Avis 2009 Annual Report Download - page 237
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either (x) a Series 2009-3 Enhancement Deficiency would result from excluding such Series 2009-3 Letter of Credit from the Series 2009-
3 Enhancement Amount or (y) the Series 2009-3 Liquidity Amount, excluding therefrom the available amount under such Series 2009-3
Letter of Credit, would be less than the Series 2009-3 Required Liquidity Amount;
(i) the occurrence of an Event of Bankruptcy with respect to ABG or any Permitted Sublessee;
(j) a Change in Control shall have occurred;
(k) ABRCF shall fail to acquire or maintain in force Series 2009-3 Interest Rate Caps at the times and in the notional amounts
required by the terms of Section 3.11;
(l) an Amortization Event shall have occurred with respect to the Series 2008-1 Notes (as such term is defined in the Series 2008-1
Supplement);
(m) the occurrence and continuation of an “event of default” under the Credit Agreement or any Replacement Credit Agreement,
without giving effect to any waiver of any such event of default that is not approved in writing by the Requisite Noteholders and provided
that, for purposes of this Supplement, the event of default set forth in Section 8(e) of the Credit Agreement shall survive the termination of
the Credit Agreement; and
(n) (i) the Consolidated Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of ABCR ending with any
fiscal quarter set forth below (commencing with the fiscal quarter ending June 30, 2010) shall exceed the ratio set forth below opposite
such fiscal quarter:
or (ii) the Consolidated EBITDA as at the last day of any period of four consecutive fiscal quarters of ABCR ending with any fiscal
quarter set forth below (commencing with the fiscal quarter ending December 31, 2009), shall be less than the amount set forth below
opposite such fiscal quarter:
65
Fiscal Quarter ending
Consolidated
Leverage Ratio
June 30, 2010
5.25 to 1.00
June 30, 2011 and thereafter
4.75 to 1.00
Fiscal Quarter ending
Consolidated
EBITDA
December 31, 2009
$
155,000,000
March 31, 2010 and thereafter
$
175,000,000