Avis 2006 Annual Report Download - page 254

may not return such Program Vehicle without penalty (the “ Maximum Term ”)); provided , however , that each Lessee shall in any case return
or cause to be returned each Program Vehicle leased by such Lessee hereunder to the related Manufacturer (or such Manufacturer’s agent or as
otherwise directed by such Manufacturer in accordance with such Manufacturer Program) pursuant to Section 13.2(b)
on or before the date that
is the last Business Day of the month that is eighteen (18) months after the month in which the Vehicle Finance Lease Commencement Date
occurs with respect to such Vehicle. Each Lessee will pay to the Lessor the equivalent of the Monthly Base Rent for the Minimum Term plus
any early turn back surcharges payable by the Lessor or deductible from the Repurchase Price for Program Vehicles leased by such Lessee
hereunder returned before the Minimum Term, regardless of actual usage, unless such Vehicle is a Standard Casualty or becomes an Ineligible
Vehicle, in which case, the disposition of such Vehicle will be handled in accordance with Section 6 hereof.
3.2. Term .
The “Finance Lease Commencement Date” shall mean the Initial Closing Date. The “Finance Lease Expiration Date” shall mean
the latest of (i) the date of the payment in full of all Loans (including any Loan Interest thereon) the proceeds of which were used by the Lessor
to finance the purchase of Vehicles subject to this Agreement, (ii) the Vehicle Finance Lease Expiration Date for the last Vehicle leased by any
Lessee hereunder and (iii) the date on which all amounts payable hereunder and under the Loan Agreements have been paid in full. The “Term”
of this Agreement shall mean the period commencing on the Finance Lease Commencement Date and ending on the Finance Lease Expiration
Date.
4. RENT AND CHARGES .
Each Lessee will pay Monthly Base Rent and any Supplemental Rent due and payable on a monthly basis (and any Special Service
Charges due and payable) as set forth in this Section 4 .
4.1. Payment of Rent .
On each Payment Date each Lessee shall pay in immediately available funds to the Lessor not later than 11:00 a.m., New York City
time, on such Payment Date such Lessee’s allocable portion of (i) all Monthly Base Rent that has accrued during the Related Month with
respect to each Vehicle leased hereunder during or prior to the Related Month and (ii) all Supplemental Rent due and payable on such Payment
Date. The portion of Monthly Base Rent allocable to each Lessee will equal (i) with respect to the amounts described in clause (b) of the
definition of Monthly Base Rent, the portion thereof that relates to the particular Vehicles leased hereunder by such Lessee and (ii) with respect
to other amounts included in the definition of Monthly Base Rent, such Lessee’s Share, determined as of the beginning of the Related Month,
of such amounts. The portion of Supplemental Rent allocable to each Lessee will equal (i) with respect to Supplemental Rent that relates to
particular Vehicles, the portion thereof that relates to the particular Vehicles leased hereunder by such Lessee and (ii) with respect to
Supplemental Rent that does not relate to particular Vehicles, such Lessee’s Share, determined as of the beginning of the Related Month, of
such amounts.
-
12
-