Avis 2006 Annual Report Download - page 269

18.1.7. a Loan Event of Default occurs;
18.1.8. an AESOP I Operating Lease Event of Default or an AESOP II Operating Lease Event of Default occurs; or
18.1.9. the Pension Benefit Guaranty Corporation or the Internal Revenue Service shall have filed notice of one or more liens
against any Lessee or the Finance Lease Guarantor (unless such lien does not purport to cover the Collateral or any amount payable under
the Leases), and, in the case of notice filed by the Internal Revenue Service, such notice shall have remained in effect for more than thirty
(30) days unless, prior to the expiration of such period, such Lessee or the Finance Lease Guarantor, as applicable, shall have provided
the Lessor with a bond in an amount at least equal to the amount of such lien or, in the case of any such lien in an amount less than
$1,000,000, such Lessee or the Finance Lease Guarantor, as applicable, shall have established to the reasonable satisfaction of the Lessor
that such lien is being contested in good faith and that adequate reserves have been established in respect of the claim giving rise to such
lien.
18.2. Effect of Finance Lease Event of Default or Liquidation Event of Default .
If any Finance Lease Event of Default described in Section 18 or any Liquidation Event of Default shall occur, (i) the Lessor may
terminate the rights of the Lessees to place Vehicle Orders pursuant to Section 2.1 and to lease additional Vehicles from the Lessor, and (ii) if
CRCF has declared the Loan Note under any Loan Agreement to be due and payable pursuant to Section 12.2
of such Loan Agreement, (x) this
Agreement shall automatically terminate and any accrued and unpaid Monthly Base Rent, Supplemental Rent and all other payments accrued
but unpaid under this Agreement (calculated as if all Vehicles had become a Standard Casualty for the Related Month and the full amount of
interest on such Loan Note was then due and payable in full) shall, automatically, without further action by the Lessor or the Trustee, become
immediately due and payable and (y) each Lessee shall, at the request of the Lessor, the Lender or the Trustee, return or cause to be returned all
Vehicles leased by such Lessee subject to this Agreement (and the Administrator shall deliver or cause to be delivered to the Trustee the
Certificates of Title relating thereto) to the Lessor in accordance with the provisions of Section 13.2 hereof.
18.3. Rights of Lessor Upon Finance Lease Event of Default, Limited Liquidation Event of Default or Liquidation Event of
Default .
If a Finance Lease Event of Default, Limited Liquidation Event of Default or Liquidation Event of Default shall occur, then the
Lessor at its option may:
(i) proceed by appropriate court action or actions, either at law or in equity, to enforce performance by the Lessees (or any
Lessee(s) against which the Lessor determines to exercise its remedies hereunder) or the Finance Lease Guarantor of the applicable
covenants and terms of this Agreement or to recover damages for the breach hereof calculated in accordance with Section 18.5 ; and/or
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