| Item 1.01 | Entry into Material Definitive Agreements. |
On March 30, 2023 (the “Closing Date”),
our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“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 November 1, 2023, $3.56 billion, comprised of $3.13 billion of Class A Notes, $227.5 million of Class B Notes and $201.45 million
of Class R Notes and (ii) on and after November 1, 2023, $2.93 billion, comprised of $2.63 billion of Class A Notes, $136.5 million of
Class B Notes and $170 million of Class R Notes and (y) in the case of the Series 2015-3 Notes, (i) on the Closing Date to but excluding
November 1, 2023, $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 November 1, 2023, $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 March 31, 2025 and the Class B Notes have a one-year term and a maturity
date of April 1, 2024. The Series 2010-6 Notes are issued under the First Amendment to the Fifth Amended and Restated Series 2010-6 Supplement,
dated March 30, 2023, 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 Second Amended and Restated Base Indenture,
dated as of June 3, 2004 (as amended, the “Base Indenture”). The Series 2015-3 Notes are issued under the First Amendment
to the Third Amended and Restated Series 2015-3 Supplement, dated March 30, 2023, 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 First Amendment to the Fifth Amended and Restated Series 2010-6 Supplement, a copy
of which is attached hereto as Exhibit 10.1, and the First Amendment to the Third Amended and Restated Series 2015-3 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.