Permitted Compact Sale

Permitted Compact Sale. Means the sale of all of the Capital Stock of the Borrower's indirect, Wholly-Owned Subsidiary, Compact Rent A Car Ltd., a corporation organized under the laws of the province of Quebec and engaged in the renting of passenger automobiles and trucks in Quebec ("Compact"), or the sale of all or substantially all of the assets of Compact, so long as the following conditions are satisfied on or prior to the closing of such... sale: (i) the repayment in cash of all obligations of Compact to the Borrower and its Subsidiaries (other than Compact), (ii) the repayment of all Indebtedness incurred by Compact with respect to which the provider or providers of such Indebtedness have recourse against the Borrower or any of its Subsidiaries (other than Compact), whether pursuant to a guaranty or otherwise, and (iii) the entry by Compact (or, in the case -3- of an asset sale, the acquirer of the assets of Compact) into a franchise agreement with Budget Rent-A-Car Corporation having terms similar to other franchise agreements entered into by Budget Rent-A-Car Corporation with other franchisees. View More