Document:

EX-10.12

 Exhibit 10.12 
 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. 

To: 
 Avis Budget Italia S.p.A. Fleet
co. S.A.p.A. 
 Via Galileo Galilei 1 
 39100 Bolzano 
 Italy 
 Cc: 
 Avis Budget Italia S.p.A. 

Via Galileo Galilei 1 
 39100 Bolzano 

Italy 
 London, 5 March 2013

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

Via Galileo Galilei 1 
 39100 Bolzano 

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

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

AMENDMENT AND RESTATEMENT AGREEMENT 
 (ITALIAN SERVICING AGREEMENT) 
 BETWEEN 

 

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

  
 - 1 -

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

 

	(3)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, a bank incorporated pursuant to the laws of France with registered office at 9 quai du Président Paul
Doumer, 92920 Paris, la Défense Cedex (France), registered with the Registre du Commerce et des Sociétés de Nanterre with number 304.187.701, acting in its capacities as “FleetCo Security Agent” under the
FleetCo Transaction Documents and agent (mandatario con rappresentanza) acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement (the “FleetCo Security Agent”). 

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

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

  

	(B)	On 18 May 2012 Italian FleetCo acceded to the IFF as a borrower and guarantor in order to partially fund the purchase of its vehicle fleet operations (the
“Transaction”). In the context of the Transaction, inter alia, an Italian law interim servicing agreement was entered into, between Italian FleetCo, the Italian Servicer and the FleetCo Security Agent, pursuant to which
Italian FleetCo has appointed the Italian Servicer to provide certain administrative services to Italian FleetCo in relation to the Transaction (as amended on 20 December 2012, the “Interim Servicing Agreement”).

  

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

 

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

  

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

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

 

	(E)	By executing this Agreement the FleetCo Security Agent expressly consents, subject to the terms set out herein, to the termination by way of novation of the Interim
Servicing Agreement. 

 IT IS HEREBY AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Recitals 

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

	1.2	Definitions 

 Unless
otherwise defined in this Agreement or the context requires otherwise, capitalised words and expressions used in this Agreement have the meanings ascribed to them in the Master Definitions Agreement dated on or about the date hereof, and entered
into by, amongst others, the Issuer, the Issuer Security Trustee and the Transaction Agent (the “Master Definitions Agreement”) (as the same may be amended, varied or supplemented from time to time and without regard to the
governing law of the Master Definitions Agreement) and shall be governed by Italian law when used in this Agreement. 
  

	2.	TERMINATION BY WAY OF NOVATION 

  

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

  

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

 

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

  

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

  

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

  
 - 3 -

 provided that such termination and discharge shall not affect any rights, liabilities
or obligations of Italian Opco as Italian servicer under the Interim Servicing Agreement, with respect to payments or other obligations due and payable or due to be performed in accordance with the Interim Servicing Agreement on or prior to the date
hereof. 
  

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

 

	3.	APPLICABILITY 

  

	3.1	This Agreement shall be effective on the date hereof. 

  

	3.2	From the date hereof any reference in any Transaction Document to the Interim Servicing Agreement shall be construed as a reference to the Italian Servicing Agreement
set out in Schedule 1 (Amended and Restated Italian Servicing Agreement). 

  

	4.	LAW - JURISDICTION 

  

	4.1	Governing law 

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

	4.2	Jurisdiction 

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

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

	
	Yours faithfully,
	
	[SIGNED]
	
	 /s/ Mark Kightley

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

*            *          
  * 

  
 - 4 -

	
	 Yours faithfully,

	
	 /s/ Edith Lusson

	
	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

  
 - 5 -

 SCHEDULE 1 
 AMENDED AND RESTATED 
 ITALIAN SERVICING AGREEMENT 

  
 - 6 -

			
	 

	  	 STUDIO LEGALE ASSOCIATO
 IN ASSOCIAZIONE CON CLIFFORD CHANCE

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

AS ITALIAN FLEETCO 

AVIS BUDGET ITALIA S.P.A. 
 AS ITALIAN SERVICER 
 AND 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 
 AS FLEETCO SECURITY AGENT 
  

 
 AMENDED AND
RESTATED 
 ITALIAN SERVICING AGREEMENT 
  

 
  

 CONTENTS 

 

							
	 Clause
	  	 	Page	  
			
	1.	  	DEFINITIONS	  	 	3	  
			
	2.	  	PRINCIPLES OF INTERPRETATION	  	 	3	  
			
	3.	  	APPOINTMENT OF ITALIAN SERVICER	  	 	5	  
			
	4.	  	OUTSOURCING	  	 	6	  
			
	5.	  	GRANT OF POWERS OF ATTORNEY	  	 	8	  
			
	6.	  	LIABILITY AND FORCE MAJEURE (FORZA MAGGIORE)	  	 	8	  
			
	7.	  	REPRESENTATIONS AND WARRANTIES	  	 	14	  
			
	8.	  	COVENANTS	  	 	15	  
			
	9.	  	ITALIAN FLEETCO COVENANT	  	 	16	  
			
	10.	  	ITALIAN SERVICER FEES	  	 	17	  
			
	11.	  	COSTS AND EXPENSES	  	 	17	  
			
	12.	  	PAYMENT MECHANICS	  	 	18	  
			
	13.	  	SERVICER TERMINATION EVENTS	  	 	19	  
			
	14.	  	OBLIGATIONS OF ITALIAN SERVICER AFTER TERMINATION	  	 	20	  
			
	15.	  	ENTIRE AGREEMENT	  	 	21	  
			
	16.	  	FURTHER ASSURANCE	  	 	22	  
			
	17.	  	FLEETCO SECURITY AGENT PARTY TO AGREEMENT	  	 	23	  
			
	18.	  	CHANGE OF FLEETCO SECURITY AGENT	  	 	23	  
			
	19.	  	SERVICES NON-EXCLUSIVE	  	 	24	  
			
	20.	  	NO PARTNERSHIP	  	 	24	  
			
	21.	  	CONTINUATION OF OBLIGATIONS	  	 	24	  
			
	22.	  	ASSIGNMENT AND SUBCONTRACTING	  	 	24	  
			
	23.	  	NON-PETITION AND LIMITED RECOURSE	  	 	25	  
			
	24.	  	OBLIGATIONS AS CORPORATE OBLIGATIONS	  	 	25	  
			
	25.	  	TIME OF THE ESSENCE	  	 	25	  
			
	26.	  	VALUE ADDED TAX AND STAMP TAXES	  	 	26	  
			
	27.	  	INSUFFICIENT RECOVERIES	  	 	26	  
			
	28.	  	EXERCISE OF ITALIAN REPAYMENT OPTION	  	 	27	  
			
	29.	  	AMENDMENT	  	 	27	  
			
	30.	  	GOVERNING LAW	  	 	27	  
			
	31.	  	JURISDICTION	  	 	27	  
			
	32.	  	GOVERNING LANGUAGE	  	 	27	  
			
	33.	  	EXECUTION	  	 	27	  

  
 - 1 -

 ITALIAN SERVICING AGREEMENT dated 5 March 2013. 

BETWEEN: 
  

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

  

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

  

	(3)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK a bank incorporated pursuant to the laws of France with registered office at 9 quai du Président Paul
Doumer, 92920 Paris, la Défense Cedex (France), registered with the Registre du Commerce et des Sociétés de Nanterre with number 304.187.701, in its capacity as security agent for the FleetCo Secured Creditors under the FleetCo
Transaction Documents and as agent (mandatario com rappresentanza) acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement (the “FleetCo Security Agent”). The FleetCo Security Agent executes
this Agreement for the sole purpose of taking advantage (profittare), pursuant to article 1411 of the civil code, of the provisions of this Agreement containing stipulations in its favour and in favour of the FleetCo Secured Creditors.

 INTRODUCTION: 
  

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

 

	(B)	Italian FleetCo owns or will own Vehicles and lease them to Avis Budget Italia S.p.A. in its capacity as lessee under a master lease agreement dated the date hereof (as
amended and/or restated from time to time, the “Italian Master Lease Agreement”). 

  

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

  
 - 2 -

 THE PARTIES AGREE AS FOLLOWS: 

SECTION A 

DEFINITIONS AND PRINCIPLES OF INTERPRETATION 
  

	1.	DEFINITIONS 

  

	1.1	Definitions and interpretation 

 Unless otherwise defined in this Agreement or the context requires otherwise, capitalised words and expressions used in this Agreement have the meanings ascribed to them in the Master Definitions
Agreement dated on or about the date hereof, and entered into by, amongst others, the Issuer, the Issuer Security Trustee and the Transaction Agent (the “Master Definitions Agreement”) (as the same may be amended, varied or
supplemented from time to time and without regard to the governing law of the Master Definitions Agreement) and shall be governed by Italian law when used in this Agreement. 

 

	1.2	Common Terms 

 The Common
Terms shall be incorporated by reference into this Agreement (other than clause 25 (Counterparts), which shall not be incorporated hereto). If there is any conflict between the Common Terms as incorporated by reference into this Agreement and
the other provisions of this Agreement, the provisions of the incorporated Common Terms shall prevail to the fullest extent permitted by applicable law. 
 For the purpose of this Agreement the Common Terms shall be governed, read and construed in accordance with Italian law. 
  

	2.	PRINCIPLES OF INTERPRETATION 

  

	2.1	Construction of words 

The provisions of clause 2 (Principles of Interpretation and Construction) of the Master Definitions Agreement shall apply herein
as if set out in full herein and as if references therein to “this Agreement” were to this Agreement. 
  

	2.2	Inconsistencies with other Transaction Documents 

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

	2.3	Meaning of “to ensure” or “to procure” 

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

  
 - 3 -

	2.4	Meaning of “to arrange” 

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

	2.5	Construction of “Lessee” 

 In this Agreement, any reference to the “Lessee” shall be deemed to be a reference to Avis Budget Italia S.p.A. acting as lessee under the Italian Master Lease Agreement. 

 

	2.6	Italian Servicer not regarded as payer 

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

	2.7	Additional Rules 

 In this
Agreement: 
 “Wilful misconduct” means dolo and “gross negligence”, colpa
grave. 

  
 - 4 -

 SECTION B 
 APPOINTMENT AND DELEGATION 
  

	3.	APPOINTMENT OF ITALIAN SERVICER 

  

	3.1	Appointment 

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

	3.2	Conditions precedent 

 The
appointment of the Italian Servicer pursuant to Clause 3.1 (Appointment) is subject to the satisfaction of all the conditions precedent required to be satisfied by the Lessee pursuant to clause 5.2 (Conditions precedent to the lease)
of the Italian Master Lease Agreement and the receipt of the documents listed in Schedule 4 (Conditions Precedent Documents) of the Italian Master Lease Agreement, each in a form satisfactory to Italian FleetCo. 

 

	3.3	Italian Servicer’s agency limited 

 Nothing in this Agreement shall constitute Avis Budget Italia S.p.A. as a commercial agent (“agente di commercio”) to the benefit of Italian FleetCo. 

 

	3.4	Italian Servicer’s authority necessary to exercise of rights 

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

 

	3.5	Servicing Standard 

 The
Italian Servicer shall, at all times during the term of this Agreement, perform its obligations with all reasonable care, skill and diligence (“diligenza professionale”) and in the utmost good faith and in the same manner as it
would service assets to which it was beneficially entitled and with at least the same care and skill that would be expected of a professional servicer of similar assets, as in accordance with article 1176, second paragraph, of the Italian Civil Code
(the “Servicing Standard”). 
  

	3.6	No supervision 

 Italian
FleetCo (acting through its directors or otherwise) will have no right of, and will not exercise any, supervision or control over any Italian Servicer’s employees (or any Sub-contractor’s employees or any employees of any subcontractor
and/or partner of any Sub-contractor) while the same will perform the obligations of the Servicer (or of any Sub-contractor or any subcontractor and/or partner of any Sub-contractor) hereunder. 

  
 - 5 -

	3.7	Safety at Work 

  

	 	3.7.1	The Italian Servicer and/or any of its Sub-Contractors and/or any subcontractor and/or partner of any of its Sub-Contractors shall perform the Services at their own
respective premises, which are and will be outside of the business, business units or premises of Italian FleetCo and outside of the possession with legal title by Italian FleetCo (“luoghi sottratti alla giuridica
disponibilità”) such that only the risks relating to their activity and only the security measures adopted by them in compliance with any Labour and Social Security Laws will apply to the workers performing the Services.

  

	 	3.7.2	The Italian Servicer has made the risk evaluation and taken the security measures referred to in its safety at work evaluation and it represents and warrants that
(i) such document qualifies as a risk evaluation document (“documento di valutazione dei rischi”) pursuant to Article 28 of Legislative Decree No. 81/2008 and (ii) there are not work interferences
(“interferenze”), and thus no interference risks, between Italian FleetCo business and the Services and relating security measure, and therefore no security measures for eliminating or reducing interference risks have to be
implemented nor costs have to be allocated in this regard under Article 26 of Legislative Decree No. 81/2008 and/or (iii) the Services have intellectual nature and (iv) the Services do not imply risks arising from the presence of
carcinogenic, biological agents, explosive atmospheres, or particular risks described under Attachment XI of Legislative Decree No. 81/2008. 

  

	 	3.7.3	The above being understood, the Italian Servicer undertakes to implement the measures required under its safety at work evaluation, any prevention and protection
measures against risks at the work place affecting the Services, and any prevention and protection interventions against the risks to which the Italian Servicer’s employees may be exposed. 

 

	4.	OUTSOURCING 

  

	4.1	The Italian Servicer may not delegate all or part of the Services to any person as its Sub-contractor other than (i) under sub-contracts to the extent that such
sub-contracts are governed by foreign law, provided that the relevant services are performed outside the Italian territory by the employees of such entities forming part of the Avis Europe Group located outside the Italian territory, and that the
laws of the relevant jurisdiction(s) would not create a Labour Claim, and/or (ii) under subcontracts with entities which undertake vis-à-vis the Italian Servicer obligations identical or similar to those undertaken by the Italian
Servicer vis-à-vis Italian FleetCo under the Italian Servicing Agreement, and on the condition that: 

  

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

 

	 	4.1.2	no cost shall be borne by Italian FleetCo in connection with such delegation; 

 

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

  
 - 6 -

	 	4.1.4	the Italian Servicer shall immediately inform Italian FleetCo of any Service delegated to any Italian resident Sub-Contractor by providing Italian FleetCo with any
agreement regulating the delegation of such Services; 

  

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

  

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

  

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

  

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

 

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

  

	 	4.1.10	the Italian Servicer must disclose information to Italian FleetCo and the FleetCo Security Agent (with a copy to the Transaction Agent) regarding any subcontract in
relation to the performance of the Services, as soon as possible after this subcontract is signed with a new Sub-contractor; 

  

	 	4.1.11	the Italian Servicer must procure from any Sub-contractor an undertaking to provide the Italian Servicer on a quarterly basis with a declaration, to be disclosed to
Italian FleetCo and the FleetCo Security Agent (with a copy to the Transaction Agent) from their authorised officers or representatives certifying compliance with Labour Payments (should the Sub-contractor fail to do so, it will have a grace period
of 15 (fifteen) days to remedy such failure, following which the subcontract may be terminated with immediate effect or Italian FleetCo may obtain from the Italian Servicer the payment of EUR 3,000); and 

 

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

  
 - 7 -

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

  

	5.	GRANT OF POWERS OF ATTORNEY 

 Italian FleetCo shall from time to time upon receipt of request by the Italian Servicer, promptly give to the Italian Servicer any powers of attorney, substantially in the form set out in Schedule 8
(Form of Power of Attorney to the Italian Servicer), or other written authorisations or mandates and instruments as are reasonably necessary to enable the Italian Servicer to perform its obligations under this Agreement. Such powers of
attorney shall cease to have effect when the Italian Servicer ceases to act as servicer under this Agreement. 
  

	6.	LIABILITY AND FORCE MAJEURE (FORZA MAGGIORE) 

 

	6.1	Liabilities 

 The Italian
Servicer shall not be liable in respect of any Liabilities suffered or incurred by Italian FleetCo or the FleetCo Security Agent as a result of the performance of its obligations under this Agreement save where such Liability is suffered or incurred
as a result of any gross negligence, fraud or wilful default of the Italian Servicer or a Sub-contractor or any material breach by them of the provisions of this Agreement (including any breach under Clause 3.5 (Servicing Standard)).

  

	6.2	Italian Servicer not liable for obligations 

 Subject to Clause 6.1 (Liabilities) but notwithstanding any other provisions of this Agreement, if the Italian Servicer is rendered unable to carry out any of its obligations under this Agreement
as a result of: 
  

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

 

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

  

	 	6.2.3	the occurrence of a Force Majeure Event, 

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

	6.3	Italian Servicer to minimise loss 

 Notwithstanding that in the circumstances specified in Clause 6.2 (Italian Servicer not liable for obligations) it is relieved from liability for failure to perform its obligations under this
Agreement, the Italian Servicer shall take such reasonable steps as are available to it (if any) to meet such obligations while such circumstances subsist and 

  
 - 8 -

 
shall take such reasonable steps as are available to it in its sole discretion to procure that such event ceases to occur and/or that any loss resulting from any such event is minimised,
including the installation and use of back-up information technology systems. 
  

	6.4	Italian Servicer notice of failure to carry out obligations 

 If the Italian Servicer is prevented from carrying out any of its obligations under this Agreement as a result of any event referred to in Clause 6.2 (Italian Servicer not liable for obligations),
the Italian Servicer shall give notice to Italian FleetCo and the Transaction Agent and FleetCo Security Agent as soon as reasonably practicable after being so prevented detailing the particulars of such event and, as soon as reasonably practicable
thereafter, upon written request of Italian FleetCo, the Transaction Agent and the FleetCo Security Agent, a notice indicating the steps, if any, which the Italian Servicer proposes to take pursuant to Clause 6.3 (Italian Servicer to minimise
loss). 
  

	6.5	Vehicle Loss 

 If a loss,
damage, theft, destruction, attachment, seizure, confiscation or other Liability is suffered with respect to a Vehicle that is subject to the Services but not subject to a lease under the Italian Master Lease Agreement (“Vehicle
Loss”), however caused or occasioned, the Italian Servicer shall bear the risk of such Vehicle Loss and indemnify Italian FleetCo forthwith for Liabilities suffered in relation thereto, and may assert such claims or other appropriate
actions which it considers to have a reasonable prospect of success on behalf of Italian FleetCo or itself, after taking into account the desirability of pursuing such claim and the costs of such action, as may be required to recover such Vehicle
Loss from the party responsible for such Vehicle Loss. 
  

	6.6	Privacy law provisions 

  

	 	6.6.1	Italian FleetCo hereby appoints, pursuant to and for the purpose of article 29, paragraphs 1 and 3 of the Privacy Code, the Italian Servicer, and the Italian Servicer
accepts such appointment, as responsible (responsabile del trattamento) (the Italian Servicer in such capacity, a “Privacy Law Responsible Person”) for the treatment of the personal data from time to time transferred to the
Italian Servicer pursuant to this Agreement and the Italian Servicer agrees to follow the instructions given by Italian Fleetco in relation to such treatment as set out in Schedule 9 (Atto di nomina del responsabile del trattamento dei dati
personali). 

  

	 	6.6.2	The Privacy Law Responsible Person undertakes to comply with and fulfil, in the name and on behalf of Italian FleetCo, any requirement and formality set out under the
Privacy Code in connection with the Services provided hereunder. In particular, in the context of these obligations, the Privacy Law Responsible Person shall take all reasonable actions in order to: 

 

	 	(a)	duly comply at any time with the relevant provisions of the Privacy Code; 

  
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	 	(b)	keep the relevant data subjects, including the relevant Vehicle Manufacturers and Vehicle Dealers, informed of the treatment which will be made of their personal data
and of the possibility to communicate such data to categories of addressees which include Italian Fleetco, financial and leasing companies, banks and special purpose vehicles, according to the relevant provisions of the Privacy Code;

  

	 	(c)	notify, where necessary, such data subjects of the transfer (if any) of their personal data in accordance with article 13 of the Privacy Code; and

  

	 	(d)	promptly respond to any requests filed by any persons interested in the process in accordance with the provisions of article 7 et seq. of the Privacy Code concerning
the “rights of the interested party”. 

  

	 	6.6.3	The Italian Servicer undertakes to fully co-operate with Italian FleetCo in order to ensure that all the procedures and formalities from time to time necessary or
expedient in relation to the transfer of all the data and information in order to comply with any law on personal data protection and confidentiality including, but not limited to, the provisions of the Privacy Code. The Italian Servicer shall hold
harmless and indemnify Italian FleetCo for any expenses, costs (including legal costs and fees), indemnities, damages or penalties incurred by Italian FleetCo (save when such expenses, costs (including legal costs and fees), indemnities, damages or
penalties arise from the wilful misconduct (dolo) or gross negligence (colpa grave) of Italian FleetCo) as well as for any judicial or regulatory claims commenced or threatened in writing against Italian FleetCo for any breach (whether
presumed or grounded) of the rules of personal data protection and confidentiality. 

  

	6.7	Labour and tax matters 

  

	 	6.7.1	Statements, forms and bulletins 

 Before any payment for the Italian Servicer Fee (as defined in Clause 10 (Italian Servicer Fees) of this Agreement), the Italian Servicer must provide Italian FleetCo, the FleetCo Security Agent
and the Transaction Agent: 
  

	 	(a)	upon commencement of the Services and on a quarterly basis, with a summary specifying the names of the employees involved in the Services, their remuneration, insurance
and social security contributions with respect to the Italian Servicer and/or any of its Sub-Contractors and/or any subcontractor and/or partner of any of its Sub-Contractors (the “Relevant Servicers”) involved in the Services;

  

	 	(b)	on a quarterly basis, with a declaration stating the Relevant Servicers’ compliance with Labour Payments (should the Italian Servicer fail to do so, it will have a
grace period of 15 (fifteen) days to remedy such failure, following which this Agreement may be terminated with immediate effect or Italian FleetCo may obtain by the Italian Servicer the payment of EUR 10,000); 

  
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	 	(c)	on a quarterly basis, with a DURC (Documento Unico di Regolarità Contributiva) certificate issued by the competent social security authority with respect
to any Relevant Servicers’ involved in the Services; 

  

	 	(d)	on a monthly basis, with a copy of the output VAT register (registro IVA vendite) giving evidence of the correct and timely recording of any invoices issued for
the Services supplied by any Relevant Servicers’ involved in the applicable Services; 

  

	 	(e)	on a monthly basis, with a copy of the periodical VAT settlement (liquidazioni IVA periodiche) covering the period during which the Services are supplied
together with the related VAT payment forms (Modello F24) by any Relevant Servicers’ involved in the applicable Services; 

  

	 	(f)	on a monthly basis, with a copy of the payment forms (Modello F24) relating to the Italian withholding tax on income from employment under article 23 of
Presidential Decree N°. 600 of 29 September 1973 (“WHT”) in execution of the Services by any Relevant Servicers ; and 

  

	 	(g)	by 28 February of each year for which this Agreement is in force, with copy of the certificate (c.u.d. certificazione unica) attesting any WHT paid in
execution of the Services by any Relevant Servicers as withholding agent. 

 For the purposes of this Clause
6.7.1, any document or information shall be provided by the Italian Servicer by the last day of the month following the period to which the document refers. 
 The Parties agree that, as an alternative to the delivering of the documentation as provided for by this Clause 6.7.1, letters from (d) to (g), the payments of the related VAT and WHT made by the
Relevant Servicers involved in the applicable Services can be evidenced by means of a statement released from time to time, and delivered by the Italian Servicer to Italian FleetCo, by a person appointed by each Relevant Servicers involved in the
applicable Services among the persons referred to in Article 3, paragraph 3, letter (a), of Presidential Decree N°. 322 of 22 July 1998 or Article 35, paragraph 1, of Legislative Decree N°. 241 of 9 July 1997. The Italian Servicer
must provide Italian FleetCo with the relevant statement, with a copy to the FleetCo Security Agent and the Transaction Agent, before any payment for the Italian Service Fee (as defined in Clause 10 (Italian Servicer Fees) of this Agreement).

 This Clause 6.7.1 is executed in accordance with the law applicable as at the date of execution. The Parties undertake to
renegotiate in good faith the terms and conditions of this Clause 6.7.1 in the event the law applicable to this Clause 6.7.1 changes after execution. 

  
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	 	6.7.2	Inspections and documentary evidence of payment 

 Italian FleetCo shall be entitled to (or may for this purpose instruct any professional to), at any time, during usual business hours and upon 15 (fifteen) days prior written notice, inspect within the
offices of the Italian Servicer and make photocopies of all documentary evidence of the Italian Servicer’s fulfilment of the relevant payment obligations due by it in application of Labour and Social Security Laws (including, but not limited
to, payroll review and the corresponding bank transfers to the employees or the payrolls effectively delivered to the employees, labour related documentation if needed, updated lists of employees engaged in the performance of this Agreement, hiring
book (libro unico del lavoro), DM10 forms, F24 forms, CUD statement, insurance policies and pension schemes, including any supplementary pension schemes, and evidence of the relating payments), provided that no more than two
inspections referred to in this paragraph may be instigated by the Italian FleetCo during the same calendar year unless such inspection is instigated as a result of any existing failure or misrepresentation by the Italian Servicer under this
Agreement. 
  

	 	6.7.3	Non delivery 

 Upon
failure by the Italian Servicer to comply with or perform any of its delivery obligations set out in Clause 6.7.1 (Statements, forms and bulletins), letters from (a) to (c) above (to the extent, however, that the relevant document
has been provided to the Italian Servicer by the relevant competent authorities, unless the Italian Servicer has failed to duly request the relevant document to the competent authorities and subject to a 5 (five) Business Days cure period from the
receiving of that relevant document from the competent authorities) it will pay, on demand of and to the Italian FleetCo, a fixed amount of €100,000 (subject to (i) downward adjustment with the prior consent of the FleetCo Security Agent
or (ii) upwards adjustment upon request of rating agencies) by way of indemnity. 
  

	 	6.7.4	Inspection failure 

Without prejudice to the foregoing, should: 
  

	 	(a)	the Italian Servicer fail to provide the Italian FleetCo (or any professional instructed by it) with any document which may be reasonably required during any inspection
under Clause 6.7.2 (Inspections and documentary evidence of payment) above; and 

  

	 	(b)	the lack of such document result in a material liability risk according to Italian FleetCo (or any professional instructed by it), acting reasonably,

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

Such an amount shall be increased (by way of additional payment to Italian FleetCo) or decreased (by way of repayment to the Italian
Servicer of the relevant amounts paid by the Italian Servicer, including those paid pursuant to 

  
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Clause 6.7.3 (Non delivery) (if paid in relation to the same liability risk), subject to the terms of the Framework Agreement), as the case may be, on the date on which the Italian FleetCo
(or any professional instructed by it) is able to precisely determine any relevant Labour Payments and/or Labour Claim (or the absence of any such liability risk, should the Italian Servicer be able to clearly demonstrate that it has punctually made
all Labour Payments and/or that there is no Labour Claim in connection with the liability risk referred to above) to an amount equal to such Labour Payments and/or Labour Claims. 

 

	 	6.7.5	Non-covered risk 

 If it
turns out from any inspection or information request that: 
  

	 	(a)	the Italian Servicer has not punctually made any of the Labour Payments including payments due by it in application of labour or any social security laws and
regulations and applicable collective bargaining agreements and/or there are Claim(s) asserted; and 

  

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

 then the Italian Servicer shall pay to the Italian FleetCo, within ten (10) Business Days from receipt of
the inspection report or information requested, an amount equal to the amounts claimed or at stake (as such amount will be conclusively determined by the Italian FleetCo, after having discussed such calculation in good faith with the Italian
Servicer, on the basis of the detailed conclusions of the relevant inspection (a copy of which shall be provided to the Italian Servicer) or of the information it has received and taking into account all amounts (including any fixed amount) already
paid (if any) to cover such Labour Payment and/or Labour Claim(s)). 
 The Italian FleetCo shall repay such amount to the
Italian Servicer only (i) when, in relation to the event which gave rise to the payment of such amount, the Italian Servicer is able to clearly demonstrate that it has punctually made all Labour Payments and/or that there is no Labour Claim in
connection therewith, and (ii) subject to the terms of the Framework Agreement. 
  

	 	6.7.6	Suspension of payments 

Without prejudice to the foregoing, Italian FleetCo shall have the right to suspend any payments under Clause 10 (Italian Servicer
Fees) until Italian FleetCo has verified that the Italian Servicer has provided it with all the requested documentation. 

  
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 SECTION C 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  

	7.	REPRESENTATIONS AND WARRANTIES 

 The Italian Servicer makes (i) the representations and warranties it makes under clause 3.2 (Representations and Warranties of the Avis Obligors) of the Framework Agreement at the times set
out in the Framework Agreement and (ii) the representations and warranties of this Clause 7 to Italian FleetCo and the FleetCo Security Agent on the terms set out below, on the Effective Date, on each Lease Determination Date and on each Lease
Payment Date, with reference to the facts and circumstances then existing, that: 
  

	7.1	Solvency 

 no Insolvency
Event has occurred in respect of the Italian Servicer; 
  

	7.2	No Cross Default 

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

	7.3	Arm’s Length Transactions 

 this Agreement has been entered into by the Italian Servicer in good faith for the benefit of the Italian Servicer and on arm’s length commercial terms; 

 

	7.4	Insurances 

 neither the
Insurance Policies (as defined in the Italian Master Lease Agreement) nor any part thereof are subject to any Security; 
  

	7.5	No self-contained or functionally autonomous activity division 

 The internal organisation and management of the Italian Servicer is and will continue to be such that: 
  

	 	7.5.1	its employees dealing with any Service hereunder are also in charge of other tasks in the course of its own car rental activity and are not managed by a separate
management; 

  

	 	7.5.2	no Service is carried out in separate premises and/or benefits from an autonomous accounting and budget; 

  
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	 	7.5.3	it uses its tangible assets and/or intangible assets for its own activities in Italy and not only for the sole performance of its obligations under this Agreement; and

  

	 	7.5.4	its performance of the Services are ancillary to (and therefore not distinct from) its own car rental activity. 

 

	8.	COVENANTS 

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

	8.1	Compliance with Relevant Transaction Documents 

 it will at all times comply with and perform all its obligations under the Relevant Transaction Documents (to which it is a party) and use all reasonable efforts to procure that Italian FleetCo complies
with and performs all its obligations under the Relevant Transaction Documents; 
  

	8.2	Notification 

 it shall
promptly, upon becoming aware of any: 
  

	 	8.2.1	breach of any of the representations and warranties in Clause 7 (Representations and Warranties); 

 

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

 

	 	8.2.3	FleetCo Event of Default; 

  

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

  

	 	8.2.5	Potential Servicer Termination Event; and 

  

	 	8.2.6	Servicer Termination Event, 

notify Italian FleetCo and the FleetCo Security Agent (with a copy to the Transaction Agent) of the occurrence of any such event and (in
connection with an event under sub-clauses 8.2.1, 8.2.2 and 8.2.5) the action the Italian Servicer proposes to take with respect thereto and, to the extent that Italian FleetCo has an obligation to deliver notices required by a Relevant Transaction
Document in relation to such event, deliver such notices on behalf of Italian FleetCo in accordance with the terms of such Relevant Transaction Document to which the Italian Servicer is a party, and do all other things and make all such arrangements
as are permitted and necessary pursuant to such Relevant Transaction Document in relation to such event and it shall send a copy of all such notifications and/or communications to the FleetCo Security Agent, Italian FleetCo and the Transaction
Agent; 

  
 - 15 -

	8.3	Delivery of Certificate 

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

	8.4	No Assignment 

 without
prejudice to Clause 4 (Outsourcing), the Italian Servicer shall not assign its rights or novate any of its obligations under this Agreement other than pursuant to or as contemplated in any Relevant Transaction Document; 

 

	8.5	Instructions 

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

	8.6	Repossession or disposal of Vehicles 

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

	8.7	Charge Costs 

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

	9.	ITALIAN FLEETCO COVENANT 

Italian FleetCo covenants that, following the retention of the Target Corporate Profit Amount and the payment of any necessary Taxes
therefrom, it will declare and pay a dividend to its shareholders in an amount equal to the Monthly Target Corporate Profit Amount less such Taxes. 

  
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 SECTION D 
 FEES, COSTS AND EXPENSES 
  

	10.	ITALIAN SERVICER FEES 

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

 

	11.	COSTS AND EXPENSES 

  

	11.1	Italian FleetCo to reimburse Italian Servicer for Liabilities 

 Italian FleetCo will reimburse the Italian Servicer on each Lease Payment Date, in accordance with the FleetCo Priority of Payments, in respect of all Liabilities incurred by the Italian Servicer in such
capacity or on behalf of Italian FleetCo pursuant to this Agreement in respect of the Related Month, provided that, for the purposes of this Clause 11.1, “Liabilities” shall not include payments made (or to be made hereunder)
by the Italian Servicer by way of indemnity or otherwise hereunder to Italian FleetCo, including payments in connection with Vehicle Loss pursuant to Clause 6.5 (Vehicle Loss) or the disposal of the Non-Eligible Vehicle pursuant to Schedule
1, Part A, paragraph 2.2 or any Liabilities incurred by the Italian Servicer other than in accordance with this Agreement or which the Italian Servicer has incurred as a result of a breach of, or failure to perform under, this Agreement. 

 

	11.2	Unreimbursed costs and expenses to bear interest 

  

	 	11.2.1	If Italian FleetCo fails to pay any amount payable by it under this Agreement on its due date, without prejudice to any other remedies of the Italian Servicer, default
interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate equal to, 1.00% per annum during the period of non-payment. 

 

	 	11.2.2	Any interest accruing under sub-clause 11.2.1 shall be payable by Italian FleetCo to the Italian Servicer, in accordance with and on the dates specified in the FleetCo
Priority of Payments. 

  

	12.	PAYMENT MECHANICS 

  

	12.1	Business Days 

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

  
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	12.2	Currency of account 

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

	12.3	Set-off 

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

	12.4	After-tax basis 

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

  
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 SECTION E 
 TERMINATION OF SERVICER’S APPOINTMENT 
  

	13.	SERVICER TERMINATION EVENTS 

  

	13.1	Termination by notification 

 At any time: 
  

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

 

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

 

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

  

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

  

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

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

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

  

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

  
 - 19 -

 provided that, notwithstanding any of the above, (i) if the Italian Servicer has
breached any of its Servicing Obligations (as that term is defined in the Parent Guarantee), no Servicer Termination Event shall be deemed to occur if and to the extent that the Parent has performed its obligations under the Parent Guarantee, and
(ii) if the Italian Servicer has breached any payment obligation, no Servicer Termination Event shall be deemed to occur if and to the extent that Finco has performed its obligations under the Finco Payment Guarantee, and in each case the
appointment of the Italian Servicer shall continue in full force and effect. 
  

	13.2	Resignation 

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

 

	13.3	Termination on Final Maturity Date 

 Unless previously terminated in accordance with Clause 13.1 (Termination by notification) or Clause 13.2 (Resignation), the appointment of the Italian Servicer under this Agreement shall
terminate on the earlier of the Final Maturity Date and the date on which all FleetCo Advances are repaid in full and the FleetCo Italian Facility Agreement is terminated. 

 

	14.	OBLIGATIONS OF ITALIAN SERVICER AFTER TERMINATION 

  

	14.1	Italian Servicer to deliver records 

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

	14.2	Italian Servicer to cooperate with FleetCo before termination 

 If a notice of termination or resignation of the appointment of the Italian Servicer under the provisions of Clause 13 (Servicer Termination Events) is validly given, the Italian Servicer shall,
both prior to and after such termination or resignation becomes effective, co-operate with Italian FleetCo and the FleetCo Security Agent to ensure that any replacement Italian Servicer has all the documents and information it requires in order to
fully perform the Services and the Italian Servicer agrees to co-operate with Italian FleetCo, the FleetCo Security Agent and any replacement Italian Servicer to effect such replacement and, on or prior to the termination of this Agreement, to

  
 - 20 -

 
facilitate the obtaining of new FleetCo Accounts Mandates for the Italian Transaction Account as soon as reasonably practical to enable Italian FleetCo, the FleetCo Security Agent and any
replacement Italian Servicer to operate such Italian Transaction Account. 
  

	14.3	Obligations of Italian Servicer from Servicer Termination Date 

 From the Servicer Termination Date: 
  

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

 

	 	14.3.2	the Italian Servicer shall no longer hold itself out in any way as the agent of Italian FleetCo; 

 

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

  

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

 

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

  

	 	(c)	any of the Italian Servicer’s obligations under this Clause 14. 

  

	14.4	Fees and other amounts owed to Italian Servicer 

 Subject always to Clause 27 (Non-Petition and Limited Recourse) of the Framework Agreement, the Italian Servicer shall be entitled to receive all fees and other monies accrued and owing to it under
this Agreement (whether or not due and payable) pro-rated up to the Servicer Termination Date but shall not be entitled to any compensation which accrues after the Servicer Termination Date. Without prejudice to Italian FleetCo’s rights under
Clause 12.3 (Set-Off), any monies so receivable by the Italian Servicer shall be paid by Italian FleetCo at the times on which they would otherwise have fallen due under this Agreement. 

 

	14.5	Appointment of a new Italian Servicer 

 Following the termination of the appointment of the Italian Servicer, no other person may be appointed to act as a replacement Italian Servicer under the terms of this Agreement or any other agreement
unless the replacement Italian Servicer is resident for tax purposes only in Italy. 

  
 - 21 -

 SECTION F 
 MISCELLANEOUS 
  

	15.	ENTIRE AGREEMENT 

  

	15.1	Entire Agreement 

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

	15.2	No Waiver 

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

	15.3	No reliance 

 Each party
hereto agrees that: 
  

	 	15.3.1	it has not entered into this Agreement in reliance upon any representation, warranty or undertaking of any other party which is not expressly set out or referred to in
Clause 7 (Representations and Warranties), the Italian Master Lease Agreement or any other Relevant Transaction Document; 

  

	 	15.3.2	except in respect of an express representation or warranty under Clause 7 (Representations and Warranties), the Italian Master Lease Agreement or any other
Relevant Transaction Document, it shall not have any claim or remedy (whether in equity, contract or tort, (responsabilità contrattuale o extrcontrattuale)) in respect of any misrepresentation or breach of warranty by any other party
or in respect of any untrue statement by any other party, regardless of whether such misrepresentation, breach or untrue statement was made, occurred or was given prior to the execution of this Agreement. 

 

	16.	FURTHER ASSURANCE 

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

  
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	17.	FLEETCO SECURITY AGENT PARTY TO AGREEMENT 

  

	17.1	Better preservation and enforcement of rights 

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

 

	17.2	FleetCo Security Agent has no responsibility 

  

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

 

	 	17.2.2	The FleetCo Security Agent (also acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement) shall not have any responsibility for any
of the obligations of the other Parties and the other Parties acknowledge that the FleetCo Security Agent (also acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement) has no such responsibility and that the
FleetCo Security Agent (also acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement) is entitled to the protections contained in and on the terms set out in this Agreement and the Framework Agreement. The FleetCo
Security Agent (also acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement) hereby declares that each of the FleetCo Security Agent and the FleetCo Secured Creditors accepts, for the purposes of article 1411 et
seq. of the Italian Civil Code, the rights and benefits in its favour set out in this Agreement. The Parties acknowledge that, by declaring that it accepts the above-mentioned rights and benefits under this Agreement, the FleetCo Security Agent
shall have no liabilities to, and will not assume or have any obligations of, any other party to this Agreement. 

  

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

 

	18.	CHANGE OF FLEETCO SECURITY AGENT 

 If there is an appointment of a replacement FleetCo Security Agent in accordance with the terms of the relevant FleetCo Deed of Charge, each of the Parties shall execute such documents and take such
action as the successor FleetCo Security Agent 

  
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and the outgoing FleetCo Security Agent may reasonably require for the purposes of vesting in the replacement FleetCo Security Agent (also acting for itself and on behalf of the Issuer under the
FleetCo Italian Facility Agreement) the benefit of this Agreement and the rights, powers and obligations of the FleetCo Security Agent (also acting for itself and on behalf of the Issuer under the FleetCo Italian Facility Agreement) under this
Agreement, and releasing the outgoing FleetCo Security Agent from its future obligations, if any, under this Agreement. 
  

	19.	SERVICES NON-EXCLUSIVE 

  

	19.1	Non-Exclusivity 

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

	19.2	Existing Businesses 

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

	20.	NO PARTNERSHIP 

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

	21.	CONTINUATION OF OBLIGATIONS 

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

 

	22.	ASSIGNMENT AND SUBCONTRACTING 

  

	22.1	Successors 

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

	22.2	Assignment 

 No Party may
assign or transfer or purport to assign or transfer a right or obligation under this Agreement; except (a) where any Relevant Transaction Document provides 

  
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otherwise, (b) with the prior written consent of the FleetCo Security Agent or (c) in connection with the grant of the Security by Italian FleetCo in any FleetCo Security Document.

  

	22.3	Benefit 

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

 

	22.4	Delegation 

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

	23.	NON-PETITION AND LIMITED RECOURSE 

 In accordance with Clause 1.2 (Common Terms) the Parties agree that the provisions of Clause 27.1.2 (Non-petition against the FleetCos) and Clause 27.7.2 (Limited recourse against the
FleetCos) are applicable to this Agreement, as if they were fully incorporated hereunder. 
  

	24.	OBLIGATIONS AS CORPORATE OBLIGATIONS 

  

	24.1	No recourse against shareholders and others 

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

 

	24.2	No liability for Obligations of Italian FleetCo 

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

 

	25.	TIME OF THE ESSENCE 

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

  
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	26.	VALUE ADDED TAX AND STAMP TAXES 

  

	26.1	Sums payable exclusive of VAT 

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

 

	26.2	Payment of amounts in respect of VAT 

 Where, pursuant to the terms of this Agreement, any party (the “Supplier”) makes a supply to any other party (the “Recipient”) hereto for VAT purposes and VAT is or
becomes chargeable on such supply (being VAT for which the Supplier is required to account to the relevant Tax Authority) the Recipient shall, following receipt from the Supplier of a valid VAT invoice in respect of such supply, pay to the Supplier
(in addition to any other consideration for such supply) a sum equal to the amount of such VAT. 
  

	26.3	Costs and expenses 

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

	26.4	Stamp Taxes 

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

	27.	INSUFFICIENT RECOVERIES 

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

  
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	28.	EXERCISE OF ITALIAN REPAYMENT OPTION 

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

	29.	AMENDMENT 

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

	30.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising from it shall be governed and construed in accordance with Italian law. 
  

	31.	JURISDICTION 

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

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

	32.	GOVERNING LANGUAGE 

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

	33.	EXECUTION 

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

  
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 SCHEDULE 1 
 SERVICES 
 PART A 

FLEET MANAGEMENT 
  

	1.	ITALIAN MANDATE AGREEMENT 

The activities relating to the management of the Italian Vehicle Fleet are set out in the Italian Mandate Agreement and such Services are
incorporated into this Agreement as if set out herein mutatis mutandis. 
  

	2.	ANY OTHER SERVICES 

 The
Italian Servicer shall carry out any other services necessary for the proper implementation of the Italian Master Lease Agreement and this Agreement, and any other Transaction Document on behalf of Italian FleetCo that are not otherwise set out in
this Schedule or the Italian Mandate Agreement, including, without limitation, conducting any calculations and the submission of any notices. 
 PART B 
 ADMINISTRATIVE MANAGEMENT SERVICES 

 

	1.	INSURANCE 

  

	1.1	The Italian Servicer shall monitor compliance by the Lessee of its obligations under clause 22.5 (Insurance) of the Italian Master Lease Agreement. If the
Insurance Policies are not maintained by the Lessee, the Italian Servicer shall, if required to do so by Italian FleetCo, make arrangements in respect of the relevant Insurance Policy, as contemplated by clause 22.5.1 of the Italian Master Lease
Agreement. 

  

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

 

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

  

	2.	FINANCIAL ACCOUNTS 

  

	2.1	Basis of Accounts 

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

 

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

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

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

	3.	TAX 

  

	3.1	Italian Servicer to prepare tax returns 

  

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

 

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

  

	 	3.1.3	The Italian Servicer shall arrange for the payment of all corporate income tax and regional productive activities tax out of the Monthly Target Corporate Profit Amount
standing to the credit of the Italian Transaction Account. 

  

	3.2	Italian FleetCo to furnish information 

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

 

	3.3	Italian FleetCo to provide copy of receipt from Tax Authorities 

 Italian Servicer shall (i) provide to Italian FleetCo and the FleetCo Security Agent (with a copy to the Transaction Agent) a copy of any receipt from the Tax Authorities confirming that Italian
Servicer has made any payments on account of Tax to the Tax Authorities on behalf of Italian FleetCo, and (ii) provide a certification to Italian FleetCo and the FleetCo Security Agent (with a copy to the Transaction Agent) that the Tax
liabilities of Italian FleetCo have been paid in full. 
  

	4.	VAT MANAGEMENT 

  

	4.1	The Italian Servicer shall, where necessary, provide Italian FleetCo with such administrative assistance as is necessary for Italian FleetCo to (i) comply with
relevant VAT legislation (including, without limitation, assistance in relation to the preparation and filing of VAT returns, VAT refunds and the issue of VAT invoices and credit notes for VAT purposes) and (ii) assist in reviewing its election
in to the Italian VAT Consolidation Tax Regime. 

  

	4.2	The Italian Servicer shall assist the Italian FleetCo in establishing the amounts payable to the Italian VAT Lender pursuant to clause 8.1.4 of the Italian VAT Loan
Agreement. 

  
 - 29 -

	5.	PROVISION OF CORPORATE SECRETARIAL SERVICES 

 The Italian Servicer shall perform, or procure the performance in respect of Italian FleetCo of, those duties usually performed by a corporate secretary and, without prejudice to the generality of the
foregoing, the Italian Servicer shall in accordance with the instructions of Italian FleetCo: 
  

	5.1	prepare and despatch or procure the preparation and dispatching of all circulars or notices of general meetings and board meetings of the directors, proxies and other
documents to all persons entitled to receive the same as Italian FleetCo may require, prepare and keep minutes of such meetings and keep and maintain the register of shareholders; 

 

	5.2	deal with all enquiries from any person requiring information concerning Italian FleetCo and deal with and reply to all correspondence and other communications
addressed to Italian FleetCo as Italian FleetCo may reasonably request (in which case Italian FleetCo shall pass on all relevant correspondence promptly); 

  

	5.3	keep and maintain or procure that there are kept and maintained the accounts of Italian FleetCo and such other books and records (computerised or otherwise) as may be
deemed necessary by the directors of Italian FleetCo or required by applicable law; 

  

	5.4	hold Italian FleetCo’s corporate seal (if any) or procure that it be held in safe custody and arrange for the affixing of the same to any documents that Italian
FleetCo requires to be sealed; and 

  

	5.5	to the extent legally permissible, provide assistance and support in any judicial and non-judicial proceedings and disputes or in the settlement of any issue or
dispute, either of legal, administrative, financial, fiscal, accounting or any other nature involving Italian FleetCo. 

  

	6.	MAINTENANCE OF LICENCES AND CONSENTS 

  

	6.1	Italian Servicer to prepare and submit applications 

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

	6.2	Italian Servicer to notify litigation 

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

  
 - 30 -

	7.	ARRANGING PAYMENTS AND PERFORMANCE 

  

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

  

	7.2	The Italian Servicer will assist Italian FleetCo, as far as is necessary, in declaring and paying the dividends which Italian FleetCo agrees to pay under Clause 9
(Italian FleetCo covenant) of this Agreement. 

  
 - 31 -

 PART C 
 CASH MANAGEMENT, RECORDS AND INFORMATION REPORTING 
  

	1.	ESTABLISHMENT OF ACCOUNTS 

  

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

 

	1.2	The Italian Servicer shall ensure that the mandates relating to each Italian Bank Accounts opened on or before the Signing Date have been delivered to and accepted by
the Italian FleetCo Account Bank. 

  

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

 

	2.	OPERATION OF LEDGERS 

  

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

  

	 	2.1.1	Rent and other amounts paid to Italian FleetCo under the Italian Master Lease Agreement (including as distinct line items, pre paid Rent in accordance with clause 17.1
(Prepayments) of the Italian Master Lease Agreement, Casualty Payments received from Lessee in accordance with clause 13.1 (Notification by Lessee and Casualty Payment) of the Italian Master Lease Agreement, Redesignation Amounts
received from Lessee in accordance with clause 25 (Redesignation Events) of the Italian Master Lease Agreement, Early Termination Payments received from Lessee and Programme Vehicle Special Default Payments received from Lessee in accordance
with clause 14.2 of the Italian Master Lease Agreement), in each case during the period starting on (and including) the previous Lease Determination Date and ending on (but excluding) the immediately following Lease Determination Date;

  

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

  

	 	2.1.3	interest (if any) received on any balance standing from time to time to the credit of any Italian Bank Accounts credited during the preceding calendar month;

  

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

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

  

	 	2.1.6	excess output VAT transferred to Italian Opco under clause 6(b) of the VAT Sharing Agreement; 

 

	 	2.1.7	value received for excess input VAT transferred to Italian Opco under clause 6(a) of the VAT Sharing Agreement; 

 

	 	2.1.8	the principal amount of all FleetCo Advances made under the FleetCo Italian Facility Agreement; 

 

	 	2.1.9	the principal amount of all VAT Loan Advances made under the VAT Loan Agreement; 

 

	 	2.1.10	monies standing to the credit of any Italian Bank Accounts which constitute Excluded Payments; 

 

	 	2.1.11	the Monthly Target Corporate Profit Amount; 

  

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

 

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

  

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

  

	2.2	The Italian Servicer shall ensure that all Ledgers are updated on a regular basis. 

Charge Costs ledger 
  

	2.3	The Italian Servicer shall maintain a separate ledger for Charge Costs in the Italian Transaction Account. 

 

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

 

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

  

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

  
 - 33 -

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

 Italian Reserve Account 

 

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

  

	3.	CHANGE OF ITALIAN FLEETCO ACCOUNT BANK 

  

	3.1	Change of Italian FleetCo Account Bank 

  

	 	3.1.1	If, in accordance with the terms of Italian Account Bank Agreement, (a) the Italian Servicer or Italian FleetCo wishes to terminate the appointment of the Italian
FleetCo Account Bank, or (b) an Italian FleetCo Account Bank at which the Italian Bank Accounts are held tenders its resignation in accordance with the terms of clause 12.3 (Resignation of Italian FleetCo Account Bank) of the Italian
Account Bank Agreement, the Italian Servicer shall ensure that: 

  

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

  

	 	(2)	Italian FleetCo appoints a successor to the relevant Italian FleetCo Account Bank in accordance with clause 12.4 (Successor Italian FleetCo Account Bank) of the
Italian Account Bank Agreement; and 

  

	 	(3)	Italian FleetCo transfers the Italian Bank Accounts to a successor Italian FleetCo Account Bank. 

 

	3.2	Italian Servicer action on transfer of Italian Bank Accounts 

 Simultaneously with the transfer of the Italian Bank Accounts to a new Italian FleetCo Account Bank: 
  

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

 

	 	3.2.2	the provisions of this Agreement relating to the Italian Bank Accounts shall continue to apply to the new Italian Bank Accounts. 

  
 - 34 -

	4.	OPERATION OF ITALIAN BANK ACCOUNTS 

  

	4.1	FleetCo funds 

 Any
collections of Italian FleetCo deriving from: 
  

	 	(i)	the business financed through the FleetCo Italian Facility Agreement, shall be paid directly into the Italian Dedicated Financing Account in the manner set out,
inter alia, in the Italian Account Bank Agreement and this Agreement; and 

  

	 	(ii)	the proceeds of the Italian FleetCo’s leasing activity and any other assets, proceeds or incomes other than those deriving from the business financed through the
FleetCo Italian Facility Agreement, into the Italian Transaction Account, in accordance with the provisions of, inter alia, the Framework Agreement and the Italian Account Bank Agreement. 

Upon the Italian Servicer becoming aware that any of such amounts is inadvertently deposited into any other Italian Servicer’s bank
accounts, such amount shall be transferred by the Italian Servicer to, as the case may be, the Italian Dedicated Financing Account, with respect to the proceeds set out in sub-paragraph (i) above, and the Italian Transaction Account, with
respect to the proceeds set out in sub-paragraph (ii) above, within 2 (two) Business Days. 
  

	4.2	FleetCo Payment Date Payments 

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

	4.3	Provisioned Payments 

  

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

  

	 	4.3.2	towards payment of any amounts that are due and payable to the relevant Transaction Party and as set out as amounts due and payable by Italian FleetCo in accordance
with the relevant FleetCo Priority of Payments (other than amounts listed in (2), (3) and (4) below, otherwise than on the next FleetCo Payment Date, in accordance with the provisions of the Relevant Transaction Documents;

  

	 	4.3.3	towards payment of any accrued and unpaid Taxes (and VAT if any) imposed upon Italian FleetCo by any applicable Tax Authority; 

 

	 	4.3.4	towards payment of the purchase price in relation to the purchase of Vehicles by Italian FleetCo pursuant to any Vehicle Manufacturer Buy-Back Agreement or Vehicle
Dealer Buy-Back Agreement; 

  
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	 	4.3.5	towards payment of any VAT obligations of Italian FleetCo under the Italian VAT Sharing Agreement; 

 

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

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

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

  

	4.4	Reconciliations 

 On the
last Business Day of each month, the Italian Servicer shall carry out a reconciliation of the balances of (i) the Italian Dedicated Financing Account, with respect to those collections and cash-flows relating to the business financed through
the FleetCo Italian Facility Agreement and (ii) the Italian Transaction Account and/or any further Additional Account(s), with respect to the proceeds of the Italian FleetCo’s leasing activity and any other assets, proceeds or incomes
other than those deriving from the business financed through the FleetCo Italian Facility Agreement, against its records of the directions given by it to the Italian FleetCo Account Bank pursuant to this Agreement, and shall promptly contact the
Italian FleetCo Account Bank in order to resolve any discrepancy which it identified. 
  

	5.	CALCULATIONS AND REPORTS 

  

	5.1	Calculations 

  

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

 

	 	(a)	any fees and amounts in respect of Italian FleetCo’s participation in the transaction described by the Transaction Documents (including all amounts due under the
Framework Agreement and other Relevant Transaction Documents); 

  

	 	(b)	ensuring that the FleetCo Advances made to Italian FleetCo do not exceed the Country Asset Value Test; and 

  
 - 36 -

	 	(c)	the amount proposed to be drawn by Italian FleetCo pursuant to the FleetCo Italian Facility Agreement, the FleetCo Advance Drawdown Date, the FleetCo Advance Repayment
Date and the FleetCo Proposed Repayment Schedule for each FleetCo Advance. 

  

	 	5.1.2	The Italian Servicer shall calculate the FleetCo Available Funds in respect of Italian FleetCo on each Reporting Date. 

 

	 	5.1.3	The Italian Servicer shall notify the Transaction Agent, the FleetCo Security Agent, the Issuer Security Trustee, the Issuer Cash Manager and the Central Servicer in
writing by 10am (GMT) on each Lease Payment Date in the event of a shortfall in the FleetCo Available Funds of the Italian FleetCo. 

  

	 	5.1.4	The Italian Servicer shall notify the Central Servicer of any prepayment or repayment of any FleetCo Advance. 

 

	5.2	Reports 

  

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

  

	 	5.2.2	The Italian Servicer shall provide Italian FleetCo, the FleetCo Security Agent, the Transaction Agent, the Liquidation Agent, the Issuer and the Issuer Cash Manager
with the Fleet Report and the FleetCo Cash Management and Lease Report prior to 11am (CET) on each Reporting Date. 

  

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

  

	5.3	Compliance Certificate 

The Italian Servicer shall provide any information necessary to Italian FleetCo or the Central Servicer to assist the preparation of the
Italian FleetCo Compliance Certificate on each Reporting Date or Intra-Month Reporting Date, as applicable. 
  

	6.	CONCENTRATION LIMITS 

  

	6.1	The Italian Servicer shall ensure that Italian FleetCo shall: 

  

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

 

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

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

  

	7.	RECORDS 

  

	7.1	Maintenance of Vehicle Documents 

 The Italian Servicer shall: 
  

	 	7.1.1	keep or procure that the Vehicle Documents are kept in safe custody either on its premises or with third parties who provide the service of keeping custody of such
Vehicle Documents, provided that, in the latter case, the Italian Servicer shall direct that any such third parties allow Italian FleetCo, the FleetCo Security Agent and the relevant Vehicle Manufacturers, Vehicle Dealers or their agents
access to the Vehicle Documents in accordance with Paragraph 2.3.13 of the Italian Mandate Agreement; 

  

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

  

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

  

	7.2	Access to records 

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

  

	7.3	Records of payments and correspondence 

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

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

  

	 	7.3.2	of all correspondence with Vehicle Manufacturers and Vehicle Dealers; 

  
 - 38 -

	 	7.3.3	of the amounts which are recorded as a credit entry or as a debit entry in the Ledgers and the Italian Bank Accounts; and 

 

	 	7.3.4	of the purpose for which any amounts are recorded as a credit entry or as a debit entry in the Ledgers and the Italian Bank Accounts, 

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

	8.	EXCLUDED PAYMENTS 

  

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

 

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

  

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

  

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

  

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

 

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

 

	9.	FLEETCO ADVANCE DRAWDOWN NOTICES 

  

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

 

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

  
 - 39 -

	 	9.1.3	Following receipt of confirmation of compliance with the Country Asset Value Test and the Issuer Borrowing Base Test from the Transaction Agent on the Information Date
pursuant to clause 14A.1.1.2 of the Framework Agreement, the Italian Servicer shall sign each FleetCo Advance Drawdown Notice (which shall include any necessary amendments) and deliver such FleetCo Advance Drawdown Notice to the Central Servicer
(acting as agent of the Issuer) on the Information Date or Intra-Month Information date, as applicable. 

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

 

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

 Recitals to the Pro-forma Supplemental Agreement 
 “WHEREAS: 

 

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

 

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

  

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

 

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

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

	1.	DEFINITIONS 

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

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

“Finance Transaction” has the meaning ascribed to such term in Clause 11.2 (Permitted Disclosure);

 “Group” means Opco and its Affiliates; 

“Holding Company” means, in relation to a company or corporation, any other company or corporation in
respect of which it is a Subsidiary; 
 “Repurchase Obligations” means the obligations of
the Supplier to re-purchase, at the applicable Repurchase Price, those Vehicles previously purchased by FleetCo from the Supplier pursuant to this Agreement; 

  
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 “Repurchase Price” means, in relation to any Vehicle, the
purchase price payable by the Supplier to FleetCo for the re-purchase by the Supplier of such Vehicle, in each case, as calculated pursuant to and in accordance with the Sale and Repurchase Terms; 

“Required Repurchase Condition Standards” means any applicable provisions or eligibility criteria set
out in the Contract requiring Vehicles to meet specified condition standards or eligibility criteria in relation to the Repurchase Obligations; 
 “Required Repurchase Procedures” means any applicable procedures or requirements, including any minimum or maximum holding periods, set out in the Contract and required
to be followed by FleetCo (or its agents, if any) in relation to the Repurchase Obligations; 
 “Sale and
Repurchase Terms” means the general terms and conditions for sale and repurchase of vehicles set out in Schedule 1 (Sale and Repurchase Terms); 
 “Subsidiary” means any company or corporation (a) which is controlled, directly or indirectly, by (and would be treated as a subsidiary in the latest financial
statements of) the first-mentioned company or corporation; or (b) of which more than half the issued share capital of which is beneficially owned, directly or indirectly, by the first-mentioned company or corporation; or (c) which is a
Subsidiary of another Subsidiary of the first-mentioned company or corporation, and, for these purposes, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs
and/or to control the composition of its board of directors or equivalent body; 
 “Turnback
Damages” means damages payable by FleetCo or deductions to the Repurchase Price applicable by the Supplier as a result of failure by FleetCo to comply with the Required Repurchase Condition Standards; and 

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

	2.	Separate Notices 

 Clause 16 of the
Pro-forma Supplemental Agreement 
  

	16.	“NOTICE 

  

	16.1	Communications in writing 

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

	 	16.1.1	shall be in writing; 

  

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

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

  

	16.2	Time of receipt 

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

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

 

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

 

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

  

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

 

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

  

	16.3	Business day 

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

	16.4	Notice details 

In the case of the Supplier: 
 Address: 
 Tel: 

Fax: 

Email: 

Attention: 

  
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 In the case of Opco: 

Address: 

Tel: 

Fax: 

Email: 

Attention: 

In the case of FleetCo: 
 Address: 
 Tel: 

Fax: 

Email: 

Attention:” 
  

	3.	Vehicle Purchasing 

 Clause 3 of the
Pro-forma Supplemental Agreement 
  

	3.	“VEHICLE PURCHASING 

  

	3.1	Purchases by Opco 

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

  

	3.2	FleetCo Commencement Date 

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

  
 - 44 -

	3.3	No Liability of FleetCo for Opco obligations 

 [Imperative] 
  

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

  

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

  

	3.4	No Liability of FleetCo for Opco failure 

 [Imperative] 
  

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

  

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

  

	3.5	Several obligation 

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

	3.6	No waiver 

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

  
 - 45 -

	4.	Volume Targets and Rebates (non-imperative) 

 Clause 4 of the Pro-forma Supplemental Agreement 
  

	4.	“VOLUME TARGETS AND REBATES 

 [Non-imperative] 
  

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

 

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

  

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

 

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

  

	5.	Purchase Orders and Transfer of title 

Clause 5 of the Pro-forma Supplemental Agreement 
  

	5.	“PURCHASE ORDERS AND TRANSFER OF TITLE 

 [Imperative] 
  

	5.1	The Supplier hereby agrees to: 

  

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

  

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

  
 - 46 -

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

 

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

  

	6.	Repurchase Obligations unconditional 

Clause 7 of the Pro-forma Supplemental Agreement 
  

	7.	“REPURCHASE OBLIGATIONS UNCONDITIONAL 

 [Non-imperative] 
  

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

 

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

  
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	7.	Termination 

 Clause 8 of the
Pro-forma Supplemental Agreement 
  

	8.	“TERMINATION 

  

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

  

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

  

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

  

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

  

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

  

	8.	Set off rights 

 Clause 9 of
the Pro-forma Supplemental Agreement 
  

	9.	“SET OFF 

[OPTION 1] 
  

	9.1	The Supplier may off set any amount owed by FleetCo in respect of Turnback Damages against any amount of the Repurchase Price owed by it to FleetCo. Other than the
preceding sentence, the Supplier undertakes not to set off any amount of unpaid purchase price owed to the Supplier by FleetCo in relation to Vehicles ordered by FleetCo (and whether delivered or not) against amounts (including amounts of Repurchase
Price) owed by the Supplier to FleetCo. 

  

	9.2	Notwithstanding the above, the Supplier undertakes not to set off any amount owed by Opco to the Supplier under the Contract, or otherwise, against any amounts owed
by the Supplier to FleetCo pursuant to the Contract. 

 [OPTION 2 ] 

  
 - 48 -

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

 

	9.2	Notwithstanding the above, the Supplier undertakes not to set off any amount owed by Opco to the Supplier under the Contract, or otherwise, against any amounts owed
by the Supplier to FleetCo pursuant to the Contract. [Imperative] 

  

	9.	Title 

 Clause 10 of the Pro-forma
Supplemental Agreement 
  

	10.	“TITLE 

[Non-imperative] 
  

	10.1	Transfer to FleetCo 

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

	10.2	Transfer to Supplier 

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

 

	10.	Confidentiality 

 Clause 11 of the
Pro-forma Supplemental Agreement 
  

	11.	“CONFIDENTIALITY 

 [Imperative] 

  
 - 49 -

	11.1	General prohibition on disclosure 

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

 

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

  

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

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

 

	11.2	Permitted disclosure 

 FleetCo shall be entitled to disclose any term of the Contract in connection with any proposed issue of securities which is secured, whether directly or indirectly, on any Vehicle to be purchased by it
or FleetCo’s rights, interests or benefits under the Contract (a “Finance Transaction”): 
  

	 	11.2.1	to any Affiliate of FleetCo or any issuer, guarantor, funding provider (being a bank lender or otherwise), security trustee, lead manager or arranger (or any person
appointed in a similar role), rating agency, servicer, monoline insurer or any other person providing credit support or credit or liquidity enhancement for a proposed Finance Transaction or any person to whom or for whose benefit FleetCo assigns,
pledges or transfers pursuant to clause 0 below as well as their agents, professional advisors and Affiliates; and 

  

	 	11.2.2	(other than in relation to any commercial terms including purchase price, Repurchase Price, any requirement in relation to the number of Vehicles required to be
purchased by FleetCo or Opco pursuant to the Contract, discounts, depreciation, payment terms, bonus arrangements, refurbishment costs, over mileage penalties, as the case may be) pursuant to any offering document, or investor presentation or any
other marketing materials prepared in connection with a proposed Finance Transaction.” 

  

	11.	Assignment and transfer 

 Clause 12 of
the Pro-forma Supplemental Agreement 
  

	12.	“ASSIGNMENT AND TRANSFERS 

  

	12.1	Assignment by FleetCo 

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

  
 - 50 -

	12.2	Assignment by the Supplier 

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

	12.	No-Petition and Non-recourse 

 Clauses
13 and 14 of the Pro-forma Supplemental Agreement 
  

	13.	“LIMITED RECOURSE 

 [Imperative] 
  

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

  

	13.2	In the light of Opco’s joint and several liability set out in Clause 6 (Joint and Several Liability of Opco), each of the Supplier and Opco hereby irrevocably
and unconditionally covenants and undertakes that, other than as expressly specified herein, until the date falling one day after 2 years from the termination of the securitisation deal, it shall not make any claim, initiate or take any step in or
join in any action in connection with the commencement of legal proceedings (howsoever described) or the enforcement of rights against FleetCo, whether in respect of proceedings in connection with or rights arising out of this Contract or otherwise,
including any claims to recover any amount owed to it by FleetCo under the Contract (other than serving a written demand on FleetCo for payment subject to the terms of this Contract and solely for the purpose of avoiding forfeiture of right).

  

	13.3	At any time, the amount owed by FleetCo to the Supplier under the Contract is equal to the lower of: 

the amount that would have been due and payable by FleetCo at that time under the Contract (but for the limited recourse); and

 the funds available to FleetCo at that time. [This sub-paragraph is non-imperative but is recommended to be
included] 
  

	14.	NON PETITION 

[Imperative] 
 The Supplier and Opco hereby unconditionally and irrevocably agrees with and acknowledges to FleetCo that, until the date falling one day after 2 years from after the termination of the securitisation
deal: 
  

	 	14.1.1	it shall not have the right to take or join any person in taking any steps against FleetCo for the purpose of obtaining payment of any amount due from FleetCo (other
than serving a written demand on FleetCo for payment subject to the terms of this Contract and solely for the purpose of avoiding forfeiture of right); 

  
 - 51 -

	 	14.1.2	neither it nor any person on its behalf shall initiate or join any person in initiating, or take any step in connection with the liquidation, bankruptcy or
insolvency (or any similar or analogous proceedings or circumstances) of FleetCo; or 

  

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

  

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

 Clause 17 of the Pro-forma Supplemental Agreement 
  

	17.	“AMENDMENTS, MODIFICATIONS AND WAIVERS 

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

  
 - 52 -

 SCHEDULE 3 
 REJECTED VEHICLE SCHEDULE 
 Relating to Italian FleetCo 

Vehicle Identification Number: 
 Manufacturer:

 Model year and make: 

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

Capitalised Cost: 
 Effective date of sale to
Italian FleetCo: 
 Date of rejection by Lessee: 
 Net Book Value: 
 AVIS BUDGET ITALIA S.P.A. FLEETCO S.A.P.A. 

Italian FleetCo 
  

					
	By:	  	  
	  	
	As Italian Servicer, for and on behalf of Italian FleetCo	  	
	Date:	  	  
	  	
		
	AVIS BUDGET ITALIA S.P.A.	  	
		
	Italian Opco	  	
			
	By:	  	  
	  	
	Date:	  	  
	  	

  
 - 53 -

 SCHEDULE 4 
 CONDITIONS PRECEDENT 
  

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

  

	2.	A copy certified by an officer of the Italian Servicer to be a true copy, and being in full force and effect and not amended or rescinded, of resolutions of the board
of directors or equivalent of the Italian Servicer, amongst others: 

  

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

 

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

  

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

  
 - 54 -

 SCHEDULE 5 
 FORM OF OFFICER’S CERTIFICATE 
 To 

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

France 
 (the “FleetCo Security
Agent” (for itself and on behalf of the Italian FleetCo Secured Creditors) 
 With a copy to Crédit Agricole Corporate and
Investment Bank (the “Transaction Agent”) 
 The undersigned,
                            , an Authorised Signatory of Italian FleetCo, pursuant to Paragraph 1.1.3
(Designation of Programme Assets) of Part A of Schedule 1 of the Italian Servicing Agreement hereby certifies that: 
  

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

  

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

 

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

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

	
	  

	[Name]
	[Title]

  
 - 55 -

 SCHEDULE 6 
 FORM OF FLEET REPORT 
 A report which includes the following fields: 

Country 
 Name/Address of Vehicle Manufacturer
/ Vehicle Dealer 
 Vehicle Manufacturer Agreement or Vehicle Dealer Agreement pursuant to which was purchased 

Model and year 
 Registration number (if
available) 
 Registration Date (if available) 
 Unit number (if available) 
 Chassis number (if available) 

Programme / Non-Programme Vehicle 
 Expected
date of delivery or Lease Commencement Date 
 Vehicle Purchase Price 
 Capitalised Cost 
 Residual Value 
 Vehicle Manufacturer Repurchase Price 
 Estimated Lease Expiration Date 

Programme maximum holding period (for Programme Vehicles) 
 Programme minimum holding period (for Programme Vehicles) 
 Monthly depreciation 

Total depreciation 
 Vehicle leased pursuant to
clause 7.1.1(e) of the Italian Master Lease Agreement: Yes/No [delete as appropriate] 
 List of Vehicles subject to Vehicle Request Notices,
list of amendments made thereto and list of any applicable cancellations 

  
 - 56 -

 SCHEDULE 7 
 FORM OF DIRECTOR’S CERTIFICATE REGARDING 
 NEGOTIATION GUIDELINES
COMPLIANCE 
 To 
 Avis Budget
Italia S.p.A. Fleet Co. S.A.p.A. 
 Viale Carmelo Bene 70 
 00139 Rome 
 Italy 
 (“Italian FleetCo”) 
 Crédit Agricole Corporate and Investment Bank

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

(the “FleetCo Security Agent” (for itself and on behalf of the Issuer)) 
 With a copy to Crédit Agricole Corporate and Investment Bank (the “Transaction Agent”) 
 Pursuant to Paragraph 1.1.1 of Part A of Schedule 1 of the Italian Servicing Agreement, the undersigned,             , a Director of the Italian
Servicer, hereby certifies that: 
  

	(a)	Appendix A hereto contains a complete list of all Vehicle Manufacturer Agreements and Vehicle Dealer Agreements entered into or renewed by Italian FleetCo during the
calendar year [—], other than those Vehicle Manufacturer Agreements and Vehicle Dealer Agreements in respect of which the FleetCo Security Agent has granted a waiver pursuant to Paragraph 2.3.1(a) of
the Italian Mandate Agreement; and 

  

	(b)	the undersigned hereby certifies that all Vehicle Manufacturer Agreements and Vehicle Dealer Agreements listed in Appendix A satisfy all of the Imperative Principles
and the Non-Imperative Principles of the Negotiation Guidelines set forth in Schedule 2 of the Italian Servicing Agreement. 

  

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

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

	
	  

	[Name]
	Director

  
 - 57 -

 SCHEDULE 8 
 FORM OF POWER OF ATTORNEY TO THE ITALIAN SERVICER 
 AVIS BUDGET ITALIA S.P.A. FLEET CO.
S.A.P.A. a partnership limited by shares (società in accomandita per azioni) incorporated in the Republic of Italy with registered office at Viale Carmelo Bene 70, 00139 - Rome, Italy, fiscal code, VAT code and companies’
register of Rome number 097550851009, with a share capital equal to Euro 120,000 (“Italian FleetCo”) with this deed 
 GRANTS 
 pursuant to clause 10.1 (b) of the Italian law servicing agreement
(hereinafter, the “Italian Servicing Agreement”) dated on or about 5 March 2013 (as amended and/or restated from time to time) between, inter alios, Italian Fleetco and Avis Budget Italia S.p.A., a joint stock company
(società per azioni) incorporated in the Republic of Italy with registered office at Viale Carmelo Bene 70, 00139 Rome, fiscal code and companies’ register of Rome number 00421940586, (the “Italian Servicer”)

 THIS SPECIAL POWER OF ATTORNEY 
 to the Italian Servicer so that the latter shall perform, in the name and on behalf of Italian Fleetco, upon the terms and conditions of the Italian Servicing Agreement, the following activities:

 [subject matter of the special power of attorney] 
 The Italian Servicer, carrying out the mandate entrusted to it, in accordance with the provisions and subject to the terms of the Italian Servicing Agreement, will perform the activities which it is
authorised to carry out hereunder with the diligence and professional competence in accordance with the provision of article 1176, second paragraph of the Italian Civil Code. 
 [place],[date] 
  

	
	  

	AVIS BUDGET ITALIA S.P.A. FLEET CO. S.A.P.A.
	
	Name:
	Title:

  

	*	[to be notarised] 

  
 - 58 -

 SCHEDULE 9 
 ATTO DI NOMINA DEL RESPONSABILE DEL 
 TRATTAMENTO DEI DATI PERSONALI

 AVIS BUDGET ITALIA S.P.A. FLEET CO. S.A.P.A. una società in accomandita per azioni costituita ai sensi della legge italiana
con sede legale in Viale Carmelo Bene 70, 00139 - Roma, Italia, codice fiscale, P. IVA e numero di iscrizione al registro delle imprese di Roma 097550851009 (la “Società”), 

PREMESSO CHE 
  

	 	•	 	 la Società ha concluso in data [—] 2013 un contratto di servizi (come di volta in volta
modificato e/o intergato il “Contratto di Servicing”) con Avis Budget Italia S.p.A. (“Avis”) una società per azioni avente sede legale in Viale Carmelo Bene 70, 00139 Roma, Italia, codice
fiscale e iscrizione nel registro delle imprese di Roma numero 00421940586 nell’ambito di contratti di leasing tra la Società e Avis; 

 

	 	•	 	 in base al predetto contratto, Avis erogherà nei confronti della Società certi servizi (i “Servizi”) elencati
nell’Allegato 1 del Contratto di Servicing, con efficacia dalla data di sottoscrizione del Contratto di Servicing; 

  

	 	•	 	 nell’erogazione di tali Servizi, Avis tratterà, per conto della Società, dati personali di soggetti (persone fisiche e/o giuridiche,
residenti o domiciliate in Italia) ivi inclusi fornitori, concessionari e sub-locatari nell’ambito dei rapporti inerenti i rapporti commerciali di locazione aventi ad oggetto flotte di autoveicoli intrattenuti tra Avis la Società.

 Ciò premesso, la Società in qualità di autonomo titolare del trattamento dei dati personali contenuti
nei documenti relativi ai Servizi conferiti (il “Titolare”) 
 NOMINA 

Avis Budget Italia S.p.A. responsabile esterno del trattamento dei dati personali, ai sensi e per gli effetti del Decreto Legislativo n. 196 del 30
giugno 2003 (“Legge sulla Privacy”) con riferimento ai dati personali trattati, dati che Avis è chiamata a trattare solamente in relazione all’esecuzione dell’incarico conferito ad essa con il Contratto di
Servicing. 
 Avis Budget Italia S.p.A., 
 ACCETTA LA NOMINA 
 quale responsabile del trattamento dei dati relativamente al trattamento
dei dati effettuato nello svolgimento dei Servizi (il “Responsabile Esterno”) e conferma la diretta e approfondita conoscenza degli obblighi che si assume in relazione al dettato della Legge sulla Privacy. 

In particolare, il Responsabile Esterno dichiara di aver ricevuto, esaminato e compreso le istruzioni di trattamento di seguito impartite dal Titolare,
ai sensi dell’articolo 29 del Decreto, alle quali dovrà attenersi nell’esecuzione dell’incarico: 
  

	(a)	 individuare i soggetti ai quali affidare la qualifica di Incaricati del trattamento e — sulla base del successivo atto di incarico —
individuare le istruzioni da impartire a 

  
 - 59 -

	 	
detti soggetti; vigilare sul relativo operato, ai sensi del combinato disposto di cui agli articoli 29 e 30 del Decreto. In particolare: fornire a ciascun Incaricato una password per
l’accesso ai dati e un proprio codice identificativo personale per l’utilizzazione dell’elaboratore; predisporre un piano di formazione per rendere edotti gli Incaricati del trattamento dei rischi individuati e dei modi per prevenire
i danni; 

  

	(b)	provvedere all’assolvimento dell’obbligo di informativa, di cui all’art. 13 del Decreto, nei confronti degli “Interessati”, specificando, in
particolare, che i dati potranno essere comunicati a società esterne che gestiscono banche dati per la valutazione del rischio di credito, a consulenti fiscali, legali, agenzie di rating, autorità di vigilanza ecc., al solo fine dello
svolgimento di analisi statistiche e quantitative sui crediti ceduti, in relazione alla gestione e recupero dei crediti ceduti o in ottemperanza alle disposizioni di legge applicabili; 

 

	(c)	effettuare le seguenti operazioni di trattamento dei dati: la registrazione, l’organizzazione e l’elaborazione degli stessi. Le menzionate operazioni di
trattamento dovranno avvenire nel rispetto della normativa dettata in materia di privacy; 

  

	(d)	individuare le modalità da seguire affinché la raccolta, il trattamento e la conservazione dei dati avvengano nel rispetto dei principi fissati dalla
Legge sulla Privacy; 

  

	(e)	disporre e curare la concreta attuazione di un adeguato sistema di protezione e sicurezza dei dati personali, secondo le prescrizioni della Legge sulla Privacy,
nonché adeguare il sistema alle future norme regolamentari in materia di sicurezza. Controllare periodicamente l’efficacia delle misure di sicurezza adottate; 

 

	(f)	adottare le misure idonee a consentire all’Interessato l’effettivo esercizio dei diritti previsti dagli artt. 7, 8, 9 e 10 della Legge sulla Privacy e
garantire detto esercizio; 

  

	(g)	evadere senza ritardo le eventuali richieste avanzate dagli “Interessati”, ai sensi dei citati articoli 7, 8, 9, e 10, nonché dell’art. 146 della
Legge sulla Privacy. In particolare, ricevere — anche per il tramite degli Incaricati del trattamento — le richieste che gli “Interessati”, o le persone che agiscano su loro incarico, presentino ai sensi del combinato disposto
della Legge sulla Privacy; 

  

	(h)	assicurare in generale il rispetto delle prescrizioni del “Garante”; 

 

	(i)	consentire al Titolare l’esercizio del potere di controllo, ai sensi dell’articolo 29 della Legge sulla Privacy; 

 

	(j)	rendere tempestivamente al Titolare ogni informazione in ordine a qualsiasi questione rilevante ai sensi della Legge sulla Privacy. 

In virtù della nomina di cui sopra, Avis, in qualità di Responsabile Esterno, garantisce e si impegna a rispettare le disposizioni previste
dalla Legge sulla Privacy e della restante normativa applicabile in materia di protezione dei dati personali, nonché a svolgere in modo corretto e puntuale tutte le attività inerenti al trattamento da esso effettuato, in stretta
aderenza alle tutte le istruzioni a tal riguardo impartite dalla Società. 

  
 - 60 -

 Il Responsabile Esterno non potrà adottare autonome decisioni in ordine alle finalità e alle
modalità del trattamento. In caso di necessità ed urgenza, il Responsabile Esterno dovrà informare al più presto il Titolare, affinché quest’ultimo possa prendere le opportune decisioni. 

Il Responsabile Esterno gestirà – tramite adeguate procedure, secondo criteri di efficienza e garantendone la custodia, la non alterazione e
il pronto ritrovamento – la documentazione relativa agli adempimenti prescritti dalla Legge sulla Privacy. 
 La presente nomina ha
validità illimitata per tutta la durata del rapporto contrattuale tra le parti, salva la facoltà di revoca da parte del Titolare. 

In caso di cessazione — per qualunque causa — dell’efficacia del presente atto di nomina, il Responsabile Esterno dovrà
interrompere ogni operazione di trattamento dei dati. 
 [data] 

 

					
	Il Titolare	 		 	Il Responsabile Esterno
			
	  
	 		 	  

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

  
 - 61 -EX-10.13

 Exhibit 10.13 

 

			
	 

	 	CLIFFORD CHANCE LLP

 EXECUTION VERSION 
 AVIS FINANCE COMPANY LIMITED 
 AS GUARANTOR 

IN FAVOUR OF 

FINCAR FLEET B.V. 

AS DUTCH FLEETCO 

FINCAR FLEET B.V., SUCURSAL EN ESPAÑA 
 AS DUTCH FLEETCO, SPANISH BRANCH 
 AVIS BUDGET ITALIA S.P.A. FLEET CO. S.A.P.A.

 AS ITALIAN FLEETCO 
 AND 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

AS FLEETCO SECURITY AGENT BENEFICARY 
  

 
 FINCO PAYMENT
GUARANTEE 
  
  

 THIS FINCO PAYMENT GUARANTEE is made as a deed on 5 March 2013 

BY: 
  

	(1)	AVIS FINANCE COMPANY LIMITED (the “Guarantor”) (registered number 02123807) whose registered office is at Avis House, Park Road,
Bracknell, Berkshire RG12 2EW; in favour of 

  

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

  

	(3)	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 The Netherlands) with registered address at Avenida Manoteras, no 32, 28050 Madrid, Spain and Spanish fiscal identification number W0037096E and registered at the Mercantile
Registry in Madrid under volume 28809, page 190, section 8th and sheet M-518708, first entry (“Dutch FleetCo, Spanish Branch”); and 

  

	(4)	AVIS BUDGET ITALIA S.P.A. FLEET CO. S.A.P.A. (formerly, Avis Autonoleggio S.p.A. Fleet Co. S.A.p.A.), a partnership limited by shares (società in
accomandita per azioni) incorporated in the Republic of Italy with registered office at Viale Carmelo Bene 70, 00139, Rome, Italy, fiscal code, VAT code and companies’ register of Rome number 097550851009 (“Italian FleetCo”
and, together with Dutch FleetCo and Dutch FleetCo, Spanish Branch, the “FleetCo Beneficiaries”); and 

  

	(5)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, in its capacity as FleetCo Security Agent for and on behalf of the FleetCo Secured Creditors (the “FleetCo
Security Agent Beneficiary”). 

 WHEREAS 

 

	(A)	The Opcos have each entered into the Opco Agreements. 

  

	(B)	The FleetCos have each entered into a FleetCo Facility Agreement and the other FleetCo Agreements. 

 

	(C)	The FleetCo Security Agent holds the benefit of the FleetCo Security for and on behalf of the FleetCo Secured Creditors. 

 

	1.	INTERPRETATION, DEFINITIONS AND CONSTRUCTION 

  

	1.1	Interpretation 

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

  
 - 1 -

	1.2	Definitions 

“Agreement” means each FleetCo Agreement and each Opco Agreement, or any of them (as appropriate). 

“FleetCo Agreements” means each Transaction Document to which a FleetCo is party and pursuant to which it has payment
obligations. 
 “Opco Agreements” means each Transaction Document to which an Opco is party and pursuant to
which it has payment obligations. 
 “Beneficiary” means the FleetCo Security Agent Beneficiary and/or a FleetCo
Beneficiary, or any of them (as appropriate). 
 “Principal” means each Opco and each FleetCo, or any of them
(as appropriate). 
  

	1.3	Inconsistencies with other Transaction Documents 

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

	1.4	Construction 

 The
provisions of clause 2 (Principles of Interpretation and Construction) of the Master Definitions Agreement shall apply herein as if set out in full herein and as if references therein to “this Agreement” were to this Finco Payment
Guarantee. 
  

	2.	INCORPORATION OF COMMON TERMS 

 The Common Terms shall be incorporated by reference into this Finco Payment Guarantee. If there is any conflict between the Common Terms as incorporated by reference into this Finco Payment Guarantee and
the other provisions of this Finco Payment Guarantee, the provisions of the incorporated Common Terms shall prevail to the fullest extent permitted by applicable law. 
  

	3.	AMENDMENTS 

 This Finco
Payment Guarantee cannot be amended without the consent of the Parties hereto. 
  

	4.	GUARANTEE 

  

	4.1	The Guarantor irrevocably and unconditionally: 

  

	 	4.1.1	subject to Clause 4.2 guarantees to: 

  
 - 2 -

	 	(a)	each FleetCo Beneficiary the due and punctual observance and performance by each Opco of all its payment obligations under or pursuant to each Opco Agreement and agrees
to pay to each FleetCo Beneficiary from time to time on demand all sums of money which any Opco is at any time liable to pay to such FleetCo Beneficiary under or pursuant to each Opco Agreement and which have become due and payable but have not been
paid at the time such demand is made; and 

  

	 	(b)	the FleetCo Security Agent Beneficiary the due and punctual observance and performance by each FleetCo of all its payment obligations under or pursuant to each FleetCo
Agreement and agrees to pay to the FleetCo Security Agent Beneficiary: 

  

	 	(i)	from time to time on demand all sums of money which any FleetCo is at any time liable to pay to the FleetCo Security Agent Beneficiary under or pursuant to each FleetCo
Agreement and which have become due and payable but have not been paid at the time such demand is made; or 

  

	 	(ii)	any amounts of FleetCo AF Shortfall of which the Central Servicer has notified the FleetCo Security Agent in accordance with clauses 14A.2.1 and 14A.2.2 of the
Framework Agreement; 

  

	 	4.1.2	subject to Clause 4.2 undertakes with: 

  

	 	(a)	each FleetCo Beneficiary that whenever an Opco does not pay any amount when due under or in connection with any Opco Agreement to which such Opco is a party, the
Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and 

  

	 	(b)	the FleetCo Security Agent Beneficiary that whenever: 

  

	 	(i)	a FleetCo does not pay any amount when due under or in connection with any FleetCo Agreement to which such FleetCo is a party the Guarantor shall immediately on demand
pay that amount as if it was the principal obligor; or 

  

	 	(ii)	the Central Servicer notifies the FleetCo Security Agent in accordance with clause 14A.2.1 of the Framework Agreement that there is an FleetCo AF Shortfall the
Guarantor shall pay such amount in accordance with the clause 14A2.2 of the Framework Agreement; and 

  

	 	4.1.3	agrees with: 

  

	 	(a)	 each FleetCo Beneficiary that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and
primary obligation, indemnify each FleetCo Beneficiary immediately on demand against any cost, loss or liability it incurs as a result of an Opco not paying any amount which would, but for such

  
 - 3 -

	 	
unenforceability, invalidity or illegality, have been payable by it under any Opco Agreement to which such Opco is a party on the date when it would have been due. The amount payable by the
Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 4 if the amount claimed had been recoverable on the basis of a guarantee; and 

 

	 	(b)	the FleetCo Security Agent Beneficiary that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary
obligation, indemnify the FleetCo Security Agent Beneficiary immediately on demand against any cost, loss or liability it incurs as a result of a FleetCo not paying any amount which would, but for such unenforceability, invalidity or illegality,
have been payable by it under any FleetCo Agreement to which such FleetCo is a party on the date when it would have been due. The amount payable by the Guarantor under this indemnity will not exceed the amount it would have had to pay under this
Clause 4 if the amount claimed had been recoverable on the basis of a guarantee. 

  

	4.2	The provisions of clause 27.2.2 (Limited recourse against the FleetCos) of the Framework Agreement shall not be taken into consideration when determining the
amounts due and payable by a FleetCo under Clauses 4.1.1(b) and 4.1.2(b) above. 

  

	4.3	If a Beneficiary makes a demand under this Finco Payment Guarantee, the Guarantor shall pay interest on each sum demanded (before and after any judgement and to the
extent, interest at the default rate is not otherwise being paid on such sum(s)) from the date of demand until the date of payment calculated on a daily basis at the rate determined in accordance with the provisions of the relevant Agreement
provided that the Guarantor shall not pay such interest where such Beneficiary has credited amounts received from the Guarantor to a suspense account pursuant to Clause 9.2. Any interest accruing under this Clause 4.2 shall be immediately due
and payable by the Guarantor on demand by the relevant Beneficiary and provided further that where a demand is made under Clauses 4.1.1(b)(ii) or 4.1.2(b)(ii), the Guarantor shall not pay any such interest and no interest shall accrue until
the relevant Settlement Date. If such interest is unpaid, it will be compounded but will remain immediately due and payable. 

  

	5.	PRESERVATION OF RIGHTS 

  

	5.1	The obligations of the Guarantor contained in this Finco Payment Guarantee shall be in addition to and independent of every other security which a Beneficiary may at
any time hold in respect of any of the Principals’ obligations under the relevant Agreement. 

  

	5.2	Neither the obligations of the Guarantor contained in this Finco Payment Guarantee nor the rights, powers and remedies conferred in respect of the Guarantor upon a
Beneficiary by this Finco Payment Guarantee or by law shall be discharged, impaired or otherwise affected by: 

  

	 	5.2.1	any insolvency or similar proceedings; 

  
 - 4 -

	 	5.2.2	any of the obligations of a Principal or any other person under each relevant Agreement or any other document or under any other security relating to each relevant
Agreement or such other document being or becoming illegal, invalid, unenforceable or ineffective in any respect; 

  

	 	5.2.3	any time, waiver or consent granted to, or composition with, any Principal or other person; 

 

	 	5.2.4	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of a relevant Agreement or any other
document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under a relevant Agreement or other document or any variation, waiver or release of,
any obligation of a Principal or any other person under a relevant Agreement or under any other security; 

  

	 	5.2.5	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets
of, any Principal or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

	 	5.2.6	any failure to take, or fully to take, any security contemplated by a relevant Agreement or otherwise agreed to be taken in respect of a Principal’s obligations
under a relevant Agreement; 

  

	 	5.2.7	any failure to realise or fully to realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of a Principal’s
obligations under a relevant Agreement; 

  

	 	5.2.8	any other act, event or omission which, but for this Clause 5.2, might operate to discharge, impair or otherwise affect any of the obligations of the Guarantor
contained in this Finco Payment Guarantee or any of the rights, powers or remedies conferred upon a Beneficiary by a relevant Agreement, this Finco Payment Guarantee or by law; 

 

	 	5.2.9	the release of any other Principal or any other person under the terms of any composition or arrangement with any creditor of a Principal; or 

 

	 	5.2.10	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Principal or any other person.

  

	5.3	Any settlement or discharge given by a Beneficiary to the Guarantor in respect of the Guarantor’s obligations under this Finco Payment Guarantee or any other
agreement reached between such Beneficiary and the Guarantor in relation to it shall be, and be deemed always to have been, void if any act on the faith of which such Beneficiary gave the Guarantor that settlement or discharge or entered into that
agreement is subsequently avoided by or in pursuance of any provision of law. 

  
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	5.4	A Beneficiary shall not be obliged before exercising any of the rights, powers or remedies conferred upon it in respect of the Guarantor by this Finco Payment Guarantee
or by law: 

  

	 	5.4.1	to make any demand of a Principal; 

  

	 	5.4.2	to take any action or obtain judgment in any court against a Principal; 

  

	 	5.4.3	to make or file any claim or proof in a winding-up or dissolution of a Principal; 

 

	 	5.4.4	to enforce or seek to enforce any security taken in respect of any of the obligations of a Principal under the relevant Agreement; or 

 

	 	5.4.5	to claim any contribution from any other guarantor of any Principal’s obligations under the relevant Agreements. 

 

	5.5	The Guarantor agrees that, so long as a Principal is under any actual or contingent payment obligations under the relevant Agreement, the Guarantor shall not exercise
any rights which the Guarantor may at any time have by reason of performance by it of its obligations under this Finco Payment Guarantee: 

  

	 	5.5.1	to be indemnified by a Principal or to receive any collateral from a Principal; and/or 

 

	 	5.5.2	to claim any contribution from any other guarantor of a Principal’s obligations under the relevant Agreement; and/or 

 

	 	5.5.3	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of a Beneficiary under each relevant Agreement or of any other
security taken pursuant to, or in connection with, each relevant Agreement by a Beneficiary. 

  

	6.	PAYMENTS 

  

	6.1	The provisions of each relevant Agreement relating to the payments to be made under it (including, without limitation, those regulating what is to happen if a Principal
is required by law to make a deduction or withholding from any such payment) shall apply mutatis mutandis to payments to be made under this Finco Payment Guarantee. 

 

	6.2	The Beneficiaries agree that the Guarantor may make payment under this Guarantee directly to the Issuer Transaction Account and such payment shall unconditionally
discharge the Guarantor’s obligations to pay the Beneficiaries such amount. 

  

	7.	CURRENCY CONVERSION 

 A
Beneficiary may convert any money received or realised by it under or pursuant to this Finco Payment Guarantee which is not in the currency in which such sums are due and payable under each relevant Agreement from that currency into the currency in
which such sum is due at the then prevailing commercial rate of exchange for the relevant conversion. 

  
 - 6 -

	8.	CONTINUING SECURITY 

 This
Finco Payment Guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Principal under the relevant Agreements, regardless of any intermediate payment or discharge in whole or in part. 

 

	9.	APPROPRIATIONS 

 Until all
amounts which may be or become payable by the Principals under or in connection with the relevant Agreements have been irrevocably paid in full, a Beneficiary may: 
  

	9.1	refrain from applying or enforcing any other moneys, security or rights held or received by it in respect of those amounts, or apply and enforce the same in such manner
and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and 

  

	9.2	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability under this Finco Payment Guarantee.

  

	10.	REINSTATEMENT 

 If any
discharge, release or arrangement (whether in respect of the obligations of any Principal or any security for those obligations or otherwise) is made by a Beneficiary in whole or in part on the basis of any payment, security or other disposition
which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantor under this Finco Payment Guarantee will continue or be reinstated as if the discharge, release or
arrangement had not occurred. 
  

	11.	IMMEDIATE RECOURSE 

 The
Guarantor waives any right it may have of first requiring a Beneficiary (or any trustee or agent on its behalf) to proceed against or enforce any other right or security or claim payment from any person before claiming from the Guarantor under this
Finco Payment Guarantee. This waiver applies irrespective of any law or any provision of a relevant Agreement to the contrary. 
  

	12.	COSTS AND EXPENSES 

 All
Beneficiaries’ costs and expenses (including legal fees, stamp duties and any value added tax) incurred in connection with the enforcement of this Finco Payment Guarantee or otherwise in relation to it, shall be reimbursed by the Guarantor on
demand on a full indemnity basis together with interest from the date such costs and expenses were incurred to the date of payment at such rates as such Beneficiary may reasonably determine. 

 

	13.	GOVERNING LAW 

 This Finco
Payment Guarantee and the construction, validity and performance of this Finco Payment Guarantee shall be governed by English law. 

  
 - 7 -

	14.	JURISDICTION 

  

	14.1	English courts 

 The
courts of England have exclusive jurisdiction to settle any Dispute. 
  

	14.2	Convenient Forum 

 The
Guarantor agrees that the courts of England are the most appropriate and convenient courts to settle Disputes between it and the Beneficiaries and, accordingly, that it will not argue to the contrary. 

 

	14.3	Jurisdiction 

 Clause 14.1
(English courts) is for the benefit of the Beneficiaries for the purpose of this Clause 14. As a result the Guarantor acknowledges that Clause 14.1 (English courts), does not prevent the Beneficiaries from taking any Proceedings in any
other courts with jurisdiction. To the extent allowed by law, the Beneficiaries may take concurrent Proceedings in any number of jurisdictions. 

  
 - 8 -

 IN WITNESS WHEREOF this Finco Payment Guarantee has been executed as a deed by the Guarantor and the
Beneficiaries and is intended to be and is hereby delivered by it as a deed on the date specified above. 
 AVIS FINANCE COMPANY LIMITED

  

					
	 /s/ Stuart Fillingham
	    		 	Signature of Director
			
	 Stuart Fillingham
	    		 	Name of Director
			
	in the presence of	    		 	
			
	 /s/ Judith Nicholson
	    		 	Signature of witness
	 Judith Nicholson
	    		 	Name of witness
	 Avis House, Park Road
	    		 	Address of witness
	 Bracknell RS12 2EW
	    		 	
	  
	    		 	
	  
	    		 	
	 Company Secretary
	    		 	Occupation of witness

 FINCAR FLEET B.V. 
  

			
	By:	 	 /s/ P.D. Haverkamp Idema

	Name:	 	P.D. Haverkamp Idema
	Title:	 	Managing Director / Proxyholder A
		
	By:	 	 /s/ J.J. van Ginkel

	Name:	 	J.J. van Ginkel
	Title:	 	Managing Director / Proxyholder B

  
 - 9 -

 FINCAR FLEET B.V., SUCURSAL EN ESPAÑA 

 

			
	By:	 	 /s/ Biatriz Diez Arranz

	Name:	 	Beatriz Diez Arranz
	Title:	 	Dutch FleetCo, Spanish Branch representative

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

 

			
	By:	 	 /s/ Mark Kightley

	Name:	 	Mark Kightley
	Title:	 	Director

 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

 

			
	By:	 	/s/ Edith Lusson
	Name:	 	Edith Lusson
	Title:	 	Managing Director

  
 - 10 -

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