Document:

Exhibit 4.17

 

CONSENT AGREEMENT

 

CONSENT
AGREEMENT, dated as of March 4, 2005 (this “Consent Agreement”),
among MBIA INSURANCE CORPORATION, a New York stock insurance company (in its
capacity as Surety Provider under certain series of ARG Notes outstanding
from time to time, “MBIA”), AMBAC ASSURANCE CORPORATION, a Wisconsin
stock insurance company (in its capacity as Surety Provider under certain series of
ARG Notes outstanding from time to time, “Ambac”) and ASSURED GUARANTY
CORP., a Maryland stock insurance company (in its capacity as Surety Provider
under certain series of ARG Notes outstanding from time to time, “Assured”,
and together with MBIA and Ambac, the “Consenting Parties”), made for
the benefit of ARG FUNDING CORP., a Delaware corporation, ALAMO FINANCING L.P.,
a Delaware limited partnership, NATIONAL CAR RENTAL FINANCING LIMITED
PARTNERSHIP, a Delaware limited partnership, VANGUARD CAR RENTAL USA INC., a
Delaware corporation and VANGUARD CAR RENTAL USA HOLDINGS INC., a Delaware
corporation (collectively, the “Vanguard Entities”), and acknowledged by
Citibank, N.A., in its capacity as master collateral agent under the Master
Collateral Agency Agreement (as defined below) and by The Bank of New York, in
its capacity as Trustee, Financing Source and Beneficiary (each as defined in
the ARG Program Documents (as defined below)) under the ARG Program Documents.

 

R E  C  I  T  A  L  S

 

WHEREAS,
ARG Funding Corp. (“ARG”) and The Bank of New York (“BONY”), as
trustee, have entered into that certain Second Amended and Restated Base
Indenture, dated as of October 14, 2003 (as amended, modified, restated or
supplemented from time to time, the “ARG Base Indenture”);

 

WHEREAS,
ARG and BONY, as trustee, have entered into the Fourth Amended and Restated Series 2001-2
Supplement, the Series 2003-1 Supplement, the Series 2004-1
Supplement, the Series 2004-4 Supplement, the Series 2004-5
Supplement and the Series 2005-1 Supplement to the ARG Base Indenture
(each as amended, modified, restated or supplemented from time to time, the “ARG
Group I Supplements”);

 

WHEREAS,
Alamo Financing L.P. (“Alamo LP”) and BONY, as trustee, have entered
into that certain Third Amended and Restated Base Indenture, dated as of October 14,
2003 (as amended, modified, restated or supplemented from time to time, the “Alamo
Base Indenture”);

 

WHEREAS,
Alamo LP and BONY, as trustee, have entered into the Third Amended and Restated
Series 1999-1 Supplement to the Alamo Base Indenture (as

 

 

amended, modified, restated
or supplemented from time to time, the “Alamo Group I Supplement”);

 

WHEREAS,
Alamo LP, Vanguard Car Rental USA Inc. (“Vanguard”), the Additional
Lessees, if any, and Vanguard Car Rental USA Holdings Inc. (“Vanguard
Holdings”) have entered into that certain Second Amended and Restated Master
Motor Vehicle Lease and Servicing Agreement, dated as of October 14, 2003
(together with each annex thereto, and as amended, restated, modified or
supplemented from time to time, the “Group I Alamo Lease”);

 

WHEREAS, National Car Rental
Financing Limited Partnership (“NFLP”) and BONY, as trustee, have
entered into that certain Third Amended and Restated Base Indenture, dated as
of October 14, 2003 (as amended, modified, restated or supplemented from
time to time, the “NFLP Base Indenture”);

 

WHEREAS,
NFLP and BONY, as trustee, have entered into the Third Amended and Restated Series 1999-1
Supplement to the NFLP Base Indenture (as amended, modified, restated or
supplemented from time to time, the “NFLP Group I Supplement”);

 

WHEREAS,
NFLP, Vanguard, the Additional Lessees, if any, and Vanguard Car Rental USA
Holdings Inc. have entered into that certain Second Amended and Restated Master
Motor Vehicle Lease and Servicing Agreement, dated as of October 14, 2003
(together with each annex thereto, and as amended, restated, modified or
supplemented from time to time, the “Group I NFLP Lease”);

 

WHEREAS,
NFLP and Alamo LP, as grantors, Vanguard, as grantor and as master servicer,
the various Financing Sources from time to time parties thereto, the various
Beneficiaries from time to time parties thereto, and Citibank, N.A., as master
collateral agent have entered into that certain Sixth Amended and Restated
Master Collateral Agency Agreement, dated as of October 14, 2003 (as
amended, restated, modified or supplemented from time to time, the “Master
Collateral Agency Agreement”, and together with the ARG Base Indenture, the
ARG Group I Supplements, the Alamo Base Indenture, the Alamo Group I
Supplement, the Group I Alamo Lease, the NFLP Base Indenture, the NFLP Group I
Supplement, the Group I NFLP Lease and the Related Documents (as defined in
each of the above referenced agreements), the “ARG Program Documents”);

 

WHEREAS,
Alamo LP desires to implement the LKE Program (as defined in the Related
Documents) and exchange certain Vehicles used in its business for other
like-kind Vehicles in a manner that will qualify as like-kind exchanges within
the meaning of Section 1031 of the Internal Revenue Code of 1986, as
amended, and the treasury regulations promulgated thereunder (the “Exchange
Rules”);

 

WHEREAS,
in connection with implementing the LKE Program, the ARG Program Documents will
be amended;

 

2

 

WHEREAS,
in connection with implementing the LKE Program, Alamo LP, Car for a Car, Corp.
(the “Intermediary” or the “QI”) and Vanguard will enter into
that certain Master Exchange Agreement, dated as of March 4, 2005 (as
amended, restated, modified or supplemented from time to time, the “Master
Exchange Agreement”), and Alamo LP, the Intermediary, J.P. Morgan Chase
Bank, N.A. and Vanguard will enter into that certain Escrow Agreement, dated as
of March 4, 2005 (as amended, restated, modified or supplemented from time
to time, the “Escrow Agreement”);

 

WHEREAS,
in connection with the LKE Program, the Intermediary will act as a “qualified
intermediary” on behalf of Alamo LP in order to facilitate the like-kind
exchanges of Vehicles;

 

WHEREAS,
pursuant to the Master Exchange Agreement, Alamo LP will assign to the
Intermediary certain of its rights with respect to the disposition and
acquisition of Vehicles (including its rights to receivables due from a
Manufacturer with respect to Vehicles but not its legal title to the Vehicles),
as more specifically set forth in the Master Exchange Agreement;

 

WHEREAS,
Alamo LP’s rights under the Master Exchange Agreement, pursuant to which Alamo
LP will assign the rights described above, will be pledged to the Master
Collateral Agent under the Master Collateral Agency Agreement;

 

WHEREAS,
the provisions of the Master Exchange Agreement do not, and the parties to the
Master Exchange Agreement have agreed that the provisions of the Master
Exchange Agreement are not intended to, affect the relative rights of any of
the parties to any of the Related Documents including, without limitation, any
of such rights in, to and under the Vehicles, any proceeds therefrom or the
collateral value (as determined under the applicable Related Documents) of the
collateral supporting the outstanding loans or securities issued under the
Related Documents;

 

WHEREAS,
the Vanguard Entities have requested that each of the Consenting Parties
acknowledge and consent, and confirm its consent to (a) the execution,
delivery and performance of the amendments to the ARG Program Documents,
attached hereto as an exhibit, and to the terms and conditions in the amended
ARG Program Documents, (b) the implementation of the LKE Program and the
execution, delivery and performance of the Master Exchange Agreement, the
Escrow Agreement and other documents related to the LKE Program, attached
hereto as an exhibit, (c) certain interpretations and constructions of the
Related Documents, as more fully set forth herein, and (d) be bound by
this Consent Agreement for all purposes;

 

WHEREAS,
each of the Consenting Parties has agreed to acknowledge and consent, and
confirm its consent to the above; and

 

WHEREAS,
attached hereto as Exhibit A is a form of Monthly Noteholders’
Statement which, among other things, sets forth and describes the procedures used
to calculate the “Aggregate Asset Amount” under the Related Documents, as more
fully described herein.

 

3

 

NOW
THEREFORE, in consideration of the premises and mutual covenants contained
herein, the adequacy and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

 

A G  R  E  E  M  E  N  T  S

 

SECTION 1.                                Defined Terms. Capitalized terms used but not defined
herein shall have the respective meanings assigned to them in the Related Documents.

 

SECTION 2.                                Agreement.

 

(I)                                    Each of the Consenting Parties acknowledges
and hereby expressly consents, and confirms its consent:

 

(a)                                  to the execution, delivery and performance of
the amendments to the ARG Program Documents and to the terms and conditions in
the amended ARG Program Documents (a copy of each ARG Program Document, as
amended, is attached hereto as Exhibit B);

 

(b)                                 to the implementation of the LKE Program and
the execution, delivery and performance of the Master Exchange Agreement (including
Section 8.5 thereof), the Escrow Agreement and other documents related to
the LKE Program (a copy of the Master Exchange Agreement, the Escrow Agreement
and the other documents related to the LKE Program, is attached hereto as Exhibit C);

 

(c)                                  to construing and interpreting provisions and
defined terms in any of the Related Documents that refer to funds which are
receivable by, due to or paid to a party other than the Intermediary (a “Third
Party”), but which pursuant to the terms of the Master Exchange Agreement
and the LKE Program are receivable by, due to or paid to the Intermediary,
solely in its capacity as “qualified intermediary” on behalf of Alamo LP, as if
such references expressly address and provide for the implementation of the LKE
Program and the role of the Intermediary;

 

(d)                                 to construing and interpreting provisions and
defined terms in any of the Related Documents that refer to the assignment or
pledge of certain rights and/or assets to Third Parties, but which pursuant to
the terms of the Master Exchange Agreement and the LKE Program are assigned to
the Intermediary, solely in its capacity as “qualified intermediary” on behalf
of Alamo LP, as if such references expressly address and provide for the
implementation of the LKE Program and the role of the Intermediary;

 

(e)                                  to construing and interpreting provisions of
the Master Exchange Agreement as not affecting the relative rights of any of
the parties to any of the Related Documents including, without limitation, any
of such rights in, to and under the Vehicles, any proceeds therefrom or the
collateral value (as determined under the applicable

 

4

 

Related Documents) of the
collateral supporting the outstanding loans or securities issued under the
Related Documents;

 

(f)                                    to construing and interpreting provisions and
defined terms in any of the Related Documents such that receivables due from a
Manufacturer with respect to any Vehicle, which would qualify and be included
in the calculation of “Aggregate Asset Amount” under the Related Documents or
in any other calculations of such “receivables” under the Related Documents but
for the implementation of the LKE Program and the interposition of the
Intermediary, shall not cease to be eligible for purposes of calculating or
being included in the calculation of the “Aggregate Asset Amount” or in such
other calculations, in each case under the Related Documents solely due to the
implementation of the LKE Program and the interposition of the Intermediary;

 

(g)                                 to the formulation to be used to calculate
the “Aggregate Asset Amount” under the Related Documents, as set forth in the form of
Monthly Noteholders’ Statement attached hereto as Exhibit A, upon
the implementation of the LKE Program; and

 

(h)                                 to construing and interpreting provisions and
defined terms in any of the Related Documents such that, with respect to any
date of determination, if such date would be the Disposition Date with respect
to any Vehicle but for the implementation of the LKE Program and the
interposition of the Intermediary, such date shall continue to be the “Disposition
Date” with respect to such Vehicle notwithstanding the implementation of the
LKE Program and the interposition of the Intermediary.

 

(II)                                Each of the Consenting Parties hereby agrees
to be bound by this Consent Agreement for all purposes.

 

SECTION 3.                                Governing Law. THE LAWS OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS CONSENT AGREEMENT, AND ALL MATTERS ARISING
OUT OF OR IN ANY MANNER RELATING TO THIS CONSENT AGREEMENT.

 

SECTION 4.                                Direction To Trustee and Master Collateral
Agent. Each of the
Consenting Parties hereby consents to the Trustee and the Master Collateral
Agent entering into the amendments to the ARG Program Documents contemplated
hereby.

 

SECTION 5.                                Entire Agreement. This Consent Agreement and the Related
Documents constitute the entire agreement of the parties relating to the
subject matter hereof and supersede any prior agreements, whether written or
oral with respect to the subject matter hereof. This Consent Agreement cannot
be amended without the written agreement of each party hereto.

 

SECTION 6.                                Effectiveness. This Consent Agreement shall be effective
upon its execution and delivery by all the parties hereto.

 

SECTION 7.                                Counterparts. This Consent Agreement may be executed
in any number of counterparts, each of which when so executed and delivered
shall be

 

5

 

deemed to be an original and
all of which counterparts, taken together, shall constitute but one and the
same instrument.

 

SECTION 8.                                Third-Party Beneficiaries. Each of the Vanguard Entities shall be an
express third-party beneficiary under this Consent Agreement.

 

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BLANK INTENTIONALLY]

 

6

 

IN
WITNESS WHEREOF, the parties hereto have caused this Consent Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

 

 

	
   

  	
  MBIA INSURANCE CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Derrin Culp

  	
   

  
	
   

  	
  Name:

  	
  Derrin Culp

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
  AMBAC ASSURANCE
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Michael Babick

  	
   

  
	
   

  	
  Name:

  	
  Michael Babick

  
	
   

  	
  Title:

  	
  First Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASSURED GUARANTY CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Howard W. Albert

  	
   

  
	
   

  	
  Name:

  	
  Howard W. Albert

  
	
   

  	
  Title:

  	
  Chief Underwriting &
  Risk Officer

  
					

 

[LKE Consent Agreement]

 

 

	
   

  	
  Acknowledged by:

  	
   

  
	
   

  	
   

  
	
   

  	
  ARG FUNDING CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jill A. Gordon

  	
   

  
	
   

  	
  Name:

  	
  Jill A. Gordon

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  ALAMO FINANCING L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ALAMO FINANCING L.L.C.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jill A. Gordon

  	
   

  
	
   

  	
  Name:

  	
  Jill A. Gordon

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  NATIONAL CAR RENTAL
  FINANCING

  LIMITED PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NATIONAL CAR RENTAL 

  
	
   

  	
  FINANCING CORPORATION, its
  General

  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jill A. Gordon

  	
   

  
	
   

  	
  Name:

  	
  Jill A. Gordon

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  VANGUARD CAR RENTAL USA

  HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerard J. Kennell

  	
   

  
	
   

  	
  Name:

  	
  Gerard J. Kennell

  
	
   

  	
  Title:

  	
  Senior Vice President &
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VANGUARD CAR RENTAL USA
  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerard J. Kennell

  	
   

  
	
   

  	
  Name:

  	
  Gerard J. Kennell

  
	
   

  	
  Title:

  	
  Senior Vice President &
  Treasurer

  
						

 

 

	
   

  	
  CITIBANK, N.A.,

  
	
   

  	
  not in its individual
  capacity but

  
	
   

  	
  solely as Master
  Collateral Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jenny Cheng

  	
   

  
	
   

  	
  Name:

  	
  Jenny Cheng

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK, in
  its

  capacity as Trustee, Financing Source and

  Beneficiary under the ARG Program

  Documents

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Bobko

  	
   

  
	
   

  	
  Name:

  	
  John Bobko

  
	
   

  	
  Title:

  	
  Assistant Vice PresidentExhibit 4.18

 

CONSENT AGREEMENT

 

CONSENT
AGREEMENT, dated as of March 4, 2005 (this “Consent Agreement”), made by
GENRAL MOTORS ACCEPTANCE CORPORATION (“GMAC” or the “Consenting Party”)
for the benefit of VANGUARD SPE I INC., a Delaware corporation, ALAMO FINANCING
L.P., a Delaware limited partnership, NATIONAL CAR RENTAL FINANCING LIMITED
PARTNERSHIP, a Delaware limited partnership, VANGUARD CAR RENTAL USA INC., a
Delaware corporation and VANGUARD CAR RENTAL USA HOLDINGS INC., a Delaware
corporation (collectively, the “Vanguard Entities”), and acknowledged by
Citibank, N.A., in its capacity as master collateral agent under the Master
Collateral Agency Agreement (as defined below) and by The Bank of New York, in
its capacity as Trustee (as defined in the Vanguard SPE I Program Documents (as
defined below)) under the Vanguard SPE I Program Documents.

 

R E C I T A L S

 

WHEREAS, Vanguard SPE I Inc. (“Vanguard SPE I”) and The Bank of
New York (“BONY”), as trustee, have entered into that certain Base
Indenture, dated as of October 14, 2003 (as amended, modified, restated or
supplemented from time to time, the “Vanguard SPE I Base Indenture”);

 

WHEREAS, Vanguard SPE I and BONY, as trustee, have entered into the
Series 2003-2 Supplement to the Vanguard SPE I Base Indenture (as amended,
modified, restated or supplemented from time to time, the “Vanguard SPE I
Group VI Supplement”);

 

WHEREAS, Alamo Financing L.P. (“Alamo LP”) and BONY, as trustee,
have entered into that certain Third Amended and Restated Base Indenture, dated
as of October 14, 2003 (as amended, modified, restated or supplemented from
time to time, the “Alamo Base Indenture”);

 

WHEREAS, Alamo LP and BONY, as trustee, have entered into the Series
2003-2 Supplement to the Alamo Base Indenture (as amended, modified, restated
or supplemented from time to time, the “Alamo Group VI Supplement”);

 

WHEREAS, Alamo LP, as lessor, and Vanguard Car Rental USA Inc. (“Vanguard”),
as lessee have entered into that certain Master Motor Vehicle Lease and
Servicing Agreement, dated as of October 14, 2003 (as amended, restated,
modified or supplemented from time to time, the “Group VI Alamo Lease”);

 

 

WHEREAS, National Car Rental Financing Limited Partnership (“NFLP”)
and BONY, as trustee, have entered into that certain Third Amended and Restated
Base Indenture, dated as of October 14, 2003 (as amended, modified, restated or
supplemented from time to time, the “NFLP Base Indenture”);

 

WHEREAS, NFLP and BONY, as trustee, have entered into the Series 2003-2
Supplement to the NFLP Base Indenture (as amended, modified, restated or
supplemented from time to time, the “NFLP Group VI Supplement”);

 

WHEREAS, NFLP, as lessor, and Vanguard, as lessee, have entered into
that certain Master Motor Vehicle Lease and Servicing Agreement, dated as of
October 14, 2003 (as amended, restated, modified or supplemented from time to
time, the “Group VI NFLP Lease”);

 

WHEREAS, NFLP and Alamo LP, as
grantors, Vanguard, as grantor and as master servicer, the various Financing
Sources from time to time parties thereto, the various Beneficiaries from time
to time parties thereto, and Citibank, N.A., as master collateral agent have
entered into that certain Sixth Amended and Restated Master Collateral Agency
Agreement, dated as of October 14, 2003 (as amended, restated, modified or
supplemented from time to time, the “Master Collateral Agency Agreement”,
and together with the Vanguard SPE I Base Indenture, the Vanguard SPE I Group
VI Supplement, the Alamo Base Indenture, the Alamo Group VI Supplement, the Group
VI Alamo Lease, the NFLP Base Indenture, the NFLP Group VI Supplement, the
Group VI NFLP Lease and the Related Documents (as defined in each of the above
referenced agreements), the “Vanguard SPE I Program Documents”);

 

WHEREAS, Alamo LP desires to implement the LKE Program (as defined in
the Related Documents) and exchange certain vehicles used in its business for
other like-kind vehicles in a manner that will qualify as like-kind exchanges
within the meaning of Section 1031 of the Internal Revenue Code of 1986, as
amended, and the treasury regulations promulgated thereunder (the “Exchange
Rules”);

 

WHEREAS, in connection with implementing the LKE Program, the Vanguard
SPE I Program Documents will be amended;

 

WHEREAS, in connection with implementing the LKE Program, Alamo LP, Car
for a Car, Corp. (the “Intermediary” or the “QI”) and Vanguard
will enter into that certain Master Exchange Agreement, dated as of March 4,
2005 (as amended, restated, modified or supplemented from time to time, the “Master
Exchange Agreement”), and Alamo LP, the Intermediary, J.P. Morgan Chase
Bank, N.A. and Vanguard will enter into that certain Escrow Agreement, dated as
of March 4, 2005 (as amended, restated, modified or supplemented from time to
time, the “Escrow Agreement”);

 

WHEREAS, in connection
with the LKE Program, the Intermediary will act as a “qualified intermediary”
on behalf of Alamo LP in order to facilitate the like-kind exchanges of
vehicles;

 

2

 

WHEREAS, pursuant to the Master Exchange Agreement, Alamo LP will
assign to the Intermediary certain of its rights with respect to the
disposition and acquisition of vehicles (including its rights to receivables
due from a Manufacturer with respect to vehicles but not its legal title to the
vehicles), as more specifically set forth in the Master Exchange Agreement;

 

WHEREAS, Alamo LP’s rights under the Master Exchange Agreement,
pursuant to which Alamo LP will assign the rights described above, will be
pledged to the Master Collateral Agent under the Master Collateral Agency
Agreement;

 

WHEREAS, the provisions of the Master Exchange Agreement do not, and
the parties to the Master Exchange Agreement have agreed that the provisions of
the Master Exchange Agreement are not intended to, affect the relative rights
of any of the parties to any of the Related Documents including, without
limitation, any of such rights in, to and under the vehicles, any proceeds
therefrom or the collateral value (as determined under the applicable Related
Documents) of the collateral supporting the outstanding loans or securities
issued under the Related Documents;

 

WHEREAS, the Vanguard Entities have requested that the Consenting Party
acknowledge and consent, and confirm its consent to (a) the execution, delivery
and performance of the amendments to the Vanguard SPE I Program Documents,
attached hereto as an exhibit, and to the terms and conditions in the amended
Vanguard SPE I Program Documents, (b) the implementation of the LKE Program and
the execution, delivery and performance of the Master Exchange Agreement, the
Escrow Agreement and other documents related to the LKE Program, attached
hereto as an exhibit, (c) certain interpretations and constructions of the
Related Documents, as more fully set forth herein, and (d) be bound by this
Consent Agreement for all purposes;

 

WHEREAS, the Consenting Party has agreed to acknowledge and consent,
and confirm its consent to the above; and

 

WHEREAS, attached hereto as Exhibit A is a form of Monthly Noteholders’
Statement which, among other things, sets forth and describes the procedures
used to calculate the “aggregate asset amount” under the Related Documents, as
more fully described herein.

 

NOW THEREFORE, in consideration of the premises and mutual covenants
contained herein, the adequacy and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

A G R E E M E N T S

 

SECTION 1.                                Defined
Terms. Capitalized terms used but not defined herein shall have the
respective meanings assigned to them in the Related Documents.

 

3

 

SECTION 2.                                Agreement.

 

(I)                                    The
Consenting Party acknowledges and hereby expressly consents, and confirms its
consent:

 

(a)                                  to
the execution, delivery and performance of the amendments to the Vanguard SPE I
Program Documents and to the terms and conditions in the amended Vanguard SPE I
Program Documents (a copy of each Vanguard SPE I Program Document, as amended,
is attached hereto as Exhibit B);

 

(b)                                 to
the implementation of the LKE Program and the execution, delivery and
performance of the Master Exchange Agreement (including Section 8.5 thereof),
the Escrow Agreement and other documents related to the LKE Program (a copy of
the Master Exchange Agreement, the Escrow Agreement and the other documents
related to the LKE Program, is attached hereto as Exhibit C);

 

(c)                                  to
construing and interpreting provisions and defined terms in any of the Related
Documents that refer to funds which are receivable by, due to or paid to a
party other than the Intermediary (a “Third Party”), but which pursuant
to the terms of the Master Exchange Agreement and the LKE Program are
receivable by, due to or paid to the Intermediary, solely in its capacity as
“qualified intermediary” on behalf of Alamo LP, as if such references expressly
address and provide for the implementation of the LKE Program and the role of
the Intermediary;

 

(d)                                 to construing and interpreting provisions
and defined terms in any of the Related Documents that refer to the assignment or pledge of certain rights and/or assets
to Third Parties, but which pursuant to the terms of the Master Exchange
Agreement and the LKE Program are assigned to the Intermediary, solely in its
capacity as “qualified intermediary” on behalf of Alamo LP, as if such
references expressly address and provide for the implementation of the LKE
Program and the role of the Intermediary;

 

(e)                                  to
construing and interpreting provisions of the Master Exchange Agreement as not
affecting the relative rights of any of the parties to any of the Related
Documents including, without limitation, any of such rights in, to and under
the vehicles, any proceeds therefrom or the collateral value (as determined
under the applicable Related Documents) of the collateral supporting the
outstanding loans or securities issued under the Related Documents;

 

(f)                                    to
construing and interpreting provisions and defined terms in any of the Related
Documents such that receivables due from a Manufacturer with respect to any
vehicle, which would qualify and be included in the calculation of “aggregate
asset amount” under the Related Documents or in any other calculations of such
“receivables” under the Related Documents but for the implementation of the LKE
Program and the interposition of the Intermediary, shall not cease to be
eligible for purposes of calculating or being included in the calculation of
the “aggregate asset amount” or in such other 

 

4

 

calculations, in each case under the Related Documents
solely due to the implementation of the LKE Program and the interposition of
the Intermediary;

 

(g)                                 to
the formulation to be used to calculate the “aggregate asset amount” under the
Related Documents, as set forth in the form of Monthly Noteholders’ Statement
attached hereto as Exhibit A, upon the implementation of the LKE
Program; and

 

(h)                                 to
construing and interpreting provisions and defined terms in any of the Related
Documents such that, with respect to any date of determination, if such date
would be the disposition date with respect to any vehicle but for the
implementation of the LKE Program and the interposition of the Intermediary,
such date shall continue to be the “disposition date” with respect to such
vehicle notwithstanding the implementation of the LKE Program and the
interposition of the Intermediary.

 

(II)                                The
Consenting Party hereby agrees to be bound by this Consent Agreement for all
purposes.

 

SECTION 3.                                Governing
Law. THE LAWS OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS CONSENT AGREEMENT, AND ALL MATTERS ARISING OUT OF OR IN ANY MANNER
RELATING TO THIS CONSENT AGREEMENT.

 

SECTION 4.                                Direction
To Trustee and Master Collateral Agent. The Consenting Party hereby
consents to the Trustee and the Master Collateral Agent entering into the
amendments to the Vanguard SPE I Program Documents contemplated hereby.

 

SECTION 5.                                Entire
Agreement. This Consent Agreement and the Related Documents constitute the
entire agreement of the parties relating to the subject matter hereof and
supersede any prior agreements, whether written or oral with respect to the
subject matter hereof. This Consent Agreement cannot be amended without the
written agreement of each party hereto.

 

SECTION 6.                                Effectiveness. This Consent Agreement shall be
effective upon its execution and delivery by all the parties hereto.

 

SECTION 7.                                Counterparts.
This Consent Agreement may be executed in any number of counterparts, each of
which when so executed and delivered shall be deemed to be an original and all
of which counterparts, taken together, shall constitute but one and the same
instrument.

 

SECTION 8.                                Third-Party
Beneficiaries. Each of the Vanguard Entities shall be an express
third-party beneficiary under this Consent Agreement.

 

[REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

 

5

 

IN
WITNESS WHEREOF, the parties hereto have caused this Consent Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

 

 

	
   

  	
  GENERAL MOTORS ACCEPTANCE 

  
	
   

  	
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas A. Cover

  	
   

  
	
   

  	
  Name:

  	
  Thomas A. Cover

  
	
   

  	
  Title:

  	
  Asst. Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Acknowledged by:

  
	
   

  	
   

  
	
   

  	
  VANGUARD SPE I INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mary L. Brady

  	
   

  
	
   

  	
  Name:

  	
  Mary L. Brady

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  ALAMO FINANCING L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ALAMO FINANCING L.L.C.,

  	
   

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jill A. Gordon

  	
   

  
	
   

  	
  Name:

  	
  Jill A. Gordon

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NATIONAL CAR RENTAL FINANCING 

  LIMITED PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NATIONAL CAR RENTAL 

  
	
   

  	
  FINANCING CORPORATION, its General 

  
	
   

  	
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jill A. Gordon

  	
   

  
	
   

  	
  Name:

  	
  Jill A. Gordon

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

[LKE
Consent Agreement]

 

 

	
   

  	
  VANGUARD CAR RENTAL USA 

  
	
   

  	
  HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerard J. Kennell

  	
   

  
	
   

  	
  Name:

  	
  Gerard J. Kennell

  
	
   

  	
  Title:

  	
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  VANGUARD CAR RENTAL USA INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerard J. Kennell

  	
   

  
	
   

  	
  Name:

  	
  Gerard J. Kennell

  
	
   

  	
  Title:

  	
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITIBANK, N.A.,

  
	
   

  	
  not in its individual capacity but

  
	
   

  	
  solely as Master Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jenny Cheng

  	
   

  
	
   

  	
  Name:

  	
  Jenny Cheng

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK, in its 

  
	
   

  	
  capacity as Trustee under the Vanguard SPE 

  
	
   

  	
  I Program Documents

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Bobko

  	
   

  
	
   

  	
  Name:

  	
  John Bobko

  
	
   

  	
  Title:

  	
  Assistant Vice President

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