Under what conditions will the Budget Guarantee remain in force?

they are satisfied in full or by their nature expire.

BUDGET RENT A CAR SYSTEM, INC.:

EXHIBIT A PERSONAL GUARANTEE

NOW IT IS HEREBY AGREED as follows:

• 1. The Guarantors undertake as a separate and additional obligation under the Guarantee to indemnify Budget against any loss that it incurs as a consequence of the failure, for whatever reason, of the due and punctual performance of the obligations guaranteed in Paragraph 1.
• 1. This Guarantee is a continuing obligation and will remain in force until all (not partial) sums payable by and obligations of Licensee referred to in Paragraph 1 have been irrevocably paid and discharged in full and the Guarantors will have been released in full from this Guarantee in writing executed by a duly authorized officer of Budget.
• 1. The obligations of the Guarantors hereunder will not be affected by any act, omission or circumstances which but for this Guarantee might operate to release or otherwise exonerate the Guarantors from their obligations hereunder or affect such obligations, including, without limitation and whether or not known to the Guarantors, Budget or Licensee:

• (a) Any time, indulgence or concession granted to or with Licensee or any other person; or

• (b) The taking, variation, compromise, renewal or refusal or neglect to perfect or enforce any rights, remedies or securities against or granted by Licensee or any other person; or

• (c) Any variation or extension of the due date for performance of any obligation of Licensee referred to herein, to the extent that the Guarantors' obligations hereunder will apply to such term as varied or in respect of the extended due date; or

• (d) Any irregularity, unenforceability or invalidity of any obligation of Licensee referred to in Paragraph 1 or any present or future law or order of any government or authority purporting to reduce or otherwise affect any such obligation; or

  • (e) The death or insolvency of the Licensee or any Guarantor; or

• (f) Any security held or taken at any time by Budget being void, defective, or informal; or

• (g) Budget entering into any deed of priority or postponement in relation to any security held or taken at any time by Budget; or

• (h) Any modification or addition to, or termination of the obligation of Licensee referred to in Paragraph 1.

• 1. In the event of any liquidation, winding up or similar proceedings in respect of Licensee, the Guarantors will prove all their claims against Licensee in such proceedings and will hold upon trust for Budget the benefit of any such proof and/or monies (if any) received thereunder until all monies now or hereafter owing by Licensee under or by virtue of Licensee's obligations referred to in Paragraph 1 have been paid in full.
• 1. The undersigned agrees that this Guarantee shall be interpreted and construed in accordance with the applicable law and dispute resolution provisions of Article XIV of the Agreement. Article XIV of the Agreement is hereby incorporated by reference herein and "Licensee" shall be deemed to refer to "Guarantor" in such provisions.
• 1. The Guarantors waive, in favor of Budget, all of their rights (whether against Budget, Licensee or any other person) to the extent necessary to give full effect to this Guarantee and will as and when required by Budget, sign or execute all such documents and perform all such things as may be reasonably required by Budget to give effect to this instrument or more satisfactorily assure to Budget any of Budget's rights hereunder.
• 1. Any Guarantor who executes this Guarantee is not released from liability hereunder by reason of this Guarantee ceasing to be binding as a continuing security on any other Guarantor who so executes this instrument, and a demand or other notice by Budget under this Guarantee if given to any one or more of the Guarantors will be deemed to have been given to all the Guarantors.

Source: Item 23 — RECEIPTS (FDD pages 80–426)