Bank of America Customer # 41-565672
LOAN AGREEMENT
This Loan Agreement (the "Agreement") dated as of March 29, 2000, by and
between Bank of America, N.A., a national banking association ("Bank") and the
Borrower described below.
In consideration of the Loan or Loans described below and the mutual
covenants and agreements contained herein, and intending to be legally bound
hereby, Bank and Borrower agree as follows:
1. DEFINITIONS AND REFERENCE TERMS. In addition to any other terms defined
herein, the following terms shall have the meaning set forth with respect
thereto:
A. Borrowers. Rent-A-Wreck of America, Inc. (RAWA), a Delaware
Corporation; Rent-A-Wreck One Way, Inc. (RAWOW), a Maryland Corporation; Xxxxx
American Corporation (BAC), a Maryland Corporation; Rent-A- Wreck Leasing, Inc.
(XXXX), a Maryland Corporation; PRICELESS Rent-A-Car, Inc. (PRAC), a Maryland
Corporation; AND Consolidated American Rental Insurance Company, LTD (XXXX), a
Bermuda Corporation (individually as indicated, collectively the "Borrower")
B. Borrower's Address: 00000 Xxxxx Xxxxxxxx Xxxxx Xxxxxx Xxxxx,
Xxxxxxxx 00000
C. Current Assets. Current Assets means the aggregate amount of all of
Borrower's assets which would, in accordance with GAAP, property be defined as
current assets.
D. Current Liabilities. Current Liabilities means the aggregate amount
of all current liabilities as determined in accordance with GAAP, but in any
event shall include all liabilities except those having a maturity date which is
more than one year from the date as of which such computation is being made.
E. Hazardous Materials. Hazardous Materials include all materials
defined as hazardous materials or substances under any local, state or federal
environmental laws, rules or regulations, and petroleum, petroleum products, oil
and asbestos.
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F. Loan. Any loan described in Section 2 hereof and any subsequent
loan which states that it is subject to this Loan Agreement.
G. Loan Documents. Loan Documents means this Loan Agreement and any
and all promissory notes executed by Borrower in favor of Bank and all other
documents, instruments, guarantees, certificates and agreements executed and/or
delivered by Borrower, any guarantor or third party in connection with any Loan.
H. Tangible Net Worth. Tangible Net Worth means the amount by which
total assets exceed total liabilities less Intercompany and/or Officer
-Receivables and other Intangible Assets, in accordance with GAAP.
I. Accounting Terms. All accounting terms not specifically defined or
specified herein shall have the meanings generally attributed to such terms
under generally accepted accounting principles ("GAAP"), as in effect from time
to time, consistently applied, with respect to the financial statements
referenced in Section 3.H. hereof.
J. Collateral Pool. Collateral Pool means the sum of (a) the $600,000
Bank of America Certificate of Deposit, plus (b) fifty percent (50%) of the
eligible receivables of the A/R Owners.
2. LOANS.
A. Loan. Bank hereby agrees to make (or has made) one or more loans to
Borrower. The obligation to repay the loans is evidenced by a promissory note or
notes of various dates (the promissory note or notes together with any and all
renewals, extensions or rearrangements thereof being hereafter collectively
referred to as the "Note") having a maturity date, repayment terms and interest
rate as set forth in the Note.
i. Revolving Credit Feature. The Loan provides for a revolving
line of credit (the "Line") under which Borrower may from time to time, borrow,
repay and re-borrow funds.
ii. Borrowing Base; The Line is subject to the Borrowing Base
Agreement attached hereto as Exhibit "A" and by reference made a part hereof.
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iii. Letter of Credit Subfeature. As a subfeature under the Line,
Bank may from time to time up to and including MARCH 30, 2001, issue letters of
credit for the account of Borrower (each, a "Letter of Credit" and collectively,
"Letters of Credit"); provided, however, that the form and substance of each
Letter of Credit shall be subject to approval by Bank in its sole discretion;
and provided further that the aggregate undrawn amount of all outstanding
Letters of Credit shall not at any time exceed $1,000,000. Each Letter of Credit
shall be issued for a term not to exceed ONE YEAR, as designated by Borrower,
provided, however, that no Letter of Credit shall have an expiration date
subsequent to MARCH 31, 2001. Letters of Credit may, at the Bank's discretion,
contain an automatic renewal clause, The undrawn amount of all Letters of Credit
plus any and all amounts paid by Bank in connection with drawings under any
Letter of Credit for which the Bank has not been reimbursed shall be reserved
under the Line and shall not be available for advances thereunder. Each draft
paid by Bank under a Letter of Credit shall be deemed an advance under the Line
and shall be repaid in accordance with the terms of the Line; provided however,
that if the Line is not available for any reason whatsoever, at the time any
draft is paid by Bank, or if advances are not available under the Line in such
amount due to any limitation of borrowing set forth herein, then the full amount
of such drafts shall be immediately due and payable, together with interest
thereon, from the date such amount is paid by Bank to the date such amount is
fully repaid by Borrower, at that rate of interest applicable to advances under
the Line. In such event, Borrower agrees that Bank, at Bank's sole discretion
may debit Borrower's deposit account with Bank for the amount of such draft.
3. REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and warrants
to Bank as follows:
A. Good Standing. Rent-A-Wreck of America, Inc., is a corporation,
duly organized, validly existing and in good standing under the laws of Delaware
and has the power and authority to own its own property and to carry on its
business in each jurisdiction in which it does business.
Rent-A-Wreck One Way, Inc., is a corporation, duly organized, validly
existing and in good standing under the laws of Maryland and has the power and
authority to own its own property and to carry on its business in each
jurisdiction in which it does business.
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Xxxxx American Corporation is a corporation, duly organized, validly
existing and in good standing under the laws of Maryland and has the power and
authority to own its own property and to carry on its business in each
jurisdiction in which it does business.
Rent-A-Wreck Leasing, Inc., is a corporation, duly organized, validly
existing and in good standing under the laws of Maryland and has the power and
authority to own its own property and to carry on its business in each
jurisdiction in which it does business.
PRICELESS Rent-A-Car, Inc., is a corporation, duly organized, validly
existing and in good standing under the laws of Maryland and has the power and
authority to own its own property and to carry on its business in each*
jurisdiction in which it does business.
Consolidated American Rental Insurance Company, LTD, is a corporation,
duly organized, validly existing and in good standing under the laws of Bermuda
and has the power and authority to own its own property and to carry on its
business in each jurisdiction in which it does business.
B. Authority and Compliance. Borrower has full power and authority to
execute and deliver the Loan Documents and to incur and perform the obligations
provided for therein, all of which have been duly authorized by all proper and
necessary action of the appropriate governing body of Borrower. No consent or
approval of any public authority or other third party is required as a condition
to the validity of any Loan Document, and Borrower is in compliance with all
laws and regulatory requirements to which it is subject.
C. Binding Agreement. This Agreement and the other Loan Documents
executed by Borrower constitute valid and legally binding obligations of
Borrower, enforceable in accordance with their terms.
D. Litigation. There is no proceeding involving Borrower pending or,
to the knowledge of Borrower, threatened before any court or governmental
authority, agency or arbitration authority, except as disclosed to Bank in
writing and acknowledged by Bank prior to the date of this Agreement.
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E. No Conflicting Agreements. There is no charter, bylaw, stock
provision, partnership agreement or other document pertaining to the
organization, power or authority of Borrower and no provision of any existing
agreement, mortgage, indenture or contract binding on Borrower or affecting its
property, which would conflict with or in any way prevent the execution,
delivery or carrying out of the terms of this Agreement and the other Loan
Documents.
F. Ownership of Assets. Borrower has good title to its assets, and its
assets are free and clear of liens, except those granted to Bank and as
disclosed to Bank in writing prior to the date of this Agreement.
G. Taxes. All taxes and assessments due and payable by Borrower have
been paid or are being contested in good faith by appropriate proceedings and
the Borrower has filed all tax returns which it is required to file.
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H. Financial Statements. The financial statements of Borrower
heretofore delivered to Bank have been prepared in accordance with GAAP applied
on a consistent basis throughout the period involved and fairly present
Borrower's financial condition as of the date or dates thereof, and there has
been no material adverse change in Borrower's financial condition or operations
since March 31, 1999. All factual information famished by Borrower to Bank in
connection with this Agreement and the ither Loan Documents is and will be
accurate and complete on the date as of which such information is delivered to
Bank and is not and will not be incomplete by the omission of any material fact
necessary to make such information not misleading.
I. Place of Business. Borrower's chief executive office is located at
00000 Xxxxx Xxxxxxxx Xxxxx
Xxxxxx Xxxxx, Xxxxxxxx 00000
J. Environmental. The conduct of Borrower's business operations and
the condition of Borrower's property does not and will not violate any federal
laws, rules or ordinances for environmental protection, regulations of the
Environmental Protection Agency, any applicable local or state law, rule,
regulation or rule of common law or any judicial interpretation thereof relating
primarily to the environment or Hazardous Materials.
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K. Continuation of Representations and Warranties. All representations
and warranties made under this Agreement shall be deemed to be made at and as of
the date hereof and at and as of the date of any advance under any Loan.
4. AFFIRMATIVE COVENANTS. Until full payment and performance of all
obligations of Borrower under the Loan Documents, Borrower will, unless Bank
consents otherwise in writing (and without limiting any requirement of any other
Loan Document):
A. Financial Condition. Maintain Borrower's financial condition as
follows, determined in accordance with GAAP applied on a consistent basis
throughout the period involved except to the extent modified by the following
definitions:
Maintain Tangible Net Worth of not less than:
$1,500,000.00 at all times, to be measured quarterly.
B. Financial Statements and Other Information. Maintain a system of
accounting satisfactory to Bank and in accordance with GAAP applied on a
consistent basis throughout the period involved, permit Bank's officers or
authorized representatives to visit and inspect Borrower's books of account and
other records at such reasonable times and as often as Bank may desire, and pay
the reasonable fees and disbursements of any accountants or other agents of Bank
selected by Bank for the foregoing purposes. Unless written notice of another
location is given to Bank, Borrower's books and records will be located at
Borrower's chief executive office set forth above. All financial statements
called for below shall be prepared in form and content acceptable to Bank and by
independent certified public accountants acceptable to Bank.
In addition, Borrower will:
i. Furnish to Bank audited financial statements (SEC filing) of Borrower
for each fiscal year of Borrower, within 120 days after the close of each such
fiscal year.
ii. Furnish to Bank SEC filings of Borrower for each QUARTER of each fiscal
year of Borrower, within 45 days after the close of each such period.
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iii. Furnish to Bank accounts receivable agings, accompanied by a completed
borrowing base certificate for each quarter of Borrower, within 45 days after
the close of each such period.
iv. Furnish to Bank promptly such additional information, reports and
statements respecting the business operations and financial condition of
Borrower, from time to time, as Bank may reasonably request.
C. Insurance. Maintain insurance with responsible insurance companies
on such of its properties, in such amounts and against such risks as is
customarily maintained by similar businesses operating in the same vicinity,
specifically to include fire and extended coverage insurance covering all
assets, business interruption insurance, workers compensation insurance and
liability insurance, all to be with such companies and in such amounts as are
satisfactory to Bank and providing for at least 30 days prior notice to Bank of
any cancellation thereof. Satisfactory evidence of such insurance will be
supplied to Bank prior to funding under the Loan(s) and 30 days prior to each
policy renewal.
D. Existence and Compliance. Maintain its existence, good standing and
qualification to do business, where required and comply with all laws,
regulations and governmental requirements including, without limitation,
environmental laws applicable to it or to any of its property, business
operations and transactions.
E. Adverse Conditions or Events. Promptly advise Bank in writing of
(i) any condition, event or act which comes to its attention that would or might
materially adversely affect Borrower's financial condition or operations or
Bank's rights under the Loan Documents, (ii) any litigation filed by or against
Borrower, (iii) any event that has occurred that would constitute an event of
default under any Loan Documents and (iv) any uninsured or partially uninsured
loss through fire, theft, liability or property damage.
F. Taxes and Other Obligations. Pay all of its taxes, assessments and
other obligations, including, but not limited to taxes, costs or other expenses
arising out of this transaction, as the same become due and payable, except to
the extent the same are being contested in good faith by appropriate proceedings
in a diligent manner.
G. Maintenance. Maintain all of its tangible property in good
condition and repair and make all necessary replacements thereof, and preserve
and maintain all licenses, trademarks, privileges, permits, franchises,
certificates and the like necessary for the operation of its business.
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H. Environmental. Immediately advise Bank in writing of (i) any and
all enforcement, cleanup, remedial, removal, or other governmental or regulatory
actions instituted, completed or threatened pursuant to any applicable federal,
state, or local laws, ordinances or regulations relating to any Hazardous
Materials affecting Borrower's business operations; and (ii) all claims made or
threatened by any third party against Borrower relating to damages,
contribution, cost recovery, compensation, loss or injury resulting from any
Hazardous Materials. Borrower shall immediately notify Bank of any remedial
action taken by Borrower with respect to Borrower's business operations.
Borrower will not use or permit any other party to use any Hazardous Materials
at any of Borrower's places of business or at any other property owned by
Borrower except such materials as are incidental to Borrower's normal course of
business, maintenance and repairs and which are handled in compliance with all
applicable environmental laws. Borrower agrees to permit Bank, its agents,
contractors and employees to enter and inspect any of Borrower's places of
business or any other property of Borrower at any reasonable times upon three
(3) days prior notice for the purposes of conducting an environmental
investigation and audit (including taking physical samples) to insure that
Borrower is complying with this covenant and Borrower shall reimburse Bank on
demand for the costs of any such environmental investigation and audit. Borrower
shall provide Bank, its agents, contractors, employees and representatives with
access to and copies of any and all data and documents relating to or dealing
with any Hazardous Materials used, generated, manufactured, stored or disposed
of by Borrower's business operations within five (5) days of the request
therefore.
I. Advance Rate. The Borrower may borrow, at the Bank's discretion,
amounts equal to fifty percent (50%) of the "Eligible Receivables" of RAWA, BAC,
RAWOW, XXXX, PRAC (collectively, the "A/R Owners") in amounts, up to, but not
exceeding at any one time outstanding, the aggregate amount of the outstanding
commitment on the Line. An "Eligible Receivable" is defined as a receivable with
an age of ninety (90) days or less from the invoice date and not subject to any
cash or noncash offset.
5. NEGATIVE COVENANTS. Until full payment and performance of all
obligations of Borrower under the Loan Documents, Borrower will not, without the
prior written consent of Bank (and without limiting any requirement of any other
Loan Documents):
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A. Transfer of Assets or Control. Sell, lease, assign or otherwise
dispose of or transfer any assets, except in the normal course of its business,
or enter into any merger or consolidation, or transfer control or ownership of
the Borrower or form or acquire any subsidiary.
B. Liens. Grant, suffer or permit any contractual or noncontractual
lien on or security interest in its assets, except in favor of Bank, or fail to
promptly pay when due all lawful claims, whether for labor, materials or
otherwise.
C. Extensions of Credit. Make or permit any subsidiary to make, any
loan or advance to any person or entity, or purchase or otherwise acquire, or
permit any subsidiary to purchase or other wise acquire, any capital stock,
assets, obligations, or other securities of, make any capital contribution to,
or otherwise invest in or acquire any interest in any entity, or participate as
a partner or joint venturer with any person or entity, except for the purchase
of direct obligations of the United States or any agency thereof with maturities
of less than one year.
D. Borrowings. Create, incur, assume or become liable in any manner
for any indebtedness (for borrowed money, deferred payment for the purchase of
assets, lease payments, as surety or guarantor for the debt for another, or
otherwise) other than to Bank, except for normal trade debts incurred in the
ordinary course of Borrower's business, and except for existing indebtedness
disclosed to Bank in writing and acknowledged by Bank prior to the date of this
Agreement.
E. Character of Business. Change the general character of business as
conducted at the date hereof, or engage in any type of business not reasonably
related to its business as presently conducted.
F. Management Change. Make any substantial change in its present
executive or management personnel.
6. DEFAULT. Borrower shall be in default under this Agreement and under
each of the other Loan Documents if:
A. It shall default in the payment of any amounts due and owing under
the Loan or should it fail to timely and properly observe, keep or perform any
term, covenant, agreement or condition in any Loan Document or in any other loan
agreement, promissory note, security agreement, deed of trust, deed to secure
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debt, mortgage, assignment or other contract securing or evidencing payment of
any indebtedness of Borrower to Bank or any affiliate or subsidiary of Bank of
America Corporation.
B. The Collateral Pool falls below $1,000,000.00 at any fiscal
quarter-end.
7. REMEDIES UPON DEFAULT. if an event of default shall occur, Bank shall
have all rights, powers and remedies available under each of the Loan Documents
as well as all rights and remedies available at law or in equity, In the event
the Collateral Pool falls below $1,000,000.00 at any fiscal quarter-end,
Borrower shall immediately provide an updated accounts receivable aging and
borrowing base certificate showing that the Collateral Pool has returned to
$1,000,000. If there are insufficient accounts receivable available, Borrower
shall immediately provide additional collateral in the form of a Bank of America
Certificate of Deposit in an amount sufficient to return the Collateral Pool to
$ 1,000,000.
8. NOTICES. All notices, requests or demands which any party is required or
may desire to give to any other party under any provision of this Agreement must
be in writing delivered to the other party at the following address:
Borrowers: Rent-A-Wreck of America, Inc. (RAWA);
Rent-A-Wreck One Way, Inc. (RAWOW);
Xxxxx American Corporation (BAC;
Rent-A-Wreck Leasing, Inc. (XXXX);
PRICELESS Rent-A-CAR, Inc. (PRAC); AND
Consolidated American Rental Insurance Company,
LTD (XXXX)
00000 Xxxxxxxx Xxxxx
Xxxxxx Xxxxx, Xxxxxxxx 00000
Fax No. 000-000-0000
Bank: Bank of America, N.A.
Attn: Xxxxxxx Xxxxx
00 Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Fax No. 000-000-0000
or to such other address as any party may designate by written notice to the
other party. Each such notice, request and demand shall be deemed given or made
as follows:
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A. If sent by mail, upon the earlier of the date of receipt or five
(5) days after deposit in the U.S. Mail, first class postage prepaid;
B. If sent by any other means, upon delivery.
9. COSTS, EXPENSES AND ATTORNEYS' FEES. Borrower shall pay to Bank
immediately upon demand the full amount of all costs and expenses, including
reasonable attorneys' fees (to include outside counsel fees and all allocated
costs of Bank's in-house counsel if permitted by applicable law), incurred by
Bank in connection with (a) negotiation and preparation of this Agreement and
each of the Loan Documents, and (b) . all other costs and attorneys' fees
incurred by Bank for which Borrower is obligated to reimburse Bank in accordance
with the terms of the Loan Documents.
10. MISCELLANEOUS. Borrower and Bank further covenant and agree as follows,
without limiting any requirement of any other Loan Document:
A. Cumulative Rights and No Waiver. Each and every right granted to
Bank under any Loan Document, or allowed it by law or equity shall be cumulative
of each other and may be exercised in addition to any and all other rights of
Bank, and no delay in exercising any right shall operate as a waiver thereof,
nor shall any single or partial exercise by Bank of any right preclude any other
or future exercise thereof or the exercise of any other right. Borrower
expressly waives any presentment, demand, protest or other notice of any kind,
including but not limited to notice of intent to accelerate and notice of
acceleration. No notice to or demand on Borrower in any case shall, of itself,
entitle Borrower to any other or future notice or demand in similar or other
circumstances.
B. Applicable Law. This Loan Agreement and the rights and obligations
of the parties hereunder shall be governed by and interpreted in accordance with
the laws of Maryland and applicable United States federal law.
C. Amendment. No modification, consent, amendment or waiver of any
provision of this Loan Agreement, nor consent to any departure by Borrower
therefrom, shall be effective unless the same shall be in writing and signed by
an officer of Bank, and then shall be effective only in the specified instance
and for the purpose for which given. This Loan Agreement is binding upon
Borrower, its successors and assigns, and inures to the benefit of Bank, its
successors and assigns; however, no assignment or other transfer of Borrower's
rights or obligations hereunder shall be made or be effective without Bank's
prior written consent, nor shall it relieve Borrower of any obligations
hereunder. There is no third party beneficiary of this Loan Agreement.
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D. Documents. All documents, certificates and other items required
under this Loan Agreement to be executed and/or delivered to Bank shall be in
form and content satisfactory to Bank and its counsel.
E. Partial Invalidity. The unenforceability or invalidity of any
provision of this Loan Agreement shall not affect the enforceability or validity
of any other provision herein and the invalidity or unenforceability of any
provision of any Loan Document to any person or circumstance shall not affect
the enforceability or validity of such provision as it may apply to other
persons or circumstances.
F. Indemnification. Notwithstanding anything to the contrary contained
in Section 10(G), Borrower shall indemnify, defend and hold Bank and its
successors and assigns harmless from and against any and all claims, demands,
suits, losses, damages, assessments, fines, penalties, costs or other expenses
(including reasonable attorneys' fees and court costs) arising from or in any
way related to any of the transactions contemplated hereby, including but not
limited to actual or threatened damage to the environment, agency costs of
investigation, personal injury or death, or property damage, due to a release or
alleged release of Hazardous Materials, arising from Borrower's business
operations, any other property owned by Borrower or in the surface or ground
water arising from Borrower's business operations, or gaseous emissions arising
from Borrower's business operations or any other condition existing or arising
from Borrower's business operations resulting from the use or existence of
Hazardous Materials, whether such claim proves to be true or false. Borrower
further agrees that its indemnity obligations shall include, but are not limited
to, liability for damages resulting from the personal injury or death of an
employee of the Borrower, regardless of whether the Borrower has paid the
employee under the workmen's compensation laws of any state or other similar
federal or state legislation for the protection of employees. The term "property
damage" as used in this paragraph includes, but is not limited to, damage to any
real or personal property of the Borrower, the Bank, and of any third parties.
The Borrower's obligations under this paragraph shall survive the repayment of
the Loan and any deed in lieu of foreclosure or foreclosure of any Deed to
Secure Debt, Deed of Trust, Security Agreement or Mortgage securing the Loan.
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G. Survivability. All covenants, agreements, representations and
warranties made herein or in the other Loan Documents shall survive the making
of the Loan and shall continue in full force and effect so long as the Loan is
outstanding or the obligation of the Bank to make any advances under the Line
shall not have expired.
11. NO ORAL AGREEMENT. THIS WRITTEN LOAN AGREEMENT AND THE OTHER LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed under seal by their duly authorized representatives as of the date
first above written.
BORROWERS: BANK:
Rent-A-Wreck of America, Bank of America, N.A.
By: /s/ (Seal) By: /s/ (Seal)
------------------------------ -------------------------
Name: Xxxxxxx Xxxx Xx. Name: Xxxxxxx Xxxxx
------------------------------
Title: President Title: Vice President
------------------------------
[Corporate Seal]
If the Borrower is a corporation, the signature should be attested by the
Secretary or Assistant Secretary of the corporation and the corporate seal
affixed.
Attest: (Seal)
----------------------------
Name:
------------------------------
Title:
------------------------------
Rent-A-Wreck One Way, Inc.
BY: /s/ (Seal)
------------------------------
Name: Xxxxxxx
------------------------------
Title: President
------------------------------
[Corporate Seal]
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If the Borrower is a corporation, the signature should be attested by the
Secretary or Assistant Secretary of the corporation and the corporate seal
affixed.
Attest: (Seal)
----------------------------
Name:
------------------------------
Title:
------------------------------
Xxxxx American Corporation
By: /s/ (Seal)
------------------------------
Name: Xxxxxxx Xxxx Xx.
------------------------------
Title: President
------------------------------
[Corporate Seal]
If the Borrower is a corporation, the signature should be attested by the
Secretary or Assistant Secretary of the corporation and the corporate seat
affixed.
Attest: (Seal)
----------------------------
Name:
------------------------------
Title:
------------------------------
Rent-A-Wreck Leasing, Inc.
By: /s/ (Seal)
------------------------------
Name: Xxxxxxx Xxxx Xx.
------------------------------
Title: President
------------------------------
[Corporate Seal]
If the Borrower is a corporation, the signature should be attested by the
Secretary or Assistant Secretary of the corporation and the corporate seal
affixed.
Attest: (Seal)
----------------------------
Name:
------------------------------
Title:
------------------------------
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PRICELESS Rent-A-Car, Inc.
By: /s/ (Seal)
------------------------------
Name: Xxxxxxx Xxxx Xx.
------------------------------
Title: President
-----------------------------
[Corporate Seal]
If the Borrower is a corporation, the signature should be attested by the
Secretary or Assistant Secretary of the corporation and the corporate seal
affixed.
Attest: (Seal)
----------------------------
Name:
------------------------------
Title:
------------------------------
Consolidated American Rental Insurance Company, LTD
By: /s/ (Seal)
------------------------------
Name: Xxxxxxx Xxxx Xx.
------------------------------
Title: President
------------------------------
(Corporate Seal]
If the Borrower is a corporation, the signature should be attested by the
Secretary or Assistant Secretary of the corporation and the corporate seal
affixed.
Attest: (Seal)
----------------------------
Name:
------------------------------
Title:
------------------------------
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