| Item 1.01 | Entry into a Material Definitive Agreement. |
On July 21, 2022 (the “Closing Date”), our Avis Budget
Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $396 million of asset-backed securities with a maturity of three
years, comprised of $321.75 million aggregate principal amount of Series 2022-3 4.62%, Class A notes, $45 million aggregate principal
amount of Series 2022-3 5.31%, Class B notes and $29.25 million aggregate principal amount of Series 2022-3 6.48%, Class C notes. Additionally, ABRCF will retain $54 million aggregate
principal amount of Series 2022-3 8.42%, Class D notes, which may be issued on a future date. The Class D notes are subordinated to the
Class A notes, Class B notes and Class C notes. ABRCF also issued $24.75 million aggregate principal amount of Series 2022-3 9.381%, Class
R notes, which are subordinated to the Class A notes, the Class B notes, the Class C notes and the Class D notes and were issued to comply
with applicable U.S. risk retention rules. The Class R notes are held by our AESOP Leasing L.P. subsidiary. The notes were issued under
the Series 2022-3 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee
and Series 2022-3 Agent (the “Series 2022-3 Supplement”), to the Second Amended and Restated Base Indenture, dated as of June 3,
2004 (as amended, the “Base Indenture”).
On the Closing Date, ABRCF also issued $374 million of asset-backed
securities with a maturity of five years, comprised of $303.75 million aggregate principal amount of Series 2022-4 4.77%, Class A notes,
$42.5 million aggregate principal amount of Series 2022-4 5.46%, Class B notes and $27.625 million aggregate principal amount of Series
2022-4 6.68%, Class C notes. Additionally, ABRCF will retain $51 million aggregate principal amount of Series 2022-4 8.61%, Class D notes,
which may be issued on a future date. The Class D notes are subordinated to the Class A notes, Class B notes and Class C notes. ABRCF
also issued $23.4 million aggregate principal amount of Series 2022-4 9.585%, Class R notes, which are subordinated to the Class A notes,
the Class B notes, the Class C notes and the Class D notes and were issued to comply with applicable U.S. risk retention rules. The Class
R notes are held by our AESOP Leasing L.P. subsidiary. The notes were issued under the Series 2022-4 Supplement, dated as of the Closing
Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2022-4 Agent (the “Series 2022-4
Supplement”), to the Base Indenture.
On the Closing Date and subsequent to the closing of the issuances
of the Series 2022-3 notes and the Series 2022-4 notes, ABRCF irrevocably reduced to zero the commitment amounts available under the
Series 2022-2 Supplement, dated as of June 7, 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 2022-2 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 2022-3 Supplement, a copy of which is attached hereto as Exhibit 10.1 and the Series 2022-4 Supplement, a copy of which
is attached hereto as Exhibit 10.2, 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.