Avis 2010 Annual Report Download - page 631

(iii) proceed against the Lessee, any other guarantor or any other Person, or proceed against or exhaust any security for
the Guaranteed Obligations;
(d) all rights of subrogation, all rights to enforce any remedy that the Lessor now or hereafter has against the Lessee or any
other Person, and any benefit of, and right to participate in, any security now or hereafter held by the Lessor with respect to the
Guaranteed Obligations;
(e) presentment, demand, protest and notice of any kind, including without limitation notices of default and notice of
acceptance of this Guaranty;
(f) all suretyship defenses and rights of every nature otherwise available under New York law and the laws of any other
jurisdiction; and
(g) all other rights and defenses the assertion or exercise of which would in any way diminish the liability of the Guarantor
hereunder.
22.5. Guarantor to Pay Lessor’s Expenses . The Guarantor agrees to pay to the Lessor, on demand, all costs and expenses, including
attorneys’ and other professional and paraprofessional fees, incurred by the Lessor in exercising any right, power or remedy conferred by
this Guaranty, or in the enforcement of this Guaranty, whether or not any action is filed in connection therewith. Until paid to the Lessor,
such amounts shall bear interest, commencing with the Lessor’s demand therefor, at the Carrying Cost Interest Rate plus 2.0%.
22.6. Reinstatement . This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time payment of any
of the amounts payable by the Lessee under this Agreement is rescinded or must otherwise be restored or returned by the Lessor, upon an
event of bankruptcy, dissolution, liquidation or reorganization of the Lessee or the Guarantor or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, the Lessee or the Guarantor or any substantial part of their respective
property, or otherwise, all as though such payment had not been made.
22.7. Pari Passu Indebtedness . The Guarantor (i) represents and warrants that, as of the date hereof, the obligations of the Guarantor
under this Guaranty will rank pari passu
with any existing unsecured indebtedness of the Guarantor and (ii) covenants and agrees that from
and after the date hereof the obligations of the Guarantor under this Guaranty will rank pari passu with any unsecured indebtedness of the
Guarantor incurred after the date hereof.
23. RIGHTS OF LESSOR ASSIGNED
. Notwithstanding anything to the contrary contained in this Agreement, each of the Lessee and the
Guarantor acknowledges that the Lessor has assigned all of its rights under this
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