Avis 2010 Annual Report Download - page 444

sublease Group I Trucks to Permitted Sublessees in accordance with Section 7 hereof. Any purported assignment in violation of this
Section 17.2 shall be void and of no force or effect. Nothing contained herein shall be deemed to restrict the right of the Lessee to acquire
or dispose of, by purchase, lease, financing, or otherwise, motor vehicles that are not subject to the provisions of this Agreement.
18. DEFAULT AND REMEDIES THEREFOR .
18.1. Events of Default . Any one or more of the following will constitute an event of default (a “ Lease Event of Default ”) as that
term is used herein:
18.1.1. there occurs a default in the payment of any portion of Monthly Base Rent or Supplemental Rent and the continuance
thereof for a period of five Business Days;
18.1.2. any unauthorized assignment or transfer of this Agreement by the Lessee or the Guarantor occurs;
18.1.3. the failure, in any material respect, of the Lessee and the Guarantor to maintain, or cause to be maintained, insurance as
required in Section 5 or Section 26.3 ;
18.1.4. the failure of the Lessee and the Guarantor to observe or perform any other covenant, condition, agreement or provision
hereof, including, but not limited to, usage and maintenance, and such default continues for more than 30 days after the earlier of
(x) the date the Lessee or Guarantor has actual knowledge of such default or (y) the date written notice of such default is delivered by
the Lessor or the Trustee to the Lessee or the Guarantor;
18.1.5. if any representation or warranty made by the Lessee or the 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 the Lessee or the Guarantor 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 30 days after the earlier of (x) the date of
the receipt of written notice thereof from the Lessor or the Trustee to the Guarantor or the Lessee and (y) the date the Guarantor or
the Lessee learns of such circumstance or condition;
18.1.6. an Event of Bankruptcy occurs with respect to the Lessee, the Guarantor, the Administrator or BRAC;
18.1.7. any Change in Control of the Lessee, the Guarantor, or BRAC without the approval of the Requisite Group Investors
with respect to the Group I Series of Notes.
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