Avis 2007 Annual Report Download - page 206

Licensor may terminate this Licence Agreement by serving thirty days’ written notice to that effect in the following events:
(1) In the event Licensee violates in any material respect any of the terms, covenants, conditions or provisions of this Licence Agreement
and fails to correct such violation within ninety (90) days after receipt from Licensor of a notice specifying the breach and requesting
correction.
(2) In the event that a petition is presented against Licensee for its liquidation and such petition is not dismissed within ninety days,
Licensee makes an assignment for the benefit of, or enters into any composition or arrangement with, creditors, or a receiver, trustee or
liquidator is appointed for the business of Licensee, or if bankruptcy, reorganisation, insolvency or arrangement proceedings or proceedings
under any other laws relating to the relief of debtors shall be commenced by Licensee or shall be commenced against Licensee and shall not be
dismissed within ninety days.
(3) If any act or deed or judicial or administrative proceeding in the nature of an expropriation, confiscation, nationalisation, intervention,
acquisition, seizure, sequestration or condemnation of or with respect to the Licensee, the business and operations, management or ownership
thereof, or its capital stock, property or assets, or any substantial portion thereof, shall be undertaken or instituted by any government,
government agency, or authority or instrumentality purporting to exercise government authority, present or future, in the Territory.
(4) In the event that the Trademark Licence Agreement dated the same date as this Agreement between Licensee and Wizard Co. Inc.
should terminate for any reason whatsoever.
No party hereto, in using its reasonable endeavours whenever required by this Agreement, shall be thereby required to act contrary to any law
or contractual provision then in effect which is binding upon it.
No failure of either party to exercise any power given it hereunder, or to insist upon strict compliance by the other party with any obligation
hereunder or any obligation in similar agreements with other licensees of the System, and no custom or practice of the parties at variance with
the terms hereof shall constitute a waiver of the such party’s right to demand and enforce strict compliance within the terms hereof.
In the event of termination, cancellation or suspension of this Agreement, all rights of Licensee hereunder shall thereupon terminate, and
Licensee will immediately thereafter cease to use the System or any part thereof and shall return forthwith to Licensor all unused Avis System
Standard Rental Agreements, forms, advertising matter, bulletins, procedures, manuals of operation, and Commercial Customer Information
Sheets which have been received from Licensor and receive due credit therefor.
8
7.
TERMINATION
8.
REASONABLE ENDEAVOURS
9.
NO WAIVER
10.
REVERSION TO LICENSOR OF ALL RIGHTS ON TERMINATION