| Item 1.01 | Entry into Material Definitive Agreements. |
On April 14, 2022 (the “Closing Date”),
our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $750 million of asset-backed securities with a
maturity of six years, comprised of $540 million aggregate principal amount of Series 2022-1 3.83%, Class A notes, $71.25 million aggregate
principal amount of Series 2022-1 4.30%, Class B notes, $48.75 million aggregate principal amount of Series 2022-1 4.84%, Class C notes
and $90 million aggregate principal amount of Series 2022-1 6.79%, Class D notes. ABRCF also issued $41.25 million aggregate principal
amount of Series 2022-1 7.767%, Class R notes, which are subordinated to the Class A, Class B, Class C and Class D notes and which
were issued to its sole member, AESOP Leasing L.P. The notes were issued under the Series 2022-1 Supplement, dated as of April
14, 2022, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2022-1 Agent, to the Second Amended
and Restated Base Indenture, dated as of June 3, 2004 (as amended, the “Base Indenture”).
Additionally, on April 14, 2022, ABRCF completed
an amendment and renewal of its asset-backed variable-funding financing facilities, which provide a portion of the financing for our
car rental fleet in the United States. This financing is comprised of two facilities, known as the Series 2010-6 Notes and the Series
2015-3 Notes, each consisting of Class A Notes, Class B Notes and Class R Notes, with a maximum available amount of (x) in the case of
the Series 2010-6 Notes, (i) on the Closing Date to but excluding October 31, 2022, $3.4 billion, comprised of $2.98 billion of Class
A Notes, $227.5 million of Class B Notes and $192.45 million of Class R Notes and (ii) on and after October 31, 2022, $2.8 billion, comprised
of $2.5 billion of Class A Notes, $136.5 million of Class B Notes and $158.19 million of Class R Notes and (y) in the case of the Series
2015-3 Notes, (i) on the Closing Date to but excluding October 31, 2022, $342 million, comprised of $300 million of Class A Notes, $22.5
million of Class B Notes and $19.35 million of Class R Notes and (ii) on and after October 31, 2022, $279 million, comprised of $250
million of Class A Notes, $13.5 million of Class B Notes and $15.8 million of Class R Notes, respectively. For each of the Series 2010-6
Notes and the Series 2015-3 Notes, the Class A Notes and the Class R Notes have a two-year term and a maturity date of April 1, 2024
and the Class B Notes have a one-year term and a maturity date of March 31, 2023. The Series 2010-6 Notes are issued under the Fifth
Amended and Restated Series 2010-6 Supplement, dated April 14, 2022, among ABRCF, Avis Budget Car Rental, LLC, as Administrator, JPMorgan
Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the
APA Banks and the Funding Agents named therein, and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2010-6
Agent, to the Base Indenture. The Series 2015-3 Notes are issued under the Third Amended and Restated Series 2015-3 Supplement, dated
April 14, 2022, among ABRCF, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit
Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein, and The Bank
of New York Mellon Trust Company, N.A., as Trustee and as Series 2015-3 Agent, to the Base Indenture.
The notes are secured under the Base Indenture
primarily by vehicles in our domestic fleet and other related assets.
The foregoing summary of the notes is qualified
in its entirety by reference to the full text of the Series 2022-1 Supplement, a copy of which is attached hereto as Exhibit 10.1, the
Fifth Amended and Restated Series 2010-6 Supplement, a copy of which is attached hereto as Exhibit 10.2, and the Third Amended and Restated
Series 2015-3 Supplement, a copy of which is attached hereto as Exhibit 10.3, respectively, and, in each case, which is incorporated by
reference herein.
Certain purchasers of the notes, the trustee
and their respective affiliates have performed, and may in the future perform, various commercial banking, investment banking and other
financial advisory services for us and our subsidiaries for which they have received, and will receive, customary fees and expenses.