    a transfer of assets between or among the Company and its Restricted Subsidiaries;
(3)    an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to another Wholly Owned Restricted Subsidiary of the Company;
(4)    any Restricted Payment that is permitted by Section 4.07, any Restricted Investment that is permitted by Section 4.08 or a Permitted Investment; 
(5)    the incurrence of Liens not prohibited by this Supplemental Indenture and the disposition of assets related to such Liens by the secured party pursuant to a foreclosure; 
(6)    any disposition of cash or Cash Equivalents;
(7)    any surrender or waiver of contract rights or settlement, including, without limitation, with respect to Hedging Obligations;
(8)     like-kind property exchanges under Section 1031 of the Internal Revenue Code;
(9)     non-exclusive licenses of intellectual property; and
(10)     any sale or disposition of inventory or accounts receivable in the ordinary course of business.

-3-

“Attributable Debt” means, with respect to a sale and leaseback transaction, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction that is entered into by any Issuer or any of their Restricted Subsidiaries (and not including, for the avoidance of doubt, any sale and leaseback transaction entered into by any Person prior to being merged into, being acquired by, or whose assets are being acquired by, any Issuer or any of their Restricted Subsidiaries), including any period for which such lease has been extended or may, at the option of the lessee, be extended.  Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP.
“Base Indenture” has the meaning assigned to it in the preamble to this Supplemental Indenture.
“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act as in effect on the Issue Date.
“Bright House” means Bright House Networks, LLC.
“Bright House Transaction” means, collectively (i) the contribution by A/N of the membership interests in Bright House and any other assets (other than certain excluded assets) primarily related to Bright House to Charter Holdings in exchange for cash and LLC membership interests in Charter Holdings and (ii) the contribution by A/N of certain other assets to New Charter (which will become the parent company of Charter following the Comcast Transactions) in exchange for shares of a new class of New Charter stock with voting rights generally intended to reflect A/N’s economic interests in New Charter and Charter Holdings, in each case pursuant to the Contribution Agreement.
“Cable Related Business” means the business of owning cable television systems and businesses ancillary, complementary and related thereto.
“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP.
“Capital Stock Sale Proceeds” means the aggregate net proceeds (including the fair market value of the non-cash proceeds) received by the Company or its Restricted Subsidiaries from and after April 1, 2010, in each case
(x)    as a contribution to the common equity capital or from the issue or sale of Equity Interests (other than Disqualified Stock and other than issuances or sales to a Subsidiary of the Company) of any Parent or the Company from and after April 1, 2010, or
(y)    from the issue or sale of Disqualified Stock, debt securities or other Indebtedness of the Company that has been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock, debt securities or other Indebtedness) sold to a Subsidiary of the Company).
“Cash Equivalents” means:

-4-

(1)    United States dollars;
(2)    securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than twelve months from the date of acquisition;
(3)    certificates of deposit and eurodollar time deposits with maturities of twelve months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case, with any domestic commercial bank having combined capital and surplus in excess of $500 million and a Thomson BankWatch Rating at the time of acquisition of “B” or better;
(4)    repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above;
(5)    commercial paper having a rating at the time of acquisition of at least “P‐1” from Moody’s or at least “A-1” from S&P and in each case maturing within twelve months after the date of acquisition;
(6)    corporate debt obligations maturing within twelve months after the date of acquisition thereof, rated at the time of acquisition at least “Aaa” or “P-1” by Moody’s or “AAA” or “A-1” by S&P;
(7)    auction-rate Preferred Stocks of any corporation maturing not later than 90 days after the date of acquisition thereof, rated at the time of acquisition at least “Aaa” by Moody’s or “AAA” by S&P;
(8)    securities issued by any state, commonwealth or territory of the United States, or by any political subdivision or taxing authority thereof, maturing not later than six months after the date of acquisition thereof, rated at the time of acquisition at least “A” by Moody’s or S&P; and
(9)    money market or mutual funds at least 90% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (8) of this definition.
“CCH I” means CCH I, LLC, a Delaware limited liability company, and any successor Person thereto.
“CCH II” means CCH II, LLC, a Delaware limited liability company, and any successor Person thereto.
“CCI” means Charter Communications, Inc., a Delaware corporation, and any successor Person thereto.
“CCO” means Charter Communications Operating, LLC, a Delaware corporation and any successor Person thereto.

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“CCO Holdings” means CCO Holdings, LLC, a Delaware limited liability company, and any successor Person thereto.
“Change of Control” means the occurrence of any of the following:
(1)    the sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, or of a Parent and its Subsidiaries, taken as a whole, to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) other than a Parent, the Company or a Restricted Subsidiary;
(2)    the adoption of a plan relating to the liquidation or dissolution of the Company or a Parent (except the liquidation of any Parent into any other Parent); or
(3)    the consummation of any transaction, including any merger or consolidation, the result of which is that any “person” (as defined above) other than a Parent becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company or a Parent, measured by voting power rather than the number of shares.
Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (i) CCI becomes a direct or indirect wholly owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of CCI’s voting stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the voting stock of such holding company.

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Event.
“Charter Holdings” means Charter Communications Holdings, LLC, a Delaware limited liability company, and any successor Person thereto.
“Charter Parent Refinancing Indebtedness” means any Indebtedness of a Parent issued in exchange for, or the net proceeds of which are used within 90 days after the date of issuance thereof to extend, refinance, renew, replace, defease, purchase, acquire or refund (including successive extensions, refinancings, renewals, replacements, defeasances, purchases, acquisitions or refunds), Indebtedness (including Acquired Debt) incurred by CCH II or any of its Subsidiaries or which refinances such Indebtedness; provided that:
(1)    the principal amount (or accreted value, if applicable) of such Charter Parent Refinancing Indebtedness does not exceed the principal amount of (or accreted value, if applicable) plus accrued interest and premium, if any, on the Indebtedness so extended, refinanced, renewed, replaced, defeased, purchased, acquired or refunded (plus the amount of reasonable fees, commissions and expenses incurred in connection therewith);

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(2)    such Charter Parent Refinancing Indebtedness has a final maturity date no earlier than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and
(3)    is classified as such by the Company.
“Charter Subsidiary Refinancing Indebtedness” means any Indebtedness of a Parent issued in exchange for, or the net proceeds of which are used within 90 days after the date of issuance thereof to extend, refinance, renew, replace, defease, purchase, acquire or refund (including successive extensions, refinancings, renewals, replacements, defeasances, purchases, acquisitions or refunds), Indebtedness (including Acquired Debt) incurred by the Company or any of its Subsidiaries or which refinances such Indebtedness; provided that:
(1)    the principal amount (or accreted value, if applicable) of such Charter Subsidiary Refinancing Indebtedness does not exceed the principal amount of (or accreted value, if applicable) plus accrued interest and premium, if any, on the Indebtedness so extended, refinanced, renewed, replaced, defeased, purchased, acquired or refunded (plus the amount of reasonable fees, commissions and expenses incurred in connection therewith); and
(2)    such Charter Subsidiary Refinancing Indebtedness has a final maturity date no earlier than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded.
“Comcast” means Comcast Corporation, a Pennsylvania corporation.
“Consolidated EBITDA” means with respect to any Person, for any period, the net income of such Person and its Restricted Subsidiaries for such period plus, to the extent such amount was deducted in calculating such net income:
(1)    Consolidated Interest Expense of such Person and its Restricted Subsidiaries;
(2)    income taxes;
(3)    depreciation expense;
(4)    amortization expense;
(5)    asset impairments or write-downs or write-offs;
(6)    all other non-cash items, extraordinary items, non-recurring and unusual items (including any restructuring charges, costs and expenses and charges, costs and expenses related to litigation settlements or judgments and/or charges, costs and expenses related to asset acquisitions and dispositions) and the cumulative effects of changes in accounting principles reducing such net income, less all non-cash items, extraordinary 

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items, non-recurring and unusual items and cumulative effects of changes in accounting principles increasing such net income;
(7)    amounts actually paid during such period pursuant to a deferred compensation plan;
(8)    any premium, penalty or fee paid in relation to any repayment, prepayment or repurchase of Indebtedness;
(9)    all deferred financing costs written off in connection with the early extinguishment of Indebtedness, net of taxes;
(10)    all costs, expenses and fees related to the issuance of the Notes;
(11)    the amount of “runrate” cost savings projected by the Issuers in good faith, net of the amount of actual benefits realized or expected to be realized (which cost savings shall be calculated on a pro forma basis as though they had been realized on the first day of such period) from actions taken or to be taken prior to or during such period; provided that (A) (x) such cost savings are reasonably identifiable and expected to be achieved based on such actions and (y) the benefits resulting therefrom are anticipated by the Issuers to be realized within twelve (12) months of such actions (B) the aggregate amount added back pursuant to this clause (11) for any period shall not exceed 20% of Consolidated EBITDA for such period prior to giving effect to this clause (11), provided further that this clause (11), for the avoidance of doubt, shall not result in an amount less than zero; and
(12)    for purposes of Section 4.10 only, Management Fees;
provided that Consolidated EBITDA shall not include:
(w)    the net income (or net loss) of any Person that is not a Restricted Subsidiary (“Other Person”), except:
(i)    with respect to net income, to the extent of the amount of dividends or other distributions actually paid to such Person or any of its Restricted Subsidiaries by such Other Person during such period; and
(ii)    with respect to net losses, to the extent of the amount of investments made by such Person or any Restricted Subsidiary of such Person in such Other Person during such period;
(x)    solely for the purposes of calculating the amount of Restricted Payments that may be made pursuant to clause (3) of the first paragraph of Section 4.07 (and in such case, except to the extent includable pursuant to clause (w) above), the net income (or net loss) of any Other Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated with such Person or any Restricted Subsidiaries or all or substantially all of the property and assets of such Other Person are acquired by such Person or any of its Restricted Subsidiaries;

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(y)    solely for purposes of clause (3) of the first paragraph of Section 4.07, the net income of any Restricted Subsidiary of the Company to the extent that the payment of dividends or similar distributions by such Restricted Subsidiary of such net income is restricted by the operation of the terms of such Restricted Subsidiary’s charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Restricted Subsidiary, unless (x) such restriction with respect to the payment of dividends or similar distributions has been legally waived or (y) such restriction is permitted by Section 4.09; provided, that the net income of such Restricted Subsidiary shall be increased by the amount of dividends or other distributions or payments actually paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the extent not already included therein; and
(z)    effects of any fresh start accounting adjustments.
“Consolidated Indebtedness” means, with respect to any Person as of any date of determination, the sum, without duplication, of:
(1)    the total amount of outstanding Indebtedness and Attributable Debt of such Person and its Restricted Subsidiaries, plus
(2)    the total amount of Indebtedness of any other Person that has been Guaranteed by the referent Person or one or more of its Restricted Subsidiaries, plus
(3)    the aggregate liquidation value of all Disqualified Stock of such Person and all Preferred Stock of Restricted Subsidiaries of such Person,
in each case, determined on a consolidated basis in accordance with GAAP.
“Consolidated Interest Expense” means, with respect to the Indebtedness of any Person for any period, without duplication, the sum of:
(1)    the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued (including, without limitation, amortization or original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments (if any) pursuant to Hedging Obligations);
(2)    the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; and
(3)    any interest expense on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries (whether or not such Guarantee or Lien is called upon); excluding, however, any amount of such interest of any Restricted Subsidiary of the referent Person if the net income of such Restricted Subsidiary is excluded in the calculation of Consolidated EBITDA pursuant to clause (x) of the definition thereof 

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(but only in the same proportion as the net income of such Restricted Subsidiary is excluded from the calculation of Consolidated EBITDA pursuant to clause (x) of the definition thereof),
in each case, on a consolidated basis and in accordance with GAAP.
“Consolidated Net Tangible Assets” means, as of any date of determination, the total amount of assets (less applicable reserves and other properly deductible items) of the Company and the Restricted Subsidiaries less the sum of (1) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other intangibles, and (2) all current liabilities, in each case, reflected on the most recent consolidated balance sheet of the Company and the Restricted Subsidiaries as at the end of the most recent ended fiscal quarter for which financial statements have been delivered pursuant to this Supplemental Indenture, determined on a consolidated basis in accordance with GAAP on a pro forma basis to give effect to any acquisition or disposition of assets made after such balance sheet date and on or prior to the date of determination.
“Contribution Agreement” means the definitive Contribution Agreement dated as of March 31, 2015, among CCI, Advance/Newhouse Partnership, A/NPC Holdings LLC, CCH I and Charter Holdco.
“Contribution Indebtedness” means Indebtedness or Disqualified Stock of the Company or any Restricted Subsidiary in an aggregate principal amount not greater than the aggregate amount of cash contributions (other than the proceeds from the issuance of Disqualified Stock or any cash contribution by an Issuer or a Restricted Subsidiary) made to the capital of the Company or a Restricted Subsidiary after the Issue Date (whether through the issuance of Capital Stock or otherwise); provided that such Contribution Indebtedness is incurred within 180 days after the making of the related cash contribution.
“Credit Facilities” means, with respect to the Company and/or its Restricted Subsidiaries, and with respect to any other entity as the context requires, one or more debt facilities (including indentures), in each case with banks, lenders or noteholders (other than a Parent of the Issuers) providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) letters of credit, notes, guarantees, and commercial paper in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.
“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default; provided, that any Default that results solely from the taking of an action that would have been permitted but for the continuation of a previous Default will be deemed to be cured if such previous Default is cured prior to becoming an Event of Default.
“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06, substantially in the form of Exhibit A hereto 

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except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.
“Depositary” means, with respect to the Global Notes, the Person specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Supplemental Indenture.
“Designated Noncash Consideration” means the fair market value of noncash consideration received by the Issuers or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration.
“Disposition” means, with respect to any Person, any merger, consolidation or other business combination involving such Person (whether or not such Person is the surviving Person) or the sale, assignment, transfer, lease or conveyance or other disposition of all or substantially all of such Person’s assets or Capital Stock.
“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the earlier of the date on which the Notes mature or the date on which the Notes are no longer outstanding.  Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07.
“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).
“Equity Offering” means any private or public issuance of Qualified Capital Stock of the Company or a Parent of which the gross proceeds to the Company or received by the Company as a capital contribution from such Parent (directly or indirectly), as the case may be, are at least $25.0 million.
 “Exchange Notes” means any notes issued in exchange for Notes of a series pursuant to the Registration Rights Agreement or similar agreement.
“Exchange Offer” means the offer of the Issuers to issue and deliver to Holders of Notes that are not prohibited by law or policy of the SEC from participating in such offer in exchange for such Notes, a like aggregate principal amount of Exchange Notes. 

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“Exchange Offer Registration Statement” means a registration statement relating to the Exchange Offer as provided in the Registration Rights Agreement.
“Existing Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries in existence on the Issue Date, until such amounts are repaid.
“GAAP” means generally accepted accounting principles in the United States which are in effect on September 27, 2010. At any time after the Issue Date, the Issuers may elect to apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS on the date of such election; provided that any such election, once made, shall be irrevocable; provided, further, that any calculation or determination in the Indenture that requires the application of GAAP for periods that include fiscal quarters ended prior to the Issuers’ election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. The Issuers shall give notice of any such election made in accordance with this definition to the Trustee.
“Global Note Legend” means the legend set forth in Section 2.06(g)(ii) which is required to be placed on all Global Notes issued under this Supplemental Indenture.
“Guarantee” or “guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness, measured as the lesser of the aggregate outstanding amount of the Indebtedness so guaranteed and the face amount of the guarantee.
“Guarantor” means the Parent Guarantor and any Subsidiary that executes a supplemental indenture and provides a Subsidiary Guarantee in accordance with Section 4.17 hereof.
“Hedging Obligations” means, with respect to any Person, the obligations of such Person under:
(1)    interest rate swap agreements, interest rate cap agreements and interest rate collar agreements;
(2)    interest rate option agreements, foreign currency exchange agreements, foreign currency swap agreements; and
(3)    other agreements or arrangements designed to protect such Person against fluctuations in interest and currency exchange rates.
“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:
(1)in respect of borrowed money;

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(2)evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);

(3)in respect of banker’s acceptances;

(4)representing Capital Lease Obligations;

(5)in respect of the balance deferred and unpaid of the purchase price of any property due more than six months after the property is acquired, except any such balance that constitutes an accrued expense or trade payable; or

(6)represented by Hedging Obligations only to the extent an amount is then owed and is payable pursuant to the terms of such Hedging Obligations,

if and to the extent any of the preceding items would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP.
In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by such Person of any indebtedness of any other Person. The amount of any Indebtedness outstanding as of any date shall be:
(1)the accreted value thereof, in the case of any Indebtedness issued with original issue discount; and

(2)the principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness.

“Indenture” means the Base Indenture, as supplemented by this Supplemental Indenture and as further amended or supplemented from time to time with respect to the Notes.
“Initial 2025 Senior Notes” means $750,000,000 aggregate principal amount of the Issuers’ 5.375% Senior Notes due 2025 issued on the Issue Date. 
“Initial 2027 Senior Notes” means $800,000,000 aggregate principal amount of the Issuers’ 5.875% Senior Notes due 2027 issued on the Issue Date.
“Initial Notes” means the Notes issued on the Issue Date (and any Notes issued in respect thereof pursuant to Section 2.06, 2.07, 2.10, 3.06, 3.09 or 4.16 of this Supplemental Indenture or Section 9.05 of the Base Indenture).
“Initial Purchasers” means Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc., UBS Securities LLC, U.S. Bancorp Investments, Inc., Macquarie Capital (USA) Inc., Wells Fargo Securities, LLC, Guggenheim Securities, LLC and LionTree Advisors LLC.

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“Investment Grade Rating” means a rating equal to or higher than (x) in the case of Moody’s, Baa3 (or the equivalent), (y) in the case of S&P, BBB- (or the equivalent) and (z) in the case of any other Rating Agency, the equivalent rating by such Rating Agency to the ratings described in clauses (x) and (y).
“Investments” means, with respect to any Person, all investments by such Person in other Persons, including Affiliates, in the forms of direct or indirect loans (including guarantees of Indebtedness or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business) and purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.
“Issue Date” means April 21, 2015.
“Letter of Transmittal” means the letter of transmittal to be prepared by the Issuers and sent to all Holders of any Additional Notes for use by such Holders in connection with any Exchange Offer.
“Leverage Ratio” means, as to the Company, as of any date, the ratio of:
(1)    the Consolidated Indebtedness for borrowed money (less cash and Cash Equivalents that is unrestricted or is restricted in favor of holders of Indebtedness included in calculating “Consolidated Indebtedness”) of the Company on such date to
(2)    the aggregate amount of Consolidated EBITDA for the Company for the most recently ended fiscal quarter for which internal financial statements are available multiplied by four (the “Reference Period”).
In addition to the foregoing, for purposes of this definition, “Consolidated EBITDA” shall be calculated on a “pro forma” basis after giving effect to:
(1)    for purposes of making the computations referred to above, any Investments, acquisitions, dispositions, mergers, consolidations and disposed operations that have been made by the Issuers or any of their Restricted Subsidiaries, during the Reference Period or subsequent to such Reference Period and on or prior to the date of the calculation of the Leverage Ratio shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed or discontinued operations (and the change in Consolidated EBITDA resulting therefrom) had occurred on the first day of the Reference Period.  If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into any Issuer or any of their Restricted Subsidiaries since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation or disposed or discontinued operation that would have required adjustment pursuant to this definition, then the Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred at the beginning of the applicable Reference Period; 

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(2)    the incurrence of the Indebtedness or the issuance of the Disqualified Stock or other Preferred Stock (and the application of the proceeds therefrom) giving rise to the need to make such calculation and any incurrence or issuance (and the application of the proceeds therefrom) or repayment of other Indebtedness, Disqualified Stock or Preferred Stock, other than the incurrence or repayment of Indebtedness for ordinary working capital purposes, at any time subsequent to the beginning of the Reference Period and on or prior to the date of determination, as if such incurrence (and the application of the proceeds thereof), or the repayment, as the case may be, occurred on the first day of the Reference Period; and
(3)    for purposes of this definition, whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or chief accounting officer of either Issuer (including cost savings; provided that (x) such cost savings are reasonably identifiable, reasonably attributable to the action specified and reasonably anticipated to result from such actions, and (y) such actions have been taken or initiated and the benefits resulting therefrom are anticipated by the Issuers to be realized within twelve (12) months).
Notwithstanding anything herein to the contrary, when calculating the Leverage Ratio in connection with a Limited Condition Acquisition, the date of determination of such ratio and of any Default or Event of Default blocker shall, at the option of the Issuers, be the date the definitive agreements for such Limited Condition Acquisition are entered into and such ratio shall be calculated on a pro forma basis after giving effect to such Limited Condition Acquisition and the other transactions to be entered into in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the applicable Reference Period, and, for the avoidance of doubt, (x) if any of such ratios are exceeded as a result of fluctuations in such ratio (including due to fluctuations in Consolidated EBITDA of the Issuers or the target company) at or prior to the consummation of the relevant Limited Condition Acquisition and the Issuers have elected to test such ratios on the date the definitive agreements for such Limited Condition Acquisition are entered into, such ratios will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition Acquisition is permitted hereunder and (y) such ratio shall not be tested at the time of consummation of such Limited Condition Acquisition or related transactions; provided further that if the Issuers elect to have such determinations occur at the time of entry into such definitive agreement, any such transactions shall be deemed to have occurred on the date the definitive agreements are entered and outstanding thereafter for purposes of calculating any ratios hereunder after the date of such agreement and before the consummation of such Limited Condition Acquisition and to the extent baskets were utilized in satisfying any covenants, such baskets shall be deemed utilize.
“Limited Condition Acquisition” means any acquisition, including by way of merger, by the Issuers or one or more of their Restricted Subsidiaries whose consummation is not conditioned upon the availability of, or on obtaining, third-party financing.
“Make-Whole Premium” means, with respect to a Note at any redemption date, the greater of:

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(i)     1.0% of the principal amount of such Note; and
(ii)     the excess of:
(1)     the present value at such redemption date of (A) the redemption price of such Note on May 1, 2018 (with such redemption prices being as set forth in Section 3.07(a)) plus (B) all required remaining scheduled interest payments due on such Note through May 1, 2018, other than accrued interest to such redemption date, computed using a discount rate equal to the Treasury Rate plus 50 basis points per annum discounted on a semi-annual bond equivalent basis, over
(2)     the principal amount of such Note on such redemption date.
“Management Fees” means the fees payable to CCI or any other Parent pursuant to the management and mutual services agreements between any Parent of the Company and/or CCO and between any Parent of the Company and other Restricted Subsidiaries of the Company and pursuant to the limited liability company agreements of certain Restricted Subsidiaries as such management, mutual services or limited liability company agreements exist on the Issue Date (or, if later, on the date any new Restricted Subsidiary is acquired or created), including any amendment or replacement thereof, provided that any such new agreements or amendments or replacements of existing agreements is not more disadvantageous to Holders in any material respect than such management agreements existing on the Issue Date; and further provided that such new, amended or replacement management agreements do not provide for percentage fees, taken together with fees under existing agreements, any higher than 3.5% of CCI’s consolidated total revenues for the applicable payment period.  
“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.
“Net Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result thereof or taxes paid or payable as a result thereof (including amounts distributable in respect of owners’, partners’ or members’ tax liabilities resulting from such sale), in each case after taking into account any available tax credits or deductions and any tax sharing arrangements and amounts required to be applied to the repayment of Indebtedness.
“New Charter” means the new holding company that will be formed when CCH I, a current indirect subsidiary of Charter, is reorganized to be a direct subsidiary of Charter and then forms a new subsidiary that will merge with Charter through a tax-free reorganization to become the new holding company.
“Non-Recourse Debt” means Indebtedness:
(1)    as to which neither the Company nor any of its Restricted Subsidiaries
    

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(a)    provides any undertaking, agreement or instrument that would constitute Indebtedness;
(b)    is directly or indirectly liable as a guarantor or otherwise; or
(c)    constitutes the lender;
(2)    no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated maturity; and
(3)    as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries;
in each case, except to the extent of Investments permitted by Section 4.08 calculated at the time of the making of such Investments.
“Note” or “Notes” has the meaning assigned to it in the preamble and includes the Initial Notes, any Additional Notes and any Exchange Notes.
“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness.
“Offering Circular” means that certain offering circular relating to the Notes, dated April 15, 2015.
“Other Person” has the meaning assigned to such term in the definition of “Consolidated EBITDA.”
“Parent” means CCH II, CCH I, Charter Holdings, Charter Communications Holding Company, LLC, CCI and/or any direct or indirect Subsidiary of the foregoing a majority of the Capital Stock of which is owned directly or indirectly by one or more of the foregoing Persons, as applicable, and that directly or indirectly beneficially owns a majority of the Capital Stock of the Company, and any successor Person to any of the foregoing.  For purposes of the second paragraph of Section 4.07, the term “Parent” shall include any corporate co-obligor if such Parent is a limited liability company or other association not taxed as a corporation.
“Permitted Investments” means:
(1)    any Investment in the Company or by the Company in the Company or in a Restricted Subsidiary of the Company, or any Investment by a Restricted Subsidiary of the Company in the Company or in another Restricted Subsidiary of the Company;

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(2)    any Investment in Cash Equivalents;
(3)    any Investment by the Company or any of its Restricted Subsidiaries in a Person, if as a result of such Investment:
(a)    such Person becomes a Restricted Subsidiary of the Company; or
(b)    such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company;
(4)    any Investment made as a result of the receipt of non-cash consideration from any Asset Sale that was made pursuant to and in compliance with Section 4.11;
(5)    any Investment made out of the net cash proceeds of the issue and sale after the Issue Date (other than to a Subsidiary of the Company) of Equity Interests (other than Disqualified Stock) of the Company (or cash contributions to the equity capital of the Company) to the extent that such net cash proceeds have not been applied to make a Restricted Payment or to effect other transactions pursuant to Section 4.07 hereof (with the amount of usage of the basket in this clause (5) being determined net of the aggregate amount of principal, interest, dividends, distributions, repayments, proceeds or other value otherwise returned or recovered in respect of any such Investment, but not to exceed the initial amount of such Investment);
(6)    other Investments in any Person (other than any Parent) having an aggregate fair market value, when taken together with all other Investments in any Person made by the Company and its Restricted Subsidiaries (without duplication) pursuant to this clause (6) from and after the Issue Date, not to exceed $1,100.0 million (initially measured on the date each such Investment was made and without giving effect to subsequent changes in value, but reducing the amount outstanding by the aggregate amount of principal, interest, dividends, distributions, repayments, proceeds or other value otherwise returned or recovered in respect of any such Investment, but not to exceed the initial amount of such Investment) at any one time outstanding; 
(7)    Investments in customers and suppliers in the ordinary course of business which either (A) generate accounts receivable or (B) are accepted in settlement of bona fide disputes;
(8)     Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged into the Company or merged into or consolidated with a Restricted Subsidiary after the Issue Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;
(9)    any Investment (other than an Investment in a Restricted Subsidiary) existing or pursuant to agreements or arrangements in effect, on the Issue Date and any modification, replacement, renewal or extension thereof; provided that the amount of any such 

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Investment may be increased (x) as required by the terms of such Investment as in existence on the Issue Date or (y) as otherwise permitted under this Supplemental Indenture;
(10)    Investments received as a result of a bankruptcy, workout, reorganization or recapitalization of customers or suppliers;
(11)    as a result of a foreclosure by the Company or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;
(12)    any Investment represented by Hedging Obligations not entered into for speculative purposes;
(13)    loans and advances to officers, directors and employees for business-related travel expenses, moving expenses and other expenses, in each case incurred in the ordinary course of business or to finance the purchase of Equity Interests of the Company or any Parent and in an amount not to exceed $25.0 million at any one time outstanding;
(14)    Investments the payment for which consists of Equity Interests of the Company or any Parent (exclusive of Disqualified Stock of the Company);
(15)    Guarantees of Indebtedness permitted by Section 4.10;
(16)    Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment or the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons, in each case in the ordinary course of business;
(17)    Investments consisting of the non-exclusive licensing or contribution of intellectual property pursuant to joint marketing arrangements with other persons;
(18)    the creation of Liens on the assets of the Company or any of its Restricted Subsidiaries in compliance with Section 4.14;
(19)    Investments consisting of earnest money deposits acquired in connection  with a purchase agreement or other acquisitions to the extent not otherwise prohibited under this Supplemental Indenture; and
(20)    without duplication of amounts that otherwise increased the amount available under one or more of the foregoing categories of Permitted Investments, investments made from the proceeds from any dividend or distribution by an Unrestricted Subsidiary to the Company or any of its Restricted Subsidiaries. 
“Permitted Liens” means:
(1)    Liens on the assets of, or Equity Interests in, a Restricted Subsidiary of the Company securing Indebtedness and other Obligations under any of the Credit Facilities of such Restricted Subsidiary;

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(2)    Liens in favor of the Company;
(3)    Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with the Company;
(4)    Liens on property existing at the time of acquisition thereof by the Company; provided that such Liens were in existence prior to the contemplation of such acquisition;
(5)    Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business;
(6)    purchase money mortgages or other purchase money Liens (including, without limitation, any Capital Lease Obligations) incurred by the Company upon any fixed or capital assets acquired after the Issue Date or purchase money mortgages (including without limitation Capital Lease Obligations) on any such assets, whether or not assumed, existing at the time of acquisition of such assets, whether or not assumed, so long as 
(i)    such mortgage or Lien does not extend to or cover any of the assets of the Company, except the asset so developed, constructed, or acquired, and directly related assets such as enhancements and modifications thereto, substitutions, replacements, proceeds (including insurance proceeds), products, rents and profits thereof, and 
(ii)    such mortgage or Lien secures the obligation to pay all or a portion of the purchase price of such asset, interest thereon and other charges, costs and expenses (including, without limitation, the cost of design, development, construction, acquisition, transportation, installation, improvement, and migration) and is incurred in connection therewith (or the obligation under such Capital Lease Obligation) only;
(7)    Liens existing on the Issue Date and replacement Liens therefor that do not encumber additional property;
(8)    Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor;
(9)    statutory and common law Liens of landlords and carriers, warehousemen, mechanics, suppliers, materialmen, repairmen or other similar Liens arising in the ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith by appropriate legal proceedings promptly instituted and diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made;

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(10)    Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security;
(11)    Liens incurred or deposits made to secure the performance of tenders, bids, leases, statutory or regulatory obligation, bankers’ acceptance, surety and appeal bonds, government contracts, performance and return-of-money bonds and other obligations of a similar nature incurred in the ordinary course of business (exclusive of obligations for the payment of borrowed money);
(12)    easements, rights-of-way, municipal and zoning ordinances and similar charges, encumbrances, title defects or other irregularities that do not materially interfere with the ordinary course of business of the Company or any of its Restricted Subsidiaries;
(13)    Liens of franchisors or other regulatory bodies arising in the ordinary course of business;
(14)    Liens arising from filing Uniform Commercial Code financing statements regarding leases or other Uniform Commercial Code financing statements for precautionary purposes relating to arrangements not constituting Indebtedness;
(15)    Liens arising from the rendering of a final judgment or order against the Company or any of its Restricted Subsidiaries that does not give rise to an Event of Default;
(16)    Liens securing reimbursement obligations with respect to letters of credit that encumber documents and other property relating to such letters of credit and the products and proceeds thereof;
(17)    Liens encumbering customary initial deposits and margin deposits, and other Liens, in each case, securing Indebtedness under Hedging Obligations and forward contracts, options, future contracts, future options or similar agreements or arrangements designed solely to protect the Company or any of its Restricted Subsidiaries from fluctuations in interest rates, currencies or the price of commodities;
(18)    Liens consisting of any interest or title of licensor in the property subject to a license;
(19)    Liens on the Capital Stock of Unrestricted Subsidiaries;
(20)    Liens arising from sales or other transfers of accounts receivable which are past due or otherwise doubtful of collection in the ordinary course of business;
(21)    Liens incurred with respect to obligations which in the aggregate do not exceed the greater of (i) $90.0 million or (ii) 1.0% of Consolidated Net Tangible Assets at any one time outstanding;

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(22)    Liens in favor of the Trustee arising under the provisions of Section 7.07 of this Supplemental Indenture and similar provisions in favor of trustees or other agents or representatives under indentures or other agreements governing debt instruments entered into after the date hereof; 
(23)    Liens in favor of the Trustee for its benefit and the benefit of Holders as their respective interests appear; and
(24)    Liens securing Permitted Refinancing Indebtedness, to the extent that the Indebtedness being refinanced was secured or was permitted to be secured by such Liens.
“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used within 60 days after the date of issuance thereof, to extend, refinance, renew, replace, defease or refund, other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that, unless otherwise permitted by this Supplemental Indenture, no Indebtedness of any Restricted Subsidiary (other than, for the avoidance of doubt, a corporate co-issuer whose primary purpose is to act as a co-issuer and any Restricted Subsidiary that is a Guarantor) may be issued in exchange for, nor may the net proceeds of Indebtedness be used to extend, refinance, renew, replace, defease or refund, Indebtedness of the direct or indirect parent of such Restricted Subsidiary; provided, further, that: 
(1)    the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus accrued interest and premium, if any, on the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded (plus the amount of expenses incurred in connection therewith), except to the extent that any such excess principal amount (or accreted value, as applicable) would be then permitted to be incurred by other provisions of Section 4.10;
(2)    such Permitted Refinancing Indebtedness has a final maturity date no earlier than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and
(3)    if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to Holders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded.
“Preferred Stock,” as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which, by its terms, is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person.

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“Private Placement Legend” means the legend set forth in Section 2.06(g)(i)(a) to be placed on all Additional Notes issued under this Supplemental Indenture except where otherwise permitted by the provisions of this Supplemental Indenture.
“Productive Assets” means assets (including assets of a referent Person owned directly or indirectly through ownership of Capital Stock) of a kind used or useful in the Cable Related Business.
“Qualified Capital Stock” means any Capital Stock that is not Disqualified Stock.
“Rating Agencies” means (i) each of Moody’s, S&P and Fitch Ratings Ltd.; and (ii) if any of Moody’s, S&P or Fitch Ratings Ltd. ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, as amended, selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s, S&P, Fitch Ratings Ltd. or each of them, as the case may be.
“Ratings Decline Period” means the period that (i) begins on the earlier of (a) the date of the first public announcement of the occurrence of a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation of such Change of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency.

“Ratings Event” means a downgrade by one or more gradations (including gradations within ratings categories as well as between rating categories) or withdrawal of the rating of the Notes within the Ratings Decline Period by two or more Rating Agencies (unless the applicable Rating Agency shall have put forth a written statement to the effect that such downgrade is not attributable in whole or in part to the applicable Change of Control) following which (except in the case of a withdrawal of a rating) the rating of the Notes by each such Rating Agency is below such Rating Agency’s rating of the Notes on the Issue Date.

“Reference Period” has the meaning assigned to such term in the definition of “Leverage Ratio.”
“Register” means a register in which, subject to such reasonable regulations as it may prescribe, the Issuers shall provide for the registration of the Notes and of transfers and exchanges of such Notes which the Issuers shall cause to be kept at the appropriate office of the Registrar in accordance with Section 2.03.
“Registration Rights Agreement” means (1) with respect to the Notes issued on the Issue Date, the Registration Rights Agreement, to be dated the Issue Date, among the Issuers, the guarantor, and the Initial Purchasers and (2) with respect to any Additional Notes, any registration rights agreement between the Issuers and the other parties thereto relating to the registration by the Issuers of such Additional Notes under the Securities Act. 

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“Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend, the Private Placement Legend and the Regulation S Legend deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in an initial denomination equal to the outstanding principal amount of any Additional Notes initially sold in reliance on Rule 903 of Regulation S.
“Regulation S Legend” means the legend set forth in Section 2.06(g)(iii) which is required to be placed on all Regulation S Global Notes issued under this Supplemental Indenture.
“Restricted Investment” means an Investment other than a Permitted Investment.
“Rule 144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in an initial denomination equal to the outstanding principal amount of any Additional Notes initially sold in reliance on Rule 144A.
“S&P” means Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc., or any successor to the rating agency business thereof.
“Shelf Registration Statement” means a “shelf” registration statement providing for the registration and the sale on a continuous or delayed basis of any Additional Notes as may be provided in the Registration Rights Agreement.
“Special Interest” means all additional interest owing on the Notes pursuant to the Registration Rights Agreement.
“Supplemental Indenture” has the meaning assigned to it in the preamble to this Supplemental Indenture.
“Taxable Purchase” has the meaning assigned to it in the Acquisition Agreement.
“Total Assets” means the total assets of the Issuers and their Restricted Subsidiaries on a consolidated basis, as shown on the most recent balance sheet of the Issuers.
“Treasury Rate” means, for any date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two Business Days prior to the applicable redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the period from the applicable redemption date to May 1, 2018, provided, however, that if the period from the applicable redemption date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given except that if the period from the applicable redemption date to May 1, 2018 is less than one year, the weekly average yield on actually traded United States Treasury Securities adjusted to a constant maturity of one year shall be used.

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“Unrestricted Global Note” means a permanent Global Note substantially in the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing the Initial Notes or any Additional Notes that do not bear the Private Placement Legend.
“Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company or CCI as an Unrestricted Subsidiary pursuant to a board resolution, but only to the extent that such Subsidiary:  
(1)    has no Indebtedness other than Non-Recourse Debt;
(2)    is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or any Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company unless such terms constitute Investments permitted under Section 4.08 and Permitted Investments or Asset Sales permitted under Section 4.11; and
(3)    does not own any Capital Stock of any Restricted Subsidiary of the Company.
Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy of the board resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 4.08.  The Board of Directors of the Company or CCI may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if:
(1)    such Indebtedness is permitted under Section 4.10 calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and
(2)    no Default or Event of Default would be in existence immediately following such designation.
“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors or comparable governing body of such Person.
“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:
(1)    the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of 

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years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by
(2)    the then outstanding principal amount of such Indebtedness.
“Wholly Owned Restricted Subsidiary” of any Person means a Restricted Subsidiary of such Person all of the outstanding common equity interests or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person and/or by one or more Wholly Owned Restricted Subsidiaries of such Person.
Section 1.02    Other Definitions.
	
		
	Term
	Defined
in Section

	“Affiliate Transaction”
	4.13

	“Asset Sale Offer”
	3.09

	“Authentication Order”
	2.02

	“Change of Control Offer”
	4.16

	“Change of Control Payment”
	4.16

	“Change of Control Payment Date”
	4.16

	“Covenant Defeasance”
	8.03

	“DTC”
	2.03

	“Excess Proceeds”
	4.11

	“Guaranteed Indebtedness” 
	4.17

	“incur”
	4.10

	“Legal Defeasance”
	8.02

	“Offer Amount”
	3.09

	“Offer Period”
	3.09

	“Paying Agent”
	2.03

	“Permitted Debt”
	4.10

	“Purchase Date”
	3.09

	“Registrar”
	2.03

	“Restricted Payments”
	4.07

	“Subsidiary Guarantee”
	4.17

ARTICLE 2

THE NOTES

With respect to the Notes only, Article 2 of the Base Indenture is hereby replaced with the following:

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Section 2.01    Form and Dating. General.  The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto.  The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage or this Supplemental Indenture.  Each Note shall be dated the date of its authentication.  The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Supplemental Indenture and the Issuers, the Parent Guarantor and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.  However, to the extent any provision of any Note conflicts with the express provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern and be controlling.
(b)Global Notes.  Notes issued in global form shall be substantially in the form of Exhibit A (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto).  Notes issued in definitive form shall be substantially in the form of Exhibit A (without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto).  Each Global Note shall represent such outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.  Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06.

(c)Form of Initial Notes, Etc.  All Initial Notes issued on the Issue Date are being or will be offered and sold by the Initial Purchasers only (i) to QIBs (in which case they will be evidenced by one or more Rule 144A Global Notes) or (ii) in reliance on Regulation S under the Securities Act (in which case they will be evidenced by one or more Regulation S Global Notes).

(d)Euroclear and Clearstream Procedures Applicable.  The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream” and “Customer Handbook” of Clearstream (or, in each case, equivalent documents setting forth the procedures of Euroclear and Clearstream) shall be applicable to transfers of beneficial interests in Regulation S Global Notes that are held by Participants through Euroclear or Clearstream.

Section 2.02    Execution and Authentication. Two Officers shall sign the Notes for each Issuer by manual or facsimile signature.

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.

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A Note shall not be valid until authenticated by the manual signature (which may be by facsimile) of the Trustee.  The signature shall be conclusive evidence that the Note has been authenticated under this Supplemental Indenture.
At any time and from time to time after the execution and delivery of this Supplemental Indenture, the Issuers may deliver Notes executed by the Issuers to the Trustee for authentication; and the Trustee shall authenticate and deliver (i) Initial Notes for original issue in the aggregate principal amount of $1,150,000,000, (ii) Additional Notes from time to time for original issue in aggregate principal amount specified by the Issuers and (iii) Exchange Notes from time to time for issue in exchange for a like principal amount of Initial Notes or Additional Notes, in each case specified in clauses (i) through (iii) above, upon a written order of the Issuers signed by an Officer of each Issuer (an “Authentication Order”).  Such Authentication Order shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated, whether such Notes are to be Initial Notes, Additional Notes or Exchange Notes and whether the Notes are to be issued as one or more Global Notes and such other information as the Issuers may include or the Trustee may reasonably request.  The aggregate principal amount of Notes which may be authenticated and delivered under this Supplemental Indenture is unlimited.
On the Issue Date, the Issuers will issue Initial Notes in $1,150,000,000 aggregate principal amount in the form of one or more Rule 144A Global Notes and/or one or more Regulation S Global Notes, as provided in Section 2.01(c).  Any Notes offered and sold in reliance on the exemption from registration under the Securities Act provided by Section 4(a)(2) thereunder or Rule 144A shall be issued as one or more Rule 144A Global Notes.  Any Notes offered and sold in offshore transactions in reliance on Regulation S shall be issued as one or more Regulation S Global Notes.
The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Notes.  An authenticating agent may authenticate Notes whenever the Trustee may do so.  Each reference in this Supplemental Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuers.

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Section 2.03    Registrar and Paying Agent. The Issuers shall maintain an office or agency in the Borough of Manhattan, the City of New York, where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”).  Until otherwise designated by the Issuers, the Issuers’ office or agency in New York shall be the office of the Trustee maintained for such purpose.  The Registrar shall keep the Register of the Notes and of their transfer and exchange.  The Issuers may appoint one or more co-registrars and one or more additional paying agents.  The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent.  The Issuers may change any Paying Agent or Registrar without notice to any Holder.  The Registrar or Paying Agent may resign at any time upon not less than 10 Business Days’ prior written notice to the Issuers.  The Issuers shall enter into an appropriate agency agreement with any Agent not a party to this Supplemental Indenture, which shall incorporate any applicable terms of the TIA.  The Issuers shall notify the Trustee in writing of the name and address of any Agent not a party to this Supplemental Indenture.  The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

The Issuers initially appoint The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.
The Issuers initially appoint the Trustee to act as the Registrar and Paying Agent and to act as custodian with respect to the Global Notes.

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Section 2.04    Paying Agent to Hold Money in Trust. Principal of, premium, if any, and interest (including Special Interest, if any) on the Notes will be payable at the office of the Paying Agent or, at the option of the Issuers, payment of interest (including Special Interest, if any) may be made by check mailed to Holders at their respective addresses set forth in the Register; provided, all payments of principal, premium, if any, and interest (including Special Interest, if any) with respect to the Notes represented by one or more Global Notes registered in the name or held by the Depositary shall be made by wire transfer of immediately available funds to accounts specified by the Holder prior to 10:00 a.m., New York time, on each due date of the principal and interest on any Note.  The Issuers shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest (including Special Interest, if any) on the Notes, and shall notify the Trustee of any default by the Issuers in making any such payment.  While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than an Issuer or a Subsidiary) shall have no further liability for the money.  If an Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders all money held by it as Paying Agent.  Upon any bankruptcy or reorganization proceedings relating to the Issuers, the Trustee shall serve as Paying Agent for the Notes.

Section 2.05    Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a).  If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders, and the Issuers shall otherwise comply with TIA § 312(a).

Section 2.06    Transfer and Exchange.

(a)Transfer and Exchange of Global Notes.  A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.  All Global Notes shall be exchanged by the Issuers for Definitive Notes if:

(i)the Issuers deliver to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuers within 120 days after the date of such notice from the Depositary;

(ii)the Issuers in their sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee; or

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(iii)there shall have occurred and be continuing a Default or Event of Default with respect to the Notes.

Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee.  Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10.  Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note.  A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f).
(b)Transfer and Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Supplemental Indenture and the Applicable Procedures.  Beneficial interests in Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act.  Prior to the expiration of the 40-day distribution compliance period set forth in Regulation S, beneficial interests in any Regulation S Global Notes may be held only through Euroclear or Clearstream unless transferred in accordance with Section 2.06(b)(iii)(A).  Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

(i)Transfer of Beneficial Interests in the Same Global Note.  Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend.  Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.  No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i).

(ii)All Other Transfers and Exchanges of Beneficial Interests in Global Notes.  In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(i) above, the transferor of such beneficial interest must deliver to the Registrar either:

(A)a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and

(B)instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or

(C)a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to 

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cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and

(D)instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (A) above. 

Upon consummation of an Exchange Offer by the Issuers in accordance with Section 2.06(f), the requirements of this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes.  Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Supplemental Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h).
(iii)Transfer of Beneficial Interests to Another Restricted Global Note.  A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(ii) above and the Registrar receives the following:

(A)if the transferee will take delivery in the form of a beneficial interest in the Rule 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and

(B)if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof.

(iv)Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.  A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) above and:

(A)such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights Agreement and the Holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the relevant Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuers;

(B)such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement;

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(C)such transfer is effected by a broker-dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or

(D)such exchange or transfer is effected after the expiration of the 40-day distribution compliance period set forth in Regulation S and the Registrar receives the following:

(1)    if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(i) thereof; or
(2)    if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;
and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above.
Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.
(c)Transfer or Exchange of Beneficial Interests for Definitive Notes.

(i)Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes.  If any Holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation:

(A)if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(i) thereof (provided that any such beneficial interest in Regulation S Global Note shall not be so exchangeable until after the expiration of the 40-day distribution compliance period set forth in Regulation S);

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(B)if such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;

(C)if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

(D)if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(i) thereof;

(E)if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)(iv) thereof, if applicable;

(F)if such beneficial interest is being transferred to the Issuers, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(ii) thereof; or

(G)if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(iii) thereof,

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount.  Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant.  The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered.  Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.
(ii)Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.  A Holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if:

(A)such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights Agreement and the Holder of such beneficial inter-

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est, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the relevant Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuers;

(B)such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement;

(C)such transfer is effected by a broker-dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or

(D)such exchange or transfer is effected after the expiration of the 40-day distribution compliance period set forth in Regulation S and the Registrar receives the following:

(1)    if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Definitive Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(ii) thereof; or
(2)    if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a Definitive Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;
and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
(iii)Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.  If any Holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(ii), the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount.  Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant.  The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered.  Any Definitive Note issued in exchange for a bene-

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ficial interest pursuant to this Section 2.06(c)(iii) shall not bear the Private Placement Legend.

(d)Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes.

(i)Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes.  If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation:

(A)if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(ii) thereof;

(B)if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;

(C)if such Restricted Definitive Note is being transferred to a Non- U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

(D)if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(i) thereof;

(E)if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable;

(F)if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(ii) thereof; or

(G)if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(iii) thereof,

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of subparagraph (A) above, the appropriate Restricted Global Note, in the case of subparagraph (B) above, the Rule 144A Global Note or, in the case of subparagraph (C) above, the Regulation S Global Note.

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(ii)Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if:

(A)such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the relevant Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuers;

(B)such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement;

(C)such transfer is effected by a broker-dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or

(D)such exchange or transfer is effected after the expiration of the 40-day distribution compliance period set forth in Regulation S and the Registrar receives the following:

(1)    if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(iii) thereof; or
(2)    if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;
and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.
(iii)Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.  Upon receipt of a request for such an exchange or transfer, the 

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Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred.
(e)Transfer and Exchange of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes.  Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing.  In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e):

(i)Restricted Definitive Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

(A)if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

(B)if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

(C)if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable.

(ii)Restricted Definitive Notes to Unrestricted Definitive Notes.  Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if:

(A)such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution 

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of the relevant Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuers;

(B)any such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement;

(C)any such transfer is effected by a broker-dealer pursuant to an Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or

(D)such exchange or transfer is effected after the expiration of the 40-day distribution compliance period set forth in Regulation S and the Registrar receives the following:

(1)    if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or
(2)    if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;
and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
(iii)Unrestricted Definitive Notes to Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note.  Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

(f)Exchange Offer.  Upon the occurrence of an Exchange Offer in accordance with the Registration Rights Agreement, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not broker-dealers, (y) they are not participating in a distribution of the relevant Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the Issuers, and accepted for exchange in the relevant Exchange Offer and (ii) Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the relevant Exchange Offer.  Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Definitive Notes in the appropriate principal amount.

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(g)Legends.  The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Supplemental Indenture unless specifically stated otherwise in the applicable provisions of this Supplemental Indenture:

(i)Private Placement Legend.

(A)Except as permitted by subparagraph (B) below, each Restricted Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form:

THE NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE NOTES EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE NOTES EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUERS THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) (A) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (B) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT, OR (D) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUERS SO REQUEST), (II) TO THE ISSUERS, OR (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE NOTES EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE NOTE EVIDENCED HEREBY.
(B)Notwithstanding the foregoing, any Initial Note and any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend.

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(ii)Global Note Legend.  Each Global Note shall bear a legend in substantially the following form:

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE SUPPLEMENTAL INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE SUPPLEMENTAL INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS.  UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO EACH ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
(iii)Regulation S Legend.  Each Regulation S Global Note should bear a legend in substantially the following form: 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE 

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MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.
(h)Cancellation and/or Adjustment of Global Notes.  At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11.  At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

(i)General Provisions Relating to Transfers and Exchanges.

(i)To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon the Issuers’ order or at the Registrar’s request.

(ii)No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.09, 4.11, 4.16 and 9.05).

(iii)The Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.

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

(v)The Issuers shall not be required to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

(vi)Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest (including Special Interest, if any) on such Notes and for 

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all other purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary.

(vii)The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02.

(viii)All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile.

(ix)Each Holder of a Note agrees to indemnify the Issuers and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Supplemental Indenture and/or applicable United States Federal or state securities law.

(x)The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary Participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

(xi)Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.

(xii)Notwithstanding anything contained herein, any transfers, replacements or exchanges of Notes, including as contemplated in this Article 2, shall not be deemed to be an incurrence of Indebtedness.

Section 2.07    Replacement Notes.

If any mutilated Note is surrendered to the Trustee or the Issuers and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuers shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met.  If required by the Trustee or the Issuers, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced.  The Issuers may charge for their expenses in replacing a Note.
Every replacement Note is an additional legally binding obligation of the Issuers and shall be entitled to all of the benefits of this Supplemental Indenture equally and proportionately with all other Notes duly issued hereunder.

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Section 2.08    Outstanding Notes.

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions of this Supplemental Indenture, and those described in this Section 2.08 as not outstanding.  Except as set forth in Section 2.09, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.
If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser.
If the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue.
If the Paying Agent (other than an Issuer, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.
Section 2.09    Treasury Notes.

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers, or by any Person directly or indirectly controlled by or under direct or indirect common control with the Issuers or, if the TIA is applicable to this Supplemental Indenture, to the extent required by the TIA, any person controlling the Issuers, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned shall be so disregarded.
Section 2.10    Temporary Notes.

Until certificates representing Notes are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes.  Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Issuers consider appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee.  Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate Definitive Notes in exchange for temporary Notes.
Holders of temporary Notes shall be entitled to all of the benefits of this Supplemental Indenture.
Section 2.11    Cancellation.

The Issuers at any time may deliver Notes to the Trustee for cancellation.  The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for regis-

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tration of transfer, exchange or payment.  The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such canceled Notes in its customary manner.  The Issuers may not issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee for cancellation.
Section 2.12    Defaulted Interest.

If the Issuers default in a payment of interest (including Special Interest, if any) on the Notes, the Issuers shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, which interest on defaulted interest shall accrue until the defaulted interest is deemed paid hereunder, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01.  The Issuers shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment.  The Issuers shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest.  At least 15 days before the special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense of the Issuers) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.
Section 2.13    CUSIP Numbers.

The Issuers in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes,  and any such redemption shall not be affected by any defect in or omission of such numbers.  The Issuers will promptly notify the Trustee in writing of any change in the “CUSIP” numbers.
Section 2.14    FATCA.

The Issuers hereby agree (i) to give notice to the Trustee upon becoming aware that any payment under the Indenture will be treated as a withholdable payment, as such term is used in Sections 1471-1474 of the U. S. Internal Revenue Code of 1986, as amended, and Treasury regulations promulgated thereunder (“Applicable Law”); and (ii) that the Trustee shall be entitled to make any withholding or deductions from payments under the Indenture (and shall not be required to pay any additional amounts with respect to any such withholding or deduction on or in respect of the Notes) to the extent necessary to comply with Applicable Law.
ARTICLE 3

REDEMPTION AND PREPAYMENT

With respect to the Notes only, Article 3 of the Base Indenture is hereby replaced with the following:

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Section 3.01    Notices to Trustee.

If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section 3.07, it shall furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (i) the clause of this Supplemental Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption price; provided that the Issuers shall notify the Trustee 5 days prior to any such redemption, which notice period may be waived by the Trustee.
Section 3.02    Selection of Notes to Be Redeemed. If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes for redemption, on a pro rata basis, by lot or in accordance with any other method as the Trustee shall deem appropriate, if the Notes are held in global form, the Notes shall be selected for redemption by the depositary in accordance with their applicable procedures. 

In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption.

The Trustee shall promptly notify the Issuers in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed.  Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of a Holder’s Notes are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed.  Except as provided in the preceding sentence, provisions of this Supplemental Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.
Section 3.03    Notice of Redemption.

Subject to the provisions of Section 3.09, at least 30 days (or, in the case of a redemption, pursuant to Section 3.07(d), 10 days) but not more than 60 days before a redemption date, the Issuers shall transmit or cause to be transmitted, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address.
The notice shall identify the Notes to be redeemed and shall state:
(a)the redemption date;

(b)the redemption price;

(c)if any Note is being redeemed in part only, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note;

(d)the name and address of the Paying Agent;

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(e)that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

(f)that, unless the Issuers default in making such redemption payment, interest on Notes called for redemption and redeemed ceases to accrue on and after the redemption date;

(g)the paragraph of the Notes and/or Section of this Supplemental Indenture pursuant to which the Notes called for redemption are being redeemed; 

(h)that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes; and

(i)any conditions to the Issuers’ obligations to redeem the Notes as contemplated by Section 3.04.

At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ name and at its expense; provided, however, that the Issuers shall have delivered to the Trustee, at least 45 days prior to the redemption date (or such shorter period as to which the Trustee may agree in its sole discretion), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.
Section 3.04    Effect of Notice of Redemption.

Once notice of redemption is transmitted in accordance with Section 3.03, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price; provided that any redemption or notice of any redemption may, at the Issuers’ discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an Equity Offering, other offering, issuance of Indebtedness, or other corporate transaction or event and notice of any redemption in respect thereof may be given prior to the completion thereof and may be partial as a result of only some of the conditions being satisfied; provided, however, that any such conditions precedent shall be set forth in the notice of redemption and that such notice shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuers in their sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by the redemption date, or by the redemption date so delayed.
Section 3.05    Deposit of Redemption Price.

At or prior to 10:00 a.m., New York City time, on the redemption date, the Issuers shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued interest (including Special Interest, if any) on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption price of, and accrued interest (including Special Interest, if any) on, all Notes to be redeemed.

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If the Issuers comply with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest (including Special Interest, if any) shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Issuers to comply with the preceding paragraph, interest (including Special Interest, if any) shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01.
Section 3.06    Notes Redeemed in Part.

No Notes of $2,000 principal amount or less shall be redeemed in part.  Upon surrender of a Note that is redeemed in part, the Issuers shall issue and, upon the Issuers’ written request, the Trustee shall authenticate for the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed portion of the Note surrendered.
Section 3.07    Optional Redemption.  

(a)Except as set forth in Section 3.07(b), (c) and (d), the Issuers shall not have the option to redeem the Notes pursuant to this Section 3.07 prior to May 1, 2018.  The Issuers shall have the option to redeem the Notes, from and after May 1, 2018, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount of the Notes) set forth below plus accrued and unpaid interest thereon and Special Interest, if any, to the applicable redemption date, if redeemed during the twelve month period beginning on May 1 of the years indicated below:

	
		
	Year
	Percentage

	2018
	103.844%

	2019
	102.563%

	2020
	101.281%

	2021 and thereafter
	100.000%

(b)At any time prior to May 1, 2018, the Issuers may on any one or more occasions redeem up to 40% of the aggregate principal amount of the Notes (including the principal amount of any Additional Notes), at a redemption price of 105.125% of the principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, to the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that:

(i)at least 60% of the original aggregate principal amount of Notes (including the principal amount of any Additional Notes) issued under this Supplemental Indenture remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Issuers and their Subsidiaries); and 

(ii)the redemption must occur within 180 days of the date of the closing of such Equity Offering.

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(c)At any time and from time to time prior to May 1, 2018, the Issuers may redeem outstanding Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest and Special Interest, if any, on such Notes to the redemption date plus the Make-Whole Premium.

(d)In the event that the Issuers have made a Change of Control Offer pursuant to Section 4.16, and have purchased not less than 90% of the then outstanding Notes pursuant to such Change of Control Offer, the Issuers may, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following the applicable Change of Control Payment Date, redeem all of the Notes that remain outstanding following such Change of Control Payment Date at a redemption price equal to 101% of the principal amount of the Notes so redeemed plus accrued and unpaid interest on the Notes so redeemed to the redemption date.

Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through 3.06.  
Section 3.08    Mandatory Redemption.

Except as otherwise provided in Section 4.11 or Section 4.16 below, the Issuers shall not be required to make mandatory redemption payments with respect to the Notes.
Section 3.09    Offer to Purchase by Application of Excess Proceeds.

In the event that the Issuers shall be required to commence an offer to all Holders to purchase Notes pursuant to Section 4.11 (an “Asset Sale Offer”), they shall follow the procedures specified below.
The Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”).  No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuers shall purchase the principal amount of Notes required to be purchased pursuant to Section 4.11 (the “Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Asset Sale Offer.  Payment for any Notes so purchased shall be made in the same manner as interest payments are made.  Unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date.
If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no Special Interest shall be payable to Holders who tender Notes pursuant to the Asset Sale Offer.
Upon the commencement of an Asset Sale Offer the Issuers shall send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee.  The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer.  The Asset Sale Offer shall be made to all Holders.  The notice, which shall govern the terms of the Asset Sale Offer, shall state:

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(a)that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.11 and the length of time the Asset Sale Offer shall remain open;

(b)the Offer Amount, the purchase price and the Purchase Date;

(c)that any Note not tendered or accepted for payment shall continue to accrue interest;

(d)that, unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date;

(e)that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in minimum denominations of $2,000 and in multiple integrals of $1,000 in excess thereof only;

(f)that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer the Note by book-entry transfer, to the Issuers, the Depositary or the Paying Agent at the address specified in the notice at least three days before the Purchase Date;

(g)that Holders shall be entitled to withdraw their election if the Issuers, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased;

(h)that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Issuers shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Issuers so that only Notes in minimum denominations of $2,000 or integral multiples of $1,000 in excess thereof, shall be purchased); and

(i)that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer).

On or before the Purchase Date, the Issuers shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Issuers in accordance with the terms of this Section 3.09.  The Issuers, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuers for purchase, and the Issuers shall promptly issue a new Note, and the Trustee, upon written request from the Issuers, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note 

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surrendered.  Any Note not so accepted shall be promptly mailed or delivered by the Issuers to the Holder thereof.  The Issuers shall publicly announce the results of the Asset Sale Offer on the Purchase Date.
Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06.
ARTICLE 4
COVENANTS
With respect to the Notes only, each Issuer hereby agrees to expressly subject itself to the provisions of Article 4 of the Base Indenture and the following Sections 4.03 through 4.19 are hereby added to Article 4 of the Base Indenture:
Section 4.03    Reports.

Whether or not required by the Commission, so long as any Notes are outstanding, the Issuers shall furnish to Holders and the Trustee, within the time periods specified in the Commission’s rules and regulations:
(1)    all quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Issuers were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and, with respect to the annual information only, a report on the annual consolidated financial statements of the Company by its independent public accountants; and
(2)    all current reports that would be required to be filed with the Commission on Form 8-K if the Issuers were required to file such reports.
If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information required by the preceding paragraph shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management's Discussion and Analysis of Financial Condition and Results of Operations, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company.
Notwithstanding anything to the contrary set forth above, for so long as the Issuers are direct or indirect majority-owned Subsidiaries of any Parent (or other Person which, directly or indirectly, owns a majority of the outstanding common equity interests of the Issuers), if such Parent (or other Person which, directly or indirectly, owns a majority of the outstanding common equity interests of the Issuers) has provided a guarantee with respect to the Notes and has furnished Holders and filed electronically with the Securities and Exchange Commission, the reports described in the preceding paragraphs with respect to such Parent (or other Person which, directly or indirectly, owns a majority of the outstanding common equity interests of the Issuers) 

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(including any consolidating financial information required by Regulation S-X relating to the Issuers), the Issuers shall be deemed to be in compliance with the provisions of this Section 4.03. 
Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuers’ compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers' Certificates).
Section 4.04    Compliance Certificate.

(a)The Issuers shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers' Certificate stating that a review of the activities of the Issuers and their Subsidiaries during the preceding fiscal year have been made under the supervision of the signing Officers with a view to determining whether the Issuers have kept, observed, performed and fulfilled their obligations under this Supplemental Indenture and the Base Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuers have kept, observed, performed and fulfilled each and every covenant contained in this Supplemental Indenture and are not in default in the performance or observance of any of the terms, provisions and conditions of this Supplemental Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuers are taking or propose to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any (including Special Interest, if any), on the Notes is prohibited or if such event has occurred, a description of the event and what action the Issuers are taking or propose to take with respect thereto.

(b)The Issuers shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers' Certificate specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Section 4.05    Taxes.

The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to Holders.
Section 4.06    Stay, Extension and Usury Laws.

Each of the Issuers covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Supplemental Indenture; and each of the Issuers (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay 

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or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.
Section 4.07    Restricted Payments.

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly:
(a)declare or pay any dividend or make any other payment or distribution on account of its or any of its Restricted Subsidiaries' Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company's or any of its Restricted Subsidiaries' Equity Interests in their capacity as such (other than dividends or distributions payable (x) solely in Equity Interests (other than Disqualified Stock) of the Company or (y) in the case of the Company and its Restricted Subsidiaries, to the Company or a Restricted Subsidiary thereof);

(b)purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) any Equity Interests of the Company or any direct or indirect Parent of the Company or any Restricted Subsidiary of the Company (other than, in the case of the Company and its Restricted Subsidiaries, any such Equity Interests owned by the Company or any of its Restricted Subsidiaries); or

(c)make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, any Indebtedness of the Company (other than intercompany Indebtedness among the Company and its Restricted Subsidiaries that is permitted to be incurred under this Supplemental Indenture) that is subordinated to the Notes, except a payment of interest or principal at the Stated Maturity thereof

(all such payments and other actions set forth in clauses (a) through (c) above being collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment:
(1)    no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 
(2)    the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio test set forth in the first paragraph of Section 4.10; and
(3)    such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries from and after April 1, 2010 (excluding Restricted Payments permitted by clauses (2) through (16) of the next succeeding paragraph and made on or after April 1, 2010), shall not exceed, at the date of determination, the sum of:

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(a)    an amount equal to 100% of the Consolidated EBITDA of the Company for the period beginning on the first day of the fiscal quarter commencing April 1, 2010 to the end of the Company’s most recently ended full fiscal quarter for which internal financial statements are available, taken as a single accounting period, less the product of 1.3 times the Consolidated Interest Expense of the Company for such period, plus
(b)    an amount equal to 100% of Capital Stock Sale Proceeds (reduced for purpose of this clause (b) by (A) any amount of such Capital Stock Sale Proceeds (i) used in connection with an Investment made on or after the Issue Date pursuant to clause (5) of the definition of “Permitted Investments,” (ii) applied to make a Restricted Payment pursuant to clause (2) or sub-clause (y)(2) of clause (9) or clause (14) below, or (iii) relied upon for purposes of incurring Contribution Indebtedness and (B) the amount of Restricted Payments made pursuant to sub-clause (A)(i), (B) or (C) of clause (8) and sub-clause (y)(1) of clause (9) below, in each case, by an amount not to exceed the amount of Capital Stock Sale Proceeds from any Charter Subsidiary Refinancing Indebtedness or Charter Parent Refinancing Indebtedness), plus

(c)    $2,000.0 million.
The preceding provisions shall not prohibit:
(1)    the payment of any dividend within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Supplemental Indenture;
(2)    the redemption, repurchase, retirement, defeasance or other acquisition of any subordinated Indebtedness of the Company in exchange for, or out of the net proceeds of, the substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock); 
(3)    the defeasance, redemption, repurchase or other acquisition of subordinated Indebtedness of the Company or any of its Restricted Subsidiaries with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness;
(4)    the payment of any dividend or other distribution, which need not be pro rata, to the extent necessary to permit direct or indirect beneficial owners of shares of Capital Stock of the Company to pay federal, state or local income tax liabilities that would arise solely from income of the Company or any of its Restricted Subsidiaries, as the case may be, for the relevant taxable period being attributable to them;
(5)    the payment of any dividend by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis;
(6)    the repurchase, redemption or other acquisition or retirement for value, or the payment of any dividend or distribution to the extent necessary to permit the repurchase, redemption or other acquisition or retirement for value, of any Equity Interests of the Company or a Parent of the Company held by any member of the Company’s or such Parent’s management pursuant to any management equity subscription agreement or 

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stock option agreement entered into in accordance with the policies of the Company or any Parent; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests shall not exceed $50.0 million in any fiscal year of the Issuers;
(7)    payment of fees in connection with any acquisition, merger or similar transaction in an amount that does not exceed an amount equal to 1.25% of the transaction value of such acquisition, merger or similar transaction;
(8)    (A) additional Restricted Payments directly or indirectly to any Parent (i) for the purpose of enabling any Parent to pay interest when due on Indebtedness under any Charter Parent Refinancing Indebtedness or (ii) so long as no Default has occurred and is continuing and the Company would have been permitted, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable quarter period, to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio test set forth in the first paragraph of Section 4.10, consisting of dividends or distributions to the extent required to enable any Parent to defease, redeem, repurchase, prepay, repay, discharge or otherwise acquire or retire for value Indebtedness under any Charter Parent Refinancing Indebtedness (including any expenses and fees incurred by any Parent in connection therewith); (B) so long as no Default has occurred and is continuing, Restricted Payments used to defease, redeem, repurchase, prepay, repay, discharge or otherwise acquire or retire for value Indebtedness under any Charter Parent Refinancing Indebtedness or consisting of purchases, redemptions or other acquisitions by the Company or its Restricted Subsidiaries of Indebtedness under any Charter Parent Refinancing Indebtedness (including any expenses and fees incurred by the Company and its Restricted Subsidiaries in connection therewith) and the distribution, loan or investment to any Parent of Indebtedness so purchased, redeemed or acquired, or (C) Restricted Payments for the purpose of enabling any Parent to (i) pay interest when due on Indebtedness under any Charter Subsidiary Refinancing Indebtedness or (ii) to defease, redeem, repurchase, prepay, repay, discharge or otherwise acquire or retire for value Indebtedness under any Charter Subsidiary Refinancing Indebtedness (including any expenses and fees incurred by the Company and its Restricted Subsidiaries in connection therewith);
(9)    Restricted Payments directly or indirectly to any Parent regardless of whether a Default exists (other than an Event of Default under paragraph (1), (2), (7) or (8) of Section 6.01), for the purpose of enabling such Person (A) to pay interest on and (B) so long as the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio test set forth in the first paragraph of Section 4.10 to defease, redeem, repurchase, prepay, repay, discharge or otherwise acquire or retire, in each case, Indebtedness of such Parent (x) which is not held by another Parent and (y) to the extent that the net cash proceeds of such Indebtedness are or were used for the (1) payment of interest or principal (or premium) on any Indebtedness of a Parent (including (A) by way of a tender, redemption or prepayment of such Indebtedness and (B) amounts set aside to prefund any such payment), (2) direct or indirect (including 

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by way of a contribution of property and/or assets purchased with such net cash proceeds) Investment in the Company or any of its Restricted Subsidiaries or (3) payment of amounts that would be permitted to be paid by way of a Restricted Payment under clause (10) immediately below (including the expenses of any exchange transaction);
(10)    Restricted Payments directly or indirectly to any Parent of (A) attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses (including any commitment and other fees payable in connection with Credit Facilities) actually incurred in connection with any issuance, sale or incurrence by such Parent of Equity Interests or Indebtedness, or any exchange of securities or tender for outstanding debt securities, or (B) the costs and expenses of any offer to exchange privately placed securities in respect of the foregoing for publicly registered securities or any similar concept having a comparable purpose; 
(11)    the redemption, repurchase, retirement or other acquisition of any Equity Interests of the Company or Indebtedness of the Issuers or any Equity Interests of any direct or indirect parent of the Company, in exchange for, or out of the proceeds of the substantially concurrent sale (other than to an Issuer or a Restricted Subsidiary) of, Equity Interests of the Company or any direct or indirect parent of the Company (in each case, other than any Disqualified Stock); 
(12)    the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Issuers or any Restricted Subsidiary issued in accordance with Section 4.10; 
(13)    so long as no Default has occurred and is continuing, other Restricted Payments in an aggregate amount outstanding taken together with all other Restricted Payments made pursuant to this clause (13) not to exceed $100.0 million outstanding at any one time;  
(14)    Restricted Payments to pay all or a portion of the consideration payable for any Investment that would have been permitted to be made by the Issuers under this Indenture including the consideration payable in the Taxable Purchase, including, without limitation, (x) the true up payment with respect to the Taxable Purchase, and (y) the payment required to be made to Comcast for the value of the step-up obtained as a result of the Taxable Purchase, as provided in the Acquisition Agreement, provided that (x) the assets or Equity Interests acquired in such Investment (to the extent of amounts distributed by the Issuers to make such Investment) are promptly contributed to the capital of the Company; 
(15)    so long as no Default or Event of Default has occurred and is continuing or would result therefrom, any Restricted Payments; provided that the Leverage Ratio, after giving pro forma effect to such Restricted Payment, is less than or equal to 3.50:1.00; and
 (16)    any distributions to any Parent to permit such Parent to pay (i) attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commis-

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sions and other customary fees and expenses (including any commitment and other fees payable in connection with credit facilities) actually incurred in connection with any issuance, sale or incurrence by such Parent of Equity Interests or Indebtedness, any exchange of securities or a tender for outstanding debt securities or any actual or proposed Investment, (ii) the costs and expenses of any offer to exchange privately placed securities in respect of the foregoing for publicly registered securities or any similar concept having a comparable purpose or (iii) other administrative expenses (including legal, accounting, other professional fees and costs, printing and other such fees and expenses) incurred in the ordinary course of business, in an aggregate amount in the case of this clause (iii) not to exceed $5,000,000 in any fiscal year.  
The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or any of its Restricted Subsidiaries pursuant to the Restricted Payment.  The fair market value of any assets or securities that are required to be valued by this covenant shall be determined by the Board of Directors of the Company, whose resolution with respect thereto shall be delivered to the Trustee.  Such Board of Directors’ determination must be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the fair market value exceeds $100.0 million.  
Not later than the date of making any Restricted Payment other than in the form of cash having a fair market value in excess of $25.0 million, the Issuers shall deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 4.07 were computed, together with a copy of any fairness opinion or appraisal required by this Supplemental Indenture.
For purposes of determining compliance with this Section 4.07, in the event that a Restricted Payment, when made, met the criteria of more than one of the categories described in clauses (1) through (16) above, or was permitted pursuant to the first paragraph of this Section 4.07, the Issuers will be entitled to classify such Restricted Payment (or portion thereof) on the date of its payment or later reclassify such Restricted Payment (or portion thereof) in any manner that complies with this Section 4.07.
Section 4.08    Investments.

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly:
(1)    make any Restricted Investment; or
(2)    allow any of its Restricted Subsidiaries to become an Unrestricted Subsidiary,
unless, in each case:
(a)    no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; and

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(b)    the Company would, at the time of, and after giving effect to, such Restricted Investment or such designation of a Restricted Subsidiary as an Unrestricted Subsidiary, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio test set forth in the first paragraph of Section 4.10.
An Unrestricted Subsidiary may be redesignated as a Restricted Subsidiary if such redesignation would not cause a Default.
Section 4.09    Dividend and Other Payment Restrictions Affecting Subsidiaries.

The Company shall not, directly or indirectly, create or permit to exist or become effective any encumbrance or restriction on the ability of any of its Restricted Subsidiaries to:
(a)    pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries;
(b)    make loans or advances to the Company or any of its Restricted Subsidiaries; or
(c)    transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.
However, the preceding restrictions shall not apply to encumbrances or restrictions existing under or by reason of:
(1)    Existing Indebtedness as in effect on the Issue Date (including, without limitation, Indebtedness under any of the Credit Facilities) and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof, provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are no more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in the most restrictive Existing Indebtedness, as in effect on the Issue Date;
(2)    this Supplemental Indenture and the Notes;
(3)    applicable law, rule, regulation or order;
(4)    any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Supplemental Indenture to be incurred;

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(5)    customary non-assignment provisions in leases, franchise agreements and other commercial agreements entered into in the ordinary course of business and consistent with past practices;
(6)    purchase money obligations for property acquired in the ordinary course of business that impose restrictions on the property so acquired of the nature described in clause (c) of the preceding paragraph;  
(7)    any agreement for the sale or other disposition of a Restricted Subsidiary of the Company that restricts distributions by such Restricted Subsidiary pending its sale or other disposition;
(8)    Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are no more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;
(9)    Liens securing Indebtedness or other obligations otherwise permitted to be incurred under Section 4.14 that limit the right of the Company or any of its Restricted Subsidiaries to dispose of the assets subject to such Lien;
(10)    provisions with respect to the disposition or distribution of assets or property in joint venture agreements and other similar agreements;
(11)    restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;
(12)    restrictions contained in the terms of Indebtedness permitted to be incurred under Section 4.10; provided that such restrictions are no more restrictive, taken as a whole, than the terms contained in the most restrictive, together or individually of the Credit Facilities as in effect on the Issue Date;
(13)    restrictions that are not materially more restrictive, taken as a whole, than customary provisions in comparable financings and that the management of the Company determines, at the time of such financing, will not materially impair the Issuers’ ability to make payments as required under the Notes; and
(14)    any encumbrances or restrictions imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (13) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuers, not materially more restrictive taken as a whole with respect to such encumbrance and other restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.  

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Section 4.10    Incurrence of Indebtedness and Issuance of Preferred Stock.

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt) and the Company shall not issue any Disqualified Stock and shall not permit any of its Restricted Subsidiaries to issue any shares of Disqualified Stock or Preferred Stock, provided that the Company or any of its Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) or the Company may issue Disqualified Stock and Restricted Subsidiaries may issue Preferred Stock if the Leverage Ratio of the Company and its Restricted Subsidiaries would have been not greater than 6.0 to 1.0 and in each case, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, at the beginning of the most recently ended fiscal quarter.
The first paragraph of this Section 4.10 shall not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”):
(1)    the incurrence by the Company and its Restricted Subsidiaries of Indebtedness under Credit Facilities; provided that the aggregate principal amount of all Indebtedness of the Company and its Restricted Subsidiaries outstanding under this clause (1) for all Credit Facilities of the Company and its Restricted Subsidiaries after giving effect to such incurrence does not exceed an amount equal to $1,500.0 million;
(2)    the incurrence by the Company and its Restricted Subsidiaries of Existing Indebtedness (including Indebtedness outstanding under Credit Facilities on the Issue Date);
(3)    the incurrence by the Company and its Restricted Subsidiaries of Indebtedness represented by the Notes (other than any Additional Notes), the Initial 2025 Senior Notes and the Initial 2027 Senior Notes;
(4)    the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement (including, without limitation, the cost of design, development, construction, acquisition, transportation, installation, improvement, and migration) of Productive Assets of the Company or any of its Restricted Subsidiaries, in an aggregate principal amount not to exceed the greater of (i) $600.0 million and (ii) 5.0% of Consolidated Net Tangible Assets at any time outstanding pursuant to this clause (4);
(5)    the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund, refinance or replace, in whole or in part, Indebtedness (other than intercompany Indebtedness) that was permitted by this Supplemental Indenture to be incurred 

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under this clause (5), the first paragraph of this Section 4.10 or clauses (2), (3), (9) or (12) of this second paragraph;
(6)    the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided that:  
(a)    if the Company is the obligor on such Indebtedness, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes; and
(b)    (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary thereof and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary thereof, shall be deemed, in each case, to constitute an incurrence of such Indebtedness that was not permitted by this clause (6);
(7)    the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations (other than for speculative purposes);
(8)    the guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this Section 4.10;
(9)    Acquired Debt or Disqualified Stock of a Person that becomes, or is merged into, a Restricted Subsidiary or any Issuer; provided, however, that after giving pro forma effect thereto as if such acquisition or merger had been made at the beginning of the applicable quarter period, the Leverage Ratio of the Company and its Restricted Subsidiaries is equal to or less than immediately prior to such transaction;
(10)    the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness, Disqualified Stock or Preferred Stock in an aggregate principal amount at any time outstanding under this clause (10), not to exceed the greater of (i) $600.0 million and (ii) 5.0% of Consolidated Net Tangible Assets;
(11)    the accretion or amortization of original issue discount and the write up of Indebtedness in accordance with purchase accounting;
(12)    Contribution Indebtedness; 
(13)    Indebtedness arising from agreements of any Issuer or a Restricted Subsidiary providing for and to the extent of indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition or acquisition of any business, assets or a Subsidiary, other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; and

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(14)    Indebtedness from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within 10 business days of its incurrence.  
In the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (1) through (14) of the second paragraph of this Section 4.10 or is entitled to be incurred pursuant to the first paragraph of this Section 4.10, the Issuers, in their sole discretion, may classify or reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or Preferred Stock in one of the above clauses or the first paragraph of this Section 4.10. Additionally, all or any portion of any item of Indebtedness may later be reclassified as having been incurred pursuant to any category of permitted Indebtedness described in clauses (1) through (14) above or pursuant to the first paragraph of this Section 4.10 so long as such Indebtedness, Disqualified Stock or Preferred Stock is permitted to be incurred pursuant to such provision at the time of reclassification. At the time of incurrence, the Issuers will be entitled to divide and classify an item of Indebtedness, Disqualified Stock or Preferred Stock in more than one of the types of Indebtedness, Disqualified Stock or Preferred Stock described above in this Section 4.10.

Section 4.11    Limitation on Asset Sales.

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:
(1)    the Company or such Restricted Subsidiary receives consideration at the time of such Asset Sale at least equal to the fair market value of the assets or Equity Interests issued or sold or otherwise disposed of;
(2)    such fair market value is determined by the Board of Directors of the Company; and  
(3)    at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary is in the form of cash, Cash Equivalents or readily marketable securities.
For purposes of this Section 4.11, each of the following shall be deemed to be cash:
(a)    any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any Restricted Subsidiary thereof (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets pursuant to a customary novation agreement that releases the Company or such Restricted Subsidiary from further liability;
(b)    any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are converted by the recipient there-

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of into cash, Cash Equivalents or readily marketable securities within 180 days after receipt thereof (to the extent of the cash, Cash Equivalents or readily marketable securities received in that conversion);
(c)    Productive Assets; and
(d)    any Designated Noncash Consideration received by the Issuers or any Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Noncash Consideration received pursuant to this clause (d) that is at that time outstanding, not to exceed the greater of (i) $1,000.0 million and (ii) 3.0% of Total Assets, with the fair market value of each item of Designated Noncash Consideration being measured at the time received and without giving effect to subsequent changes in value.
Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company or a Restricted Subsidiary thereof may apply such Net Proceeds at its option:
(1)    to repay or otherwise retire debt under the Credit Facilities or any other Indebtedness of the Restricted Subsidiaries of the Company (other than Indebtedness represented solely by a guarantee of a Restricted Subsidiary of the Company); or
(2)    to invest in Productive Assets; provided that any such amount of Net Proceeds which the Company or a Restricted Subsidiary thereof has committed to invest in Productive Assets within 365 days of the applicable Asset Sale may be invested in Productive Assets within two years of such Asset Sale.
The amount of any Net Proceeds received from Asset Sales that are not applied or invested as provided in the preceding paragraph shall constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $250 million, the Company shall make an Asset Sale Offer to all Holders and all holders of other Indebtedness that is of equal priority with the Notes containing provisions requiring offers to purchase or redeem with the proceeds of sales of assets to purchase the maximum principal amount of Notes and such other Indebtedness of equal priority that may be purchased out of the Excess Proceeds, which amount includes the entire amount of the Net Proceeds.  The offer price in any Asset Sale Offer shall be payable in cash and equal to 100.0% of the principal amount of the subject Notes plus accrued and unpaid interest and Special Interest, if any, to the date of purchase.  If the aggregate principal amount of Notes and such other Indebtedness of equal priority tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes (on as nearly a pro rata basis as possible among the Notes subject to DTC procedures) and such other Indebtedness of equal priority to be purchased on a pro rata basis.  
If any Excess Proceeds remain after consummation of an Asset Sale Offer, then the Company or any Restricted Subsidiary thereof may use such remaining Excess Proceeds for any purpose not otherwise prohibited by this Supplemental Indenture.  Upon completion of any Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

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In the event that the Company shall be required to commence an offer to Holders to purchase Notes pursuant to this Section 4.11, it shall follow the procedures specified in Sections 3.09.
Section 4.12    [Reserved].

Section 4.13    Transactions with Affiliates.

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate (each, an “Affiliate Transaction”), unless:
(1)    such Affiliate Transaction is on terms, taken as a whole, that are no less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and
(2)    the Company delivers to the Trustee:
(a)    with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration given or received by the Company or any such Restricted Subsidiary in excess of $25.0 million, a resolution of the Board of Directors of the Company or CCI set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with this Section 4.13 and that such Affiliate Transaction has been approved by a majority of the members of such Board of Directors; and
(b)    with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration given or received by the Company or any Restricted Subsidiary in excess of $100.0 million, an opinion as to the fairness to the Company of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing.
The following items shall not be deemed to be Affiliate Transactions and, therefore, shall not be subject to the provisions of the prior paragraph:
(1)    any existing employment agreement entered into by the Company or any of its Subsidiaries and any employment agreement entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business;
(2)    transactions between or among the Company and/or its Restricted Subsidiaries;
(3)    payment of reasonable directors fees to Persons who are not otherwise Affiliates of the Company and customary indemnification and insurance arrangements in favor of directors and officers, regardless of affiliation with the Company or any of its Restricted Subsidiaries;

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(4)    payment of Management Fees;
(5)    Restricted Payments that are permitted by Section 4.07 and Restricted Investments that are permitted by Section 4.08;
(6)    Permitted Investments;
(7)    transactions pursuant to, and the performance of, agreements existing on the Issue Date, as in effect on the Issue Date, or as subsequently modified, supplemented, or amended, to the extent that any such modifications, supplements or amendments complied with the applicable provisions of the first paragraph of this Section 4.13;
(8)    the assignment and assumption of contracts (which contracts are entered into prior to the Issue Date on an arms-length basis in the ordinary course of business of the relevant Parent), reasonably related to the business of the Company and the assignment and assumption of which would not result in the incurrence of any Indebtedness by the Company or any Restricted Subsidiary to a Restricted Subsidiary by a Parent;
(9)    transactions with a Person that is an Affiliate solely as a result of the fact that the Company or a Restricted Subsidiary controls or otherwise owns Equity Interests of such Person;
(10)    equity contributions in, and the issuance of Equity Interests of, the Company; and
(11)    any (x) purchases of any class of Indebtedness from, or lending of any class of Indebtedness to, the Company or any of its Restricted Subsidiaries so long as the amount of Indebtedness of such class purchased or loaned by such Affiliates does not exceed 25% of the applicable class of Indebtedness offered to non-Affiliate investors generally and (y) repurchases, redemptions or other retirements for value by the Company or any of its Restricted Subsidiaries of Indebtedness of any class held by any Affiliate of the Company so long as such repurchase, redemption or other retirement for value is on the same terms as are made available to investors holding such class of Indebtedness generally and Affiliates hold no more than 25% of such class of Indebtedness.
Section 4.14    Liens.

The Company shall not, directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind securing Indebtedness, Attributable Debt or trade payables on any asset of the Company, whether owned on the Issue Date or thereafter acquired, except Permitted Liens.
Section 4.15    Existence.

Subject to, and as permitted under, Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its limited liability company existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time 

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to time) of the Company or any such Subsidiary; provided, however, that the Company shall not be required to preserve or keep the corporate, partnership or other existence of any of its Subsidiaries (other than Capital Corp if the other Issuer is not then a corporation), if the Company shall determine that the preservation or keeping thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Company and its Restricted Subsidiaries, taken as a whole.
Section 4.16    Repurchase at the Option of Holders upon a Change of Control Triggering Event.

If a Change of Control Triggering Event occurs, each Holder shall have the right to require the Issuers to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to a “Change of Control Offer.”  In the Change of Control Offer, the Issuers shall offer a “Change of Control Payment” in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Special Interest, if any, thereon to the date of purchase.
Within ten days following any Change of Control Triggering Event, the Issuers shall transmit a notice to each Holder (with a copy to the Trustee) describing the transaction or transactions that constitute the Change of Control Triggering Event and stating:
(1)    the purchase price and the purchase date, which shall not exceed 30 Business Days from the date such notice is mailed (the “Change of Control Payment Date”);
(2)    that any Note not tendered shall continue to accrue interest;
(3)    that, unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date;
(4)    that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date;
(5)    that Holders shall be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and
(6)    that Holders whose Notes are being purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof.

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To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.16, the Issuers’ compliance with such laws and regulations shall not in and of itself cause a breach of their obligations under this Section 4.16.
On the Change of Control Payment Date, the Issuers shall, to the extent lawful:
(1)    accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;
(2)    deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered; and
(3)    deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Issuers.
The Paying Agent shall promptly transmit to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.  The Issuers shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.
The provisions described above that require the Issuers to make a Change of Control Offer following a Change of Control Triggering Event shall be applicable regardless of whether or not any other provisions in this Supplemental Indenture are applicable.  Except as described above with respect to a Change of Control Triggering Event, this Supplemental Indenture does not contain provisions that permit Holders to require that the Issuers repurchase or redeem the Notes in the event of a takeover, recapitalization or similar transaction.
Notwithstanding any other provision of this Section 4.16, the Issuers shall not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Supplemental Indenture applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.
In the event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes accept a Change of Control Offer and the Issuers purchase all of the Notes held by such Holders, the Issuers will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following the purchase pursuant to the Change of Control Offer described above, to redeem all of the Notes that remain outstanding following such purchase at a redemption price equal to the Change of Control Payment plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest on the Notes that remain outstanding, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). 

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Section 4.17    Limitations on Issuances of Guarantees of Indebtedness.

The Company shall not permit any of its Restricted Subsidiaries, directly or indirectly, to Guarantee any other Indebtedness of the Company except in respect of the Credit Facilities of the Company (the “Guaranteed Indebtedness”) unless:
(1)    such Restricted Subsidiary simultaneously executes and delivers a supplemental indenture providing for the Guarantee (a “Subsidiary Guarantee”) of the payment of the Notes by such Restricted Subsidiary, and
(2)    until all the Notes have been satisfied in full, such Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary thereof as a result of any payment by such Restricted Subsidiary under its Subsidiary Guarantee; 
provided that this paragraph shall not be applicable to any Guarantee or any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary.  
If the Guaranteed Indebtedness is subordinated to the Notes, then the Guarantee of such Guaranteed Indebtedness shall be subordinated to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes.
If any Guarantor is released from its obligations on Guaranteed Indebtedness it shall be automatically released from its obligation with respect to its Guarantee of the Notes hereunder.
Section 4.18    Special Interest Notice.

In the event the Issuers are required to pay Special Interest, the Issuers shall provide written notice to the Trustee of the Issuers’ obligation to pay Special Interest no later than 15 days prior to the next interest payment date, which notice shall set forth the amount of the Special Interest to be paid by the Issuers on such payment date.  The Trustee shall not at any time be under any duty or responsibility to any Holders to determine whether the Special Interest is payable or the amount thereof.
Section 4.19    Termination of Covenants.

When the Notes (a) have Investment Grade Ratings from two of the Rating Agencies and (b) no Default or Event of Default has occurred and is continuing, the Company and its Restricted Subsidiaries shall thereafter not be subject to the provisions of Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.13 and clause (D) of the first paragraph of Section 5.01.  

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ARTICLE 5

SUCCESSORS

With respect to the Notes only, each Issuer hereby agrees to expressly subject itself to the provisions of Article 5 of the Base Indenture and Section 5.01 of the Base Indenture is hereby replaced with the following:
Section 5.01    Merger, Consolidation or Sale of Assets.

Neither Issuer may, directly or indirectly: (1) consolidate or merge with or into another Person or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to another Person; unless:
(A)either:  

(i)    such Issuer is the surviving Person; or 
(ii)    the Person formed by or surviving any such consolidation or merger (if other than such Issuer) or to which such sale, assignment, transfer, conveyance or other disposition shall have been made is a Person organized or existing under the laws of the United States, any state thereof or the District of Columbia, provided that if the Person formed by or surviving any such consolidation or merger with such Issuer is a limited liability company or a Person other than a corporation, a corporate co-issuer shall also be an obligor with respect to the Notes;
(B)the Person formed by or surviving any such consolidation or merger (if other than such Issuer) or the Person to which such sale, assignment, transfer, conveyance or other disposition shall have been made assumes all the obligations of such Issuer under the Notes and this Supplemental Indenture pursuant to a supplemental indenture satisfactory to the Trustee;

(C)immediately after such transaction no Default or Event of Default exists; and

(D)such Issuer or the Person formed by or surviving any such consolidation or merger (if other than such Issuer) will, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the most recently ended fiscal quarter, 

(x)    be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio test set forth in the first paragraph of Section 4.10; or 
(y)    have a Leverage Ratio immediately after giving effect to such consolidation or merger no greater than the Leverage Ratio immediately prior to such consolidation or merger.

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In addition, the Company may not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions, to any other Person.  The foregoing clause (D) of this Section 5.01 shall not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the Company and any of its Wholly Owned Restricted Subsidiaries.
ARTICLE 6

DEFAULTS AND REMEDIES

With respect to the Notes only, each Issuer hereby agrees to expressly subject itself to the provisions of Article 6 of the Base Indenture and the following clause (8) is hereby added to Section 6.01 of the Base Indenture:
Section 6.01    Events of Default.

(8)    failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Section 4.16 or 5.01.
ARTICLE 7

TRUSTEE

With respect to the Notes only, Article 7 of the Base Indenture is hereby replaced with the following:
Section 7.01    Duties of Trustee.

(1)    If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Supplemental Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.
(2)    Except during the continuance of an Event of Default:
(a)    the duties of the Trustee shall be determined solely by the express provisions of this Supplemental Indenture and the Trustee need perform only those duties that are specifically set forth in this Supplemental Indenture and no others, and no implied covenants or obligations shall be read into this Supplemental Indenture against the Trustee; and
(b)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions required to be furnished to the Trustee hereunder and conforming to the requirements of this Supplemental Indenture.  However, in the case of certificates or opinions specifically required by any provision hereof to be furnished to it, the Trustee shall examine such certificates and opinions to determine whether or not they 

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conform to the requirements of this Supplemental Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein).
(3)    The Trustee may not be relieved from liabilities for its own gross negligent action, its own gross negligent failure to act, or its own willful misconduct, except that:
(a)    this paragraph (3) does not limit the effect of paragraph (2) of this Section 7.01;
(b)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; and
(c)    the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 of the Base Indenture.
(4)    Whether or not therein expressly so provided, every provision of this Supplemental Indenture that in any way relates to the Trustee is subject to paragraphs (1), (2), and (3) of this Section 7.01.
(5)    No provision of this Supplemental Indenture shall require the Trustee to expend or risk its own funds or incur any liability.  The Trustee shall be under no obligation to exercise any of its rights and powers under this Supplemental Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability, claim, damage or expense.
(6)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
(7)    The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or documents.
Section 7.02    Rights of Trustee.

(1)    The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper Person.  The Trustee need not investigate any fact or matter stated in the document.
(2)    Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.  The Trustee may consult with counsel of its own selection and the written advice or opinion of such counsel or any Opinion of Counsel shall be full and complete authorization and protec-

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tion from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.
(3)    The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.
(4)    The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Supplemental Indenture.
(5)    Unless otherwise specifically provided in this Supplemental Indenture, any demand, request, direction or notice from the Issuers shall be sufficient if signed by an Officer of the Issuers.
(6)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Supplemental Indenture at the request or direction of any of Holder unless such Holder shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.
(7)    The Trustee shall not be charged with knowledge of any Default or Event of Default unless either (a) a Responsible Officer of the Trustee shall have actual knowledge of such Default or Event of Default or (b) written notice of such Default or Event of Default shall have been given to and received at the Corporate Trust Office of the Trustee by the Issuers or any Holder and such notice references the Notes and this Supplemental Indenture. 
(8)    The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuers, personally or by agent or attorney at the sole cost of the Issuers and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.
(9)    In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
(10)    The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.
(11)    The Trustee may request that the Issuers deliver certificates setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Supplemental Indenture.

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Section 7.03    Individual Rights of Trustee.

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers with the same rights it would have if it were not Trustee.  However, in the event that the Trustee acquires any conflicting interest, it must eliminate such conflict within 90 days and apply to the SEC for permission to continue as trustee or resign.  Any Agent may do the same with like rights and duties.  The Trustee is also subject to Sections 7.10 and 7.11. 
Section 7.04    Trustee’s Disclaimer.

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Supplemental Indenture or the Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any provision of this Supplemental Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Supplemental Indenture other than its certificate of authentication.
Section 7.05    Notice of Defaults.

If a Default or Event of Default occurs and is continuing and if it is known to a Responsible Officer of the Trustee, the Trustee shall deliver to Holders a notice of the Default or Event of Default within 90 days after the Trustee acquires knowledge thereof.  Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders.
Section 7.06    Reports by Trustee to Holders.

By May 15th of each year, and for so long as any Notes remain outstanding, the Trustee shall transmit to Holders a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted).  The Trustee also shall comply with TIA § 313(b)(2).  The Trustee shall also transmit all reports as required by TIA § 313(c). 
A copy of each report at the time of its mailing to Holders shall be transmitted to the Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d).  The Issuers shall promptly notify the Trustee when the Notes are listed or delisted on any stock exchange.
Section 7.07    Compensation and Indemnity.

The Issuers shall pay to the Trustee from time to time compensation as agreed upon in writing for its acceptance of this Supplemental Indenture and services hereunder.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuers shall reimburse the Trustee promptly upon request for all disbursements, 

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advances and expenses incurred or made by it in addition to the compensation for its services.  Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.
The Issuers and the Parent Guarantor shall, jointly and severally, indemnify the Trustee and any predecessor trustee against any and all losses, liabilities, claims, damages or expenses (including reasonable legal fees and expenses) including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Supplemental Indenture, including the costs and expenses of enforcing this Supplemental Indenture against the Issuers (including this Section 7.07) and defending itself against any claim (whether asserted by the Issuers or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, damage, claim, liability or expense determined to have been caused by its own gross negligence or willful misconduct.  The Trustee shall notify the Issuers promptly of any claim for which it may seek indemnity of which a Responsible Officer has received written notice.  Failure by the Trustee to so notify the Issuers shall not relieve the Issuers of their obligations hereunder.  The Issuers shall defend the claim and the Trustee shall cooperate in the defense.  The Trustee may have separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel.  The Issuers need not pay for any settlement made without their consent, which consent shall not be unreasonably withheld.
The obligations of the Issuers in this Section 7.07 shall survive resignation or removal of the Trustee and the satisfaction, discharge or termination of this Supplemental Indenture.
To secure the Issuers’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except such money or property held in trust by the Trustee to pay the principal of and interest on any Notes.  Such Lien shall survive the resignation or removal of the Trustee and the satisfaction and discharge of this Supplemental Indenture.
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) or (8) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.
The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 
Section 7.08    Replacement of the Trustee.

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuers.  The Holders of a majority in principal amount of the 

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then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing.  The Issuers may remove the Trustee if:
(a)the Trustee fails to comply with Section 7.10;

(b)the Trustee is adjudged as bankrupt or as insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

(c)a custodian or public officer takes charge of the Trustee or its property; or

(d)the Trustee becomes incapable of acting.

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuers.
If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuers or the Holders of at least 10% in principal amount of the then outstanding Notes may petition at the expense of the Issuers any court of competent jurisdiction for the appointment of a successor Trustee.
If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers.  Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Supplemental Indenture.  The successor Trustee shall mail a notice of its succession to Holders.  The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07.  Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.

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Section 7.09    Successor Trustee by Merger, etc. If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.

Section 7.10    Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition.

This Supplemental Indenture shall always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), (2) and (5).  The Trustee is subject to TIA § 310(b).
Section 7.11    Preferential Collection of Claims Against the Issuer. The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b).  A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein.

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

With respect to the Notes only, clause (a) of Section 8.02 of the Base Indenture is hereby replaced with the following:
(a)     the rights of holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, and interest and Special Interest, if any, on the Notes when such payments are due from the trust referred to below;
With respect to the Notes only, Section 8.03 of the Base Indenture is hereby replaced with the following:
Section 8.03    Covenant Defeasance.

Upon the Issuers’ exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained in Article 5 and Sections 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.13, 4.14, 4.16, 4.17 and 4.19 with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes).  For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in 

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any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Supplemental Indenture and such Notes shall be unaffected thereby.  In addition, upon the Issuers’ exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(3) through 6.01(5) and 6.01(8) shall not constitute Events of Default.
ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER
With respect to the Notes only, each Issuer hereby agrees to expressly subject itself to the provisions of Article 9 of the Base Indenture and clause (3) of Section 9.01 of the Base Indenture is hereby replaced with the following:
Section 9.01    Without Consent of Holders of Notes.

(3)    to provide for or confirm the issuance of Additional Notes or the Exchange Notes pursuant to the Registration Rights Agreement;
With respect to the Notes and any other series of Notes (as defined in the Base Indenture), clauses (2), (6) and (7) of Section 9.02 of the Base Indenture are hereby replaced with the following:
Section 9.02    With Consent of Holders of Notes.

(2)    reduce the principal of or change the fixed maturity of any Note or alter the payment provisions with respect to the redemption of the Notes (other than a payment required by Section 3.09, Section 4.11, or Section 4.16 of this Supplemental Indenture or the supplemental indentures with respect to the Base Indenture entered into prior to the date hereof), provided that the provisions regarding the notice and timing thereof may be amended with the consent of the holders of a majority in aggregate principal amount of the Notes;
(6)    make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of holders of Notes to receive payments of principal of, or premium, if any, or interest or Special Interest, if any, on the Notes;
(7)    waive a redemption payment with respect to any Note (other than a payment required by Section 3.09, Section 4.11, or Section 4.16 of this Supplemental Indenture or the supplemental indentures with respect to the Base Indenture entered into prior to the date hereof); or  

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ARTICLE 10

GUARANTEE

With respect to the Notes only, the following is hereby added as clause (c)(iii) to Section 10.02(c) of the Base Indenture:
Section 10.02        Limitation on Liability.
or (iii) the completion of the Bright House Transaction as contemplated by the Contribution Agreement.
ARTICLE 12

MISCELLANEOUS

With respect to the Notes only, Section 12.13 of the Base Indenture is hereby replaced with the following:
Section 12.13    Table of Contents, Headings, etc. The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Supplemental Indenture and the Base Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture or the Base Indenture and shall in no way modify or restrict any of the terms or provisions.  Unless otherwise expressly specified, references in this Supplemental Indenture to specific Articles, Sections or clauses refer to Articles, Sections and clauses contained in this Supplemental Indenture, unless such Article, Section or clause is incorporated herein by reference to the Base Indenture or no such Article, Section or clause appears in this Supplemental Indenture, in which case such references refer to the applicable section of the Base Indenture.

With respect to the Notes only, the following Sections 12.16 and 12.17 are hereby added to Article 12 of the Base Indenture:
Section 12.16    Supplemental Indenture Controls.

(a)In case any provision of this Supplemental Indenture conflicts with any provision of the Base Indenture, the provisions of this Supplemental Indenture shall govern and be controlling, solely with respect to the Notes (and the Parent Guarantee and any Subsidiary Guarantees endorsed thereon).  

Section 12.17    Submission to Jurisdiction.

The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture.  To the fullest extent permitted by applicable law, the parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or pro-

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ceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
ARTICLE 13

SATISFACTION AND DISCHARGE

Section 13.01    Satisfaction and Discharge of Supplemental Indenture

This Supplemental Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for), and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging satisfaction and discharge of this Supplemental Indenture, when
(1)    either
(a)all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from such trust) have been delivered to the Trustee for cancellation; or

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

(i)have become due and payable, or

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

(iii)are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers,

and the Issuers, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest (including Special Interest, if any) to the date of such deposit (in the case of Notes which have become due and payable) or to the maturity or redemption thereof, as the case may be;
(2)    the Issuers have paid or caused to be paid all other sums payable hereunder by the Issuers; and
(3)    the Issuers have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Supplemental Indenture have been complied with.
Notwithstanding the satisfaction and discharge of this Supplemental Indenture pursuant to this Article 13, the obligations of the Issuers to the Trustee under Section 7.07, and, if money shall 

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have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section 13.01, the obligations of the Trustee under Section 13.02 shall survive such satisfaction and discharge.
Section 13.02    Application of Trust Money.

All money deposited with the Trustee pursuant to Section 13.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Supplemental Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest (including Special Interest, if any) for whose payment such money has been deposited with the Trustee.
[Signatures on following page]

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Dated as of April 21, 2015
CCO HOLDINGS, LLC, as an Issuer

		
	By:
	/s/Thomas M. Degnan        

Name:  Thomas M. Degnan
		
	Title:  
	Senior Vice President - Finance and Corporate Treasurer

CCO HOLDINGS CAPITAL CORP., as an Issuer

		
	By:
	/s/Thomas M. Degnan        

Name:  Thomas M. Degnan
		
	Title:  
	Senior Vice President - Finance and Corporate Treasurer 

CHARTER COMMUNICATIONS, INC., as Parent Guarantor, with respect to Article 10 and Section 7.07 only
		
	By:
	/s/Thomas M. Degnan        

Name:  Thomas M. Degnan
		
	Title:  
	Senior Vice President - Finance and Corporate Treasurer 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee 
		
	By:
	/s/Michael Countryman        

		
	Name:
	Michael Countryman

		
	Title:
	Vice President

EXHIBIT A
[THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE SUPPLEMENTAL INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE SUPPLEMENTAL INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS.  UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO EACH ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]     1 
[THE NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLI-

                                                    
1 Include Global Note Legend, if applicable.

A-1

CABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE NOTES EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE NOTES EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUERS THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) (A) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (B) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT, OR (D) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUERS SO REQUEST), (II) TO THE ISSUERS, OR (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE NOTES EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE NOTE EVIDENCED HEREBY.]    2 
[THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.] 3       

                                                    
2 Include Private Placement Legend, if applicable.
3 Include Regulation S Legend, if applicable.
  

A-2

[Face of Note]
CUSIP NO. [             ]

5.125% Senior Notes due 2023

No [   ].

$[                               ]

CCO Holdings and CCO Capital Corp.

promise to pay to [        ] or to registered assigns the principal amount of $[          ] Dollars on May 1, 2023

Interest Payment Dates:  May 1 and November 1

Record Dates:  April 15 and October 15

Subject to Restrictions set forth in this Note.

A-3

IN WITNESS WHEREOF, each of CCO Holdings, LLC and CCO Capital Corp has caused this instrument to be duly executed.
Dated:  [        ]  
	
		
	CCO HOLDINGS LLC

	 
	 

	By:
	 

	 
	Name:

	 
	Title:

	 
	 

	By:
	 

	 
	Name:

	 
	Title:

	
		
	CCO HOLDINGS CAPITAL CORP.

	 
	 

	By:
	 

	 
	Name:

	 
	Title:

	 
	 

	By:
	 

	 
	Name:

	 
	Title:

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

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
as Trustee

By: __________________________________
Authorized Signatory

A-4

[Back of Note]
5.125% Senior Note due 2023
Capitalized terms used herein shall have the meanings assigned to them in the Supplemental Indenture referred to below unless otherwise indicated.
1.    INTEREST.  Each of CCO Holdings, LLC, a Delaware limited liability company, and CCO Capital Corp., a Delaware corporation promise to pay interest on the principal amount of this Note at the rate of 5.125% per annum from the Issue Date until maturity.  The interest rate on the Notes is subject to increase pursuant to the provisions of the Registration Rights Agreement.  The Issuers will pay interest semi-annually in arrears on May 1 and November 1 of each year (each an “Interest Payment Date”), or if any such day is not a Business Day, on the next succeeding Business Day.  Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be November 1, 2015.  The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1.00% per annum in excess of the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful.  Interest will be computed on the basis of a 360-day year of twelve 30-day months.
2.    METHOD OF PAYMENT.  The Issuers shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders at the close of business on April 15 or October 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Supplemental Indenture with respect to defaulted interest.  The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Issuers maintained for such purpose within or without the City and State of New York, or, at the option of the Issuers, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the Paying Agent.  Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
3.    PAYING AGENT AND REGISTRAR.  Initially, The Bank of New York Mellon Trust Company, N.A., the Trustee under the Supplemental Indenture, will act as 

A-5

Paying Agent and Registrar.  The Issuers may change any Paying Agent or Registrar without notice to any Holder.  The Company or any of its Subsidiaries may act in any such capacity.
4.    INDENTURE.  The Issuers issued the Notes under an Indenture dated as of November 5, 2014 (the “Base Indenture”), among the Issuers, CCOH Safari, LLC, Charter Communications, Inc., a Delaware corporation, as guarantor, and the Trustee, as supplemented by the Third Supplemental Indenture dated as of April 21, 2015 (the “Supplemental Indenture”), among the Issuers, Charter Communications, Inc., as guarantor, and the Trustee.  The terms of the Notes include those stated in the Supplemental Indenture and those made part of the Supplemental Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb).  The Notes are subject to all such terms, and Holders are referred to the Supplemental Indenture and such Act for a statement of such terms.  To the extent any provision of this Note conflicts with the express provisions of the Supplemental Indenture, the provisions of the Supplemental Indenture shall govern and be controlling.  
5.    OPTIONAL REDEMPTION.
(a)    On or after May 1, 2018, the Issuers shall have the option to redeem the Notes, in whole or in part, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Special Interest, if any, thereon to the applicable redemption date, if redeemed during the twelve month period beginning on May 1 of the years indicated below:
	
		
	Year
	Percentage

	2018
	103.844%

	2019
	102.563%

	2020
	101.281%

	2021 and thereafter
	100.000%

 (b)    At any time prior to May 1, 2018, the Issuers may on any one or more occasions redeem up to 40% of the aggregate principal amount of the Notes (including the principal amount of any Additional Notes), at a redemption price of 105.125% of the principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, to the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that:
(1)    at least 60% of the original aggregate principal amount of Notes (including the principal amount of any Additional Notes) issued under the Supplemental Indenture remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Issuers and their Subsidiaries); and 
(2)    the redemption must occur within 180 days of the date of the closing of such Equity Offering.
(c)    At any time and from time to time prior to May 1, 2018, the Issuers may redeem outstanding Notes, in whole or in part, at a redemption price equal to 100% of 

A-6

the principal amount thereof plus accrued and unpaid interest, if any, on such Notes to the redemption date plus the Make-Whole Premium. 
(d)    In the event that the Issuers have made a Change of Control Offer pursuant to Section 4.16 of the Supplemental Indenture, and have purchased not less than 90% of the then outstanding Notes pursuant to such Change of Control Offer, the Issuers may, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following the applicable Change of Control Payment Date, redeem all of the Notes that remain outstanding following such Change of Control Payment Date at a redemption price equal to 101% of the principal amount of the Notes so redeemed plus accrued and unpaid interest on the Notes so redeemed to the redemption date.
6.    MANDATORY REDEMPTION.  Except as otherwise provided in Paragraph 7 below, the Issuers shall not be required to make mandatory redemption payments with respect to the Notes. 
7.    REPURCHASE AT OPTION OF HOLDER.
(a)     If there is a Change of Control, the Issuers shall make an offer to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of purchase.  Within 10 days following any Change of Control, the Issuers shall mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on the Change of Control Payment Date specified in such notice, pursuant to the procedures required by the Supplemental Indenture and described in such notice.
(b)     If the Company or a Restricted Subsidiary thereof consummates any Asset Sale, when the aggregate amount of Excess Proceeds exceeds $250 million, the Company shall commence an offer (an “Asset Sale Offer”) pursuant to Section 4.11 of the Supplemental Indenture to all Holders and all holders of other Indebtedness that is of equal priority with the Notes containing provisions requiring offers to purchase or redeem with the proceeds of sales of assets to purchase the maximum principal amount of Notes and such other Indebtedness of equal priority that may be purchased out of the Excess Proceeds, which amount includes the entire amount of the Net Proceeds. The offer price in any Asset Sale Offer will be payable in cash and equal to 100% of principal amount of the subject Notes plus accrued and unpaid interest and Special Interest, if any, to the date of the purchase. If the aggregate principal amount of Notes and such other Indebtedness of equal priority tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes and such other Indebtedness of equal priority to be purchased shall be selected in accordance with the procedures of the Depositary. If any Excess Proceeds remain after consummation of an Asset Sale Offer, then the Company or any Restricted Subsidiary thereof may use such remaining Excess Proceeds for any purpose not otherwise prohibited by the Supplemental Indenture. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Issuers prior to any related purchase date and may elect to have such Notes pur-

A-7

chased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse side of the Notes. 
8.    [Reserved]. 
9.    DENOMINATIONS, TRANSFER, EXCHANGE.  The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  The transfer of Notes may be registered and Notes may be exchanged as provided in the Supplemental Indenture.  The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Supplemental Indenture.  The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part.  Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date.
10.    PERSONS DEEMED OWNERS.  The registered Holder of a Note may be treated as its owner for all purposes.
11.    AMENDMENT, SUPPLEMENT AND WAIVER.  Subject to certain exceptions, the Supplemental Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes).  Any existing Default or compliance with any provision of the Supplemental Indenture or the Notes (other than any provision relating to the right of any Holder to bring suit for the enforcement of any payment of principal, premium, if any, any interest on the Note, on or after the scheduled due dates expressed herein) may be waived, including by way of amendment, with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes).  Without the consent of any Holder of a Note, the Issuers and the Trustee may amend or supplement the Supplemental Indenture or the Notes (i) to cure any ambiguity, mistake, defect or inconsistency, (ii) to provide for uncertificated Notes in addition to or in place of certificated Notes, (iii) to provide for or confirm the issuance of Additional Notes or the Exchange Notes pursuant to the Registration Rights Agreement, (iv) to provide for the assumption of the Issuers’ obligations to Holders in the case of a merger or consolidation or sale of all or substantially all of the Issuers’ assets, (v) to make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights under the Supplemental Indenture of any such Holder, (vi) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Supplemental Indenture under the TIA or otherwise as necessary to comply with applicable law, (vii) to make any change in the provisions of the Indenture relating to waivers of past Defaults or the rights of holders of Notes to receive payments of principal of, or premium, if any, or interest or Special Interest, if any, on the Notes or (vii) to conform the Supplemental Indenture or the Notes to the “Description of Notes” section of the Offering Circular.

A-8

12.    DEFAULTS AND REMEDIES.  Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries.
In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice.  If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable.
Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture.  Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes.  The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. 
The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes.

A-9

The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture.  Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.
13.    TRUSTEE DEALINGS WITH ISSUERS.  The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for any Issuer or its Affiliates, and may otherwise deal with any Issuer or its Affiliates, as if it were not the Trustee.
14.    NO RECOURSE AGAINST OTHERS.  A director, officer, employee, incorporator, member or stockholder of the Issuers, as such, shall not have any liability for any obligations of the Issuers under the Notes or the Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for the issuance of the Notes.
15.    GOVERNING LAW.  THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS NOTE AND THE SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO THE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.  EACH OF THE PARTIES HERETO AND THE HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.
16.    AUTHENTICATION.  This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.
17.    ABBREVIATIONS.  Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).
18.    ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.  In addition to the rights provided to Holders of Notes under the Supplemental Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement.
19.    CUSIP NUMBERS.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy of such 

A-10

numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.
The Issuers will furnish to any Holder upon written request and without charge a copy of the Supplemental Indenture, the Base Indenture and/or the Registration Rights Agreement, as applicable.  Requests may be made to the Issuers:
c/o Charter Communications, Inc.
400 Atlantic Street, 10th Floor
Stamford, Connecticut 06901
Attention:  Corporate Secretary
Telecopier No.: (314) 965-6440

A-11

ASSIGNMENT FORM
To assign this Note, fill in the form below:
(i) or (we) assign and transfer this Note to: _____________________________________
(Insert assignee’s legal name)
________________________________________________________________________
(Insert assignee’s soc. sec. or tax I.D. no.)
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
(Print or type assignee’s name, address and zip code)
and irrevocably appoint ________________________________________________ to transfer this Note on the books of the Issuers.  The agent may substitute another to act for him. 
Date:______________________________
Your Signature:_____________________________________________________
(Sign exactly as your name appears on the face of this Note)
Signature Guarantee*:________________________________________________
* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

A-12

OPTION OF HOLDER TO ELECT PURCHASE
If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.11 or 4.16 of the Supplemental Indenture, check the appropriate box below:
 ̈ Section 4.11                 ̈ Section 4.16
If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 4.11 or Section 4.16 of the Supplemental Indenture, state the amount you elect to have purchased:
$ _______________________
Date:____________________
Your Signature:_____________________________________________________
(Sign exactly as your name appears on the face of this Note)
Tax Identification No.: _______________________________________________
Signature Guarantee*:  _______________________________________________
* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

A-13

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*
The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made:
	
									
	Date of Exchange
	 
	Amount of
decrease in
Principal Amount of this Global Note
	 
	Amount of
increase in
Principal Amount of this Global Note
	 
	Principal Amount of this Global Note following such decrease (or increase)
	 
	Signature of
authorized officer of Trustee or Note Custodian

	 
	 
	 
	 
	 
	 
	 
	 
	 

A-14

EXHIBIT B
FORM OF CERTIFICATE OF TRANSFER
CCO Holdings, LLC
CCO Capital Corp.
c/o Charter Communications, Inc.
400 Atlantic Street, 10th Floor
Stamford, Connecticut 06901

The Bank of New York Mellon Trust Company, N.A.
2 North LaSalle Street, Suite 1020
Chicago, Illinois 60602
Facsimile No.: (312) 827-8542
Attention:  Corporate Trust Administration

Re:  CCO Holdings, LLC and CCO Holdings Capital Corp.
		
	 
	  ̈   5.125% Senior Notes due 2023 (CUSIP [        ]) (the “Notes”)

Reference is hereby made to the Indenture, dated as of November 5, 2014 (the “Base Indenture”), among CCOH Safari, LLC, CCO Holdings, LLC (“CCO Holdings”), CCO Holdings Capital Corp. (“Capital Corp” and, together with CCO Holdings, the “Issuers”), the guarantor party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by the Third Supplemental Indenture dated as of April 21, 2015 (the “Supplemental Indenture”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Supplemental Indenture.
___________________ (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $_____________________________ in such Note[s] or interests (the “Transfer”), to ___________________________ (the “Transferee”), as further specified in Annex A hereto.  In connection with the Transfer, the Transferor hereby certifies that:
[CHECK ALL THAT APPLY]
 ̈    1.    Check if Transferee will take delivery of a beneficial interest in the Rule 144A Global Note or a Definitive Note Pursuant to Rule 144A.  The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 

B-1

144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States.  Upon consummation of the proposed Transfer in accordance with the terms of the Supplemental Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Rule 144A Global Note and/or the Definitive Note and in the Supplemental Indenture and the Securities Act.
 ̈    2.    Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S.  The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act and (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.  Upon consummation of the proposed transfer in accordance with the terms of the Supplemental Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Supplemental Indenture and the Securities Act.  If the Transfer of the beneficial interest occurs prior to the expiration of the 40-day distribution compliance period set forth in Regulation S, the transferred beneficial interest will be held immediately thereafter through Euroclear or Clearstream.
 ̈    3.    Check and complete if Transferee will take delivery of a beneficial interest in a Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S.  The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):
 ̈    (i)    such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; or
 ̈    (ii)    such Transfer is being effected to the Issuers or a subsidiary thereof; or
 ̈    (iii)    such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; or

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 ̈    (iv)    such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Supplemental Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act.  Upon consummation of the proposed transfer in accordance with the terms of the Supplemental Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Note and/or the Definitive Notes and in the Supplemental Indenture and the Securities Act.
 ̈    4.    Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.
 ̈    (i)    Check if Transfer is pursuant to Rule 144.  (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Supplemental Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Supplemental Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Supplemental Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Supplemental Indenture.
 ̈    (ii)    Check if Transfer is Pursuant to Regulation S.  (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Supplemental Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Supplemental Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Supplemental Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Supplemental Indenture.
 ̈    (iii)    Check if Transfer is Pursuant to Other Exemption.  (i) The Transfer is being effected pursuant to and in compliance with an exemption from the 

B-3

registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Supplemental Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Supplemental Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Supplemental Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Supplemental Indenture.
This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers.
____________________________________________
[Insert Name of Transferor]
By__________________________________________
Name:
Title:

Dated:  ______________________________________
 

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ANNEX A TO CERTIFICATE OF TRANSFER
1.    The Transferor owns and proposes to transfer the following:
[CHECK ONE OF (a) OR (b)]
 ̈    (a)    a beneficial interest in the:
 ̈    (i)    Rule 144A Global Note (CUSIP __________), or
 ̈    (ii)    Regulation S Global Note (CUSIP _________), or
 ̈    (b)    a Restricted Definitive Note.
2.    After the Transfer the Transferee will hold:
[CHECK ONE]
 ̈    (a)    a beneficial interest in the:
 ̈    (i)    Rule 144A Global Note (CUSIP __________), or
 ̈    (ii)    Regulation S Global Note (CUSIP _________), or
 ̈    (iii)    Unrestricted Global Note (CUSIP _________); or
 ̈    (b)    a Restricted Definitive Note; or
 ̈    (c)    an Unrestricted Definitive Note,
in accordance with the terms of the Supplemental Indenture.

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EXHIBIT C
FORM OF CERTIFICATE OF EXCHANGE
CCO Holdings, LLC
CCO Holdings Capital Corp.
c/o Charter Communications, Inc.
400 Atlantic Street, 10th Floor
Stamford, Connecticut 06901

The Bank of New York Mellon Trust Company, N.A.
2 North LaSalle Street, Suite 1020
Chicago, Illinois 60602
Facsimile No.: (312) 827-8542
Attention:  Corporate Trust Administration

Re:  CCO Holdings, LLC and CCO Holdings Capital Corp. 
 ̈    5.125% Senior Notes due 2023 (CUSIP [        ])  (the “Notes”)

Reference is hereby made to the Indenture, dated as of November 5, 2014 (the “Base Indenture”), among CCOH Safari, LLC, CCO Holdings, LLC (“CCO Holdings”), CCO Holdings Capital Corp. (“Capital Corp” and, together with CCO Holdings, the “Issuers”), the guarantor party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by the Third Supplemental Indenture dated as of April 21, 2015 (the “Supplemental Indenture”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Supplemental Indenture.
__________________________ (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $____________________________ in such Note[s] or interests (the “Exchange”).  In connection with the Exchange, the Owner hereby certifies that:
1.    Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note
 ̈     (i)    Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) 

C-1

the restrictions on transfer contained in the Supplemental Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.  If the Exchange is from beneficial interest in a Regulation S Global Note to beneficial interest in an Unrestricted Global Note, the Owner further certifies that it is either (x) a non-U.S. Person to whom Notes would be transferred in accordance with Regulation S or (y) a U.S. Person who purchased Notes in a transaction that did not require registration under the Securities Act.
 ̈     (ii)    Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Supplemental Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
 ̈     (iii)    Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note.  In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Supplemental Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.  If the Exchange is from beneficial interest in a Regulation S Global Note to an Unrestricted Definitive Note, the Owner further certifies that it is either (x) a non-U.S. Person to whom Notes could be transferred in accordance with Regulation S or (y) a U.S. Person who purchased Notes in a transaction that did not require registration under the Securities Act.
 ̈     (iv)    Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note.  In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Supplemental Indenture and the Private Placement Legend are not required in order to maintain 

C-2

compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
2.    Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes
 ̈     (i)    Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer.  If the Exchange is from beneficial interest in a Regulation S Global Note to a Restricted Definitive Note, the Owner further certifies that it is either (x) a non-U.S. Person to whom Notes could be transferred in accordance with Regulation S or (y) a U.S. Person who purchased Notes in a transaction that did not require registration under the Securities Act.  Upon consummation of the proposed Exchange in accordance with the terms of the Supplemental Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Supplemental Indenture and the Securities Act.
 ̈     (ii)    Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note.  In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] Rule 144A Global Note or  Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States.  Upon consummation of the proposed Exchange in accordance with the terms of the Supplemental Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Supplemental Indenture and the Securities Act.

C-3

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers.
____________________________________________
[Insert Name of Transferor]

By__________________________________________
Name:
Title:

Dated:  ______________________________________

C-4

EXHIBIT D
FORM OF CERTIFICATE FROM
ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

CCO Holdings LLC
CCO Holdings Capital Corp. c/o Charter Communications, Inc.
400 Atlantic Street, 10th Floor
Stamford, Connecticut 06901

The Bank of New York Mellon Trust Company, N.A.
2 North LaSalle Street, Suite 1020
Chicago, Illinois 60602
Facsimile No.: (312) 827-8542
Attention:  Corporate Trust Administration

Re:  CCO Holdings, LLC and CCO Holdings Capital Corp.
 ̈    5.125% Senior Notes due 2023 (CUSIP [        ]) (the “Notes”)

Reference is hereby made to the Indenture, dated as of April 21, 2015 (the “Base Indenture”), among CCOH Safari, LLC, CCO Holdings, LLC (“CCO Holdings”), CCO Holdings Capital Corp. (“Capital Corp” and, together with CCO Holdings, the “Issuers”), the guarantor party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by the Third Supplemental Indenture dated as of April 21, 2015 (the “Supplemental Indenture”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Supplemental Indenture.
In connection with our proposed purchase of $____________ aggregate principal amount of:
(i)     ̈    a beneficial interest in a Global Note, or
(ii)     ̈    a Definitive Note,
we confirm that:
1.    We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Supplemental Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the United States Securities Act of 1933, as amended (the “Securities Act”).
2.    We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence.  We agree, on our own behalf and on 

D-1

behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (a) to the Issuers or any subsidiary thereof, (b) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (c) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Issuers a signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably acceptable to the Issuers to the effect that such transfer is in compliance with the Securities Act, (d) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (e) pursuant to the provisions of Rule 144(d) under the Securities Act or (f) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (a) through (e) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein.
3.    We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Issuers such certifications, legal opinions and other information as you and the Issuers may reasonably require to confirm that the proposed sale complies with the foregoing restrictions.  We further understand that the Notes purchased by us will bear a legend to the foregoing effect.
4.    We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment.
5.    We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.
You and the Issuers are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.
____________________________________________
[Insert Name of Transferor]

By__________________________________________
Name:
Title:

Dated:  ______________________________________

D-2

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