Avis 2006 Annual Report Download - page 268

18. DEFAULT AND REMEDIES THEREFOR .
18.1. Events of Default .
Any one or more of the following will constitute an event of default (a “ Finance Lease Event of Default ”) as that term is used
herein:
18.1.1. there occurs (i) a default in the payment of the portion of Monthly Base Rent that relates to the Loan Principal
Amount, the Special Default Payments, the Early Termination Payments, Vehicle Purchase Price or Termination Value upon a Standard
Casualty or when a Vehicle becomes an Ineligible Vehicle or upon a Vehicle Return Default or any Supplemental Rent (to the extent not
included in any of the foregoing) and the continuance thereof for a period of five (5) Business Days or (ii) a default and continuance
thereof for five (5) Business Days after notice thereof by the Lessor or the Trustee to the relevant Lessee or the Finance Lease Guarantor
in the payment of any amount payable under this Agreement (other than amounts described in clause (i) above);
18.1.2. any unauthorized assignment or transfer of this Agreement by any Lessee or the Finance Lease Guarantor occurs;
18.1.3. the failure, in any material respect, of any Lessee or the Finance Lease Guarantor to maintain, or cause to be
maintained, insurance as required in Section 5 or Section 31.3 ;
18.1.4. the failure of any Lessee or the Finance Lease Guarantor to observe or perform any other covenant, condition,
agreement or provision hereof, and such default continues for more than thirty (30) days after the date written notice thereof is delivered
by the Lessor or the Trustee to such Lessee or the Finance Lease Guarantor, as applicable;
18.1.5. if any representation or warranty made by any Lessee or the Finance Lease Guarantor herein is inaccurate or incorrect
or is breached or is false or misleading in any material respect as of the date of the making thereof or any schedule, certificate, financial
statement, report, notice, or other writing furnished by or on behalf of such Lessee or the Finance Lease Guarantor, as applicable, to the
Lessor or the Trustee is false or misleading in any material respect on the date as of which the facts therein set forth are stated or certified,
and the circumstance or condition in respect of which such representation, warranty or writing was inaccurate, incorrect, breached, false
or misleading in any material respect, as the case may be, shall not have been eliminated or otherwise cured for thirty (30) days after the
earlier of (x) the date of the receipt of written notice thereof from the Lessor, the Lender or the Trustee to such Lessee or the Finance
Lease Guarantor, as applicable, and (y) the date the Finance Lease Guarantor or such Lessee learns of such circumstance or condition;
18.1.6. an Event of Bankruptcy occurs with respect to any Lessee, any Permitted Sublessee or the Finance Lease Guarantor;
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