FORM OF FIRST AMENDMENT
EXHIBIT
99.2
FORM
OF FIRST AMENDMENT
This
First Amendment, dated as of December , 2008 (this
“Amendment”), to the Credit Agreement, dated as of April 19, 2006 (the
“Credit Agreement”) among AVIS BUDGET HOLDINGS, LLC (“Holdings”),
AVIS BUDGET CAR RENTAL, LLC (the “Borrower”), the subsidiary borrowers
from time to time parties thereto, the several lenders from time to time parties
thereto (the “Lenders”), BANK OF AMERICA, N.A., CALYON NEW YORK BRANCH
and CITICORP USA, INC. as documentation agents, WACHOVIA BANK, NATIONAL
ASSOCIATION as co-documentation agent, DEUTSCHE BANK SECURITIES INC. as
syndication agent and JPMORGAN CHASE BANK, N.A., as administrative agent (the
“Administrative Agent”; and together with the other agents named therein,
the “Agents”).
W
I T
N E S S E T H:
WHEREAS,
Holdings, the Borrower, the Lenders and the Agents are parties to the Credit
Agreement;
WHEREAS,
the Borrower has requested that the Lenders amend certain terms in the Credit
Agreement in the manner provided for herein; and
WHEREAS,
the Administrative Agent and the Lenders are willing to agree to the requested
amendments subject to the provisions of this Amendment;
NOW,
THEREFORE, in consideration of the premises contained herein, the parties hereto
agree as follows:
1. Defined
Terms. Unless otherwise defined herein, capitalized terms are
used herein as defined in the Credit Agreement.
2. Amendments
to Section 1.1 (Defined Terms). Section 1.1 of the Credit
Agreement is hereby amended as follows:
(a) by
deleting the definition of “ABR” in its entirety and inserting in lieu thereof
the following new definition:
“ABR”: for
any day, a rate per annum (rounded upwards, if necessary, to the next 1/16
of
1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b)(i)
the Federal Funds Effective Rate in effect on such day plus (ii) ½ of 1%
and (c)(i) the Eurocurrency Rate for a one month interest period in effect
on
such day (or if such day is not a Business Day, the immediately preceding
Business Day) plus (ii) 1%. For purposes
hereof: (1) “Prime Rate” shall mean the rate of interest per
annum publicly announced from time to time by JPMorgan Chase Bank as its prime
rate in effect at its principal office in New York City (the Prime Rate not
being intended to be the lowest rate of interest charged by JPMorgan Chase
Bank
in connection with extensions of credit to debtors) and (2) the Eurocurrency
Rate for any day shall be based on the rate for deposits in Dollars appearing
on
the Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page
of
such page) at approximately 11:00 a.m. London time on such day. Any
change in the ABR due to a change in the Prime Rate, the Federal Funds Effective
Rate or the Eurocurrency Rate shall be effective as of the opening of business
on the effective day of such change in the Prime Rate, the Federal Funds
Effective Rate or the Eurocurrency Rate, respectively.
(b) by
deleting the definition of “AESOP Financing Program” in its entirety and
inserting in lieu thereof the following new definition:
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“AESOP
Financing Program”: the transactions contemplated by the AESOP
Base Indenture, as it may be from time to time further amended, supplemented
or
modified, and the instruments and agreements referenced therein and otherwise
executed in connection therewith, and any successor program.
(c) by
deleting the definition of “Applicable Margin” in its entirety and inserting in
lieu thereof the following new definition:
“Applicable
Margin”: (a) with respect to Term Loans, (i) 2.75% in the case of ABR Loans
and (ii) 3.75% in the case of Eurocurrency Loans and (b) with respect to
Revolving Loans and Swingline Loans, (i) 3.00% in the case of ABR Loans and
(ii)
4.00% in the case of Eurocurrency Loans.
(d) by
deleting “25,000,000” in the definition of “Asset Sale” and inserting in lieu
thereof “10,000,000”;
(e) by
deleting the text from the definition of “Commitment Fee Rate” in its entirety
and inserting in lieu thereof “0.50%”;
(f) by
amending the definition of “Consolidated EBITDA” as follows:
(i) by
deleting “and” following subclause (e), deleting subclause (f) thereof in its
entirety and inserting in lieu thereof the following new subclauses (f), (g)
and
(h):
“,
(f)(i)
separation, integration, restructuring and severance cash items and (ii) other
extraordinary, unusual or non-recurring cash items, in the case of each of
(i)
and (ii) in an aggregate amount not to exceed $50,000,000 for any period
plus, in the case of any period including the fiscal quarter ended (A)
March 31, 2008, $483,000, (B) June 30, 2008, $786,000 and (C) September 30,
2008, $11,097,000, (g) other unusual or non-recurring non-cash expenses or
losses, including fees, expenses and charges associated with the transactions
contemplated by the Separation Agreement, and (h) unrealized losses from
interest rate, foreign exchange and gasoline Swap Agreements, in the case of
each of (a)-(h) above, to the extent such items are reflected as a charge in
the
calculation of Consolidated Net Income for such period,” and
(ii) by
deleting subclauses (i) and (ii) thereof in their entirety and inserting in
lieu
thereof the following new subclauses (i) and (ii):
“(i)(A)
any non-recurring gains (losses) on business unit dispositions outside the
ordinary course of business and (B) any unusual or non-recurring non-cash
income, in the case of each of (A) and (B) above, to the extent such items
are
reflected as income (losses) in the calculation of Consolidated Net Income
for
such period and (ii) any cash payments made during such period in respect of
items described in clause (g) and (h) above subsequent to the fiscal quarter
in
which the relevant non-cash expenses or non-cash or unrealized losses were
reflected as a charge in the calculation of Consolidated Net Income, all as
determined on a consolidated basis in accordance with GAAP.”
(g) by
deleting the text in subclause (iv) of “Consolidated Net Income” thereof in its
entirety and inserting in lieu thereof the following:
“(iv)
any
extraordinary or unusual pretax non-cash losses.”
(h) by
deleting the definition of “Guarantee and Collateral Agreement” and inserting in
lieu thereof the following new definition:
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“Guarantee
and Collateral Agreement”: the Amended and Restated Guarantee and
Collateral Agreement, dated as of the First Amendment Effective Date, as
amended, modified or supplemented from time to time.
(i) by
deleting “25,000,000” in the definition of “Recovery Event” and inserting in
lieu thereof “10,000,000”;
(j) by
deleting the definition of “Reinvestment Event” in its entirety and inserting in
lieu thereof the following new definition:
“Reinvestment
Event”: any (a) Asset Sale that yields gross proceeds to any Loan
Party (valued at the initial principal amount thereof in the case of non-cash
proceeds consisting of notes or other debt securities and valued at fair market
value in the case of other non-cash proceeds) in excess of $10,000,000, but
less
than $25,000,000, or (b) Recovery Event resulting in a settlement or payment
in
a principal amount in excess of $10,000,000, but less than $25,000,000, in
each
case in respect of which the Borrower has delivered a Reinvestment
Notice.
(k) by
inserting “the Mortgages” after “Guarantee and Collateral Agreement,” in the
definition of “Security Documents”;
(l) by
adding the following new definitions in the appropriate alphabetical
order:
“AESOP
Base Indenture”: the Second Amended and Restated Base Indenture,
dated as of June 3, 2004, between the AESOP Issuer and the AESOP Trustee, as
amended, modified or supplemented from time to time.
“AESOP
Issuer”: Avis Budget Rental Car Funding (AESOP) LLC.
“AESOP
(Permanent) Variable Funding Facility”: The Amended and Restated
Series 2002-2 Supplement, dated as of November 22, 2002, among the AESOP Issuer,
the Borrower, as administrator, JPMorgan Chase Bank, N.A., as administrative
agent, the several commercial paper conduits and other financial institutions
party thereto, and the AESOP Trustee, as amended, modified or supplemented
from
time to time.
“AESOP
(Seasonal) Variable Funding Facility”: The Series 2008-1
Supplement, dated as of February 15, 2008, among the AESOP Issuer, the Borrower,
as administrator, JPMorgan Chase Bank, N.A., as administrative agent, the
several commercial paper conduits and other financial institutions party
thereto, and the Trustee, as amended, modified or supplemented from time to
time.
“AESOP
Trustee”: The Bank of New York Mellon Trust Company, N.A., in its
capacity as Trustee under the AESOP Base Indenture.
“AESOP
Variable Funding Facilities”: the AESOP (Permanent) Variable
Funding Facility and the AESOP (Seasonal) Variable Funding
Facility.
“Fleet
Financing Forecast”: the Borrower’s annual forecast of financing
needs for its domestic rental car rental fleet (including detailed sources
and
uses), substantially in the form set forth in Section 1 of Annex A.
“First
Amendment Effective Date”: December ,
2008.
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“Mortgaged
Properties”: the real properties listed on Schedule 1.1F, as to
which the Administrative Agent for the benefit of the Lenders shall be granted
a
Lien pursuant to the Mortgages.
“Mortgages”: each
of the mortgages and deeds of trust made by any Loan Party in favor of, or
for
the benefit of, the Administrative Agent for the benefit of the Lenders,
substantially in the form of Exhibit H (with such changes thereto as the
Administrative Agent may approve or as shall be advisable under the law of
the
jurisdiction in which such mortgage or deed of trust is to be
recorded).
“Revolving
Loan Sublimit”: $275,000,000.
(m) by
deleting the following definitions in their entirety: “Consolidated
Interest Coverage Ratio”, “Consolidated Interest Expense”, “Permitted
Acquisition” and “Pricing Grid”.
3. Amendment
to Section 2.4 (Revolving Commitment). Section 2.4 of the Credit
Agreement is hereby amended by inserting “(x) does not exceed the amount of such
Lender’s Revolving Percentage of the Revolving Loan Sublimit and (y)” after “at
any time outstanding which,”.
4. Amendment
to Section 2.6 (Swingline Commitment). Section 2.6 of the Credit
Agreement is hereby amended by inserting “(x) the aggregate principal amount of
Swingline Loans and Revolving Loans then outstanding would exceed the Revolving
Loan Sublimit or (y)” after “after giving effect to the making of such Swingline
Loan,”.
5. Amendments
to Section 2.11 (Mandatory Prepayments). Section 2.11 of the
Credit Agreement is hereby amended as follows:
(a) by
deleting “75%” in clauses (a) and (b) thereof and inserting in lieu thereof
“100%”; and
(b) by
deleting clause (d) thereof in its entirety.
6. Amendment
to Section 4.17 (Security Documents). Section 4.17 of the Credit
Agreement is hereby amended by redesignating the text of existing Section 4.17
clause (a) thereof and inserting the following new clause (b):
“(b) When
executed, each of the Mortgages will be effective to create in favor of the
Administrative Agent, for the benefit of the Lenders, a legal, valid and
enforceable Lien on the Mortgaged Properties described therein and proceeds
thereof, and when the Mortgages are accepted for recording in the applicable
recording offices, each such Mortgage shall constitute a fully perfected Lien
on, and security interest in, all right, title and interest of the Loan Parties
in the Mortgaged Properties and the proceeds thereof, as security for the
Obligations (as defined in the relevant Mortgage), in each case prior and
superior in right to any other Person (except for any Permitted Lien other
than
Liens securing Indebtedness). Schedule 1.1F lists, as of the First
Amendment Effective Date, each parcel of owned real property and each leasehold
interest in real property located in the United States and held by the Borrower
or any of its Subsidiaries that has a value, in the reasonable opinion of the
Borrower, in excess of $400,000.”
7. Amendment
to Section 5.2 (Conditions to Each Extension of
Credit). Section 5.2 of the Credit Agreement is hereby
amended as follows:
(a) by
relettering existing clause (c) as new clause (d);
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(b) by
inserting the following new clause (c):
“(c) No
Excess Proceeds. The amount of any extension of credit, after
giving effect to the application of proceeds thereof, shall not exceed the
reasonable working capital needs of the Borrower and its Subsidiaries by a
material amount.”; and
(c) by
inserting the following at the end of Section 5.2:
“In
addition, so long as there are any borrowings outstanding under the AESOP
Variable Funding Facilities, each Application for issuance of a Letter
of Credit on behalf of the Borrower or any Subsidiary Borrower, the beneficiary
of which is Avis Budget Rental Car Funding (AESOP) LLC, hereunder shall
constitute a representation and warranty by the Borrower, or such Subsidiary
Borrower, as applicable, as of the date of such Application that the
aggregate balance of cash and Cash Equivalents (in each case that are not
restricted) on the balance sheets of AESOP Leasing LP or Avis Budget Rental
Car
Funding (AESOP) LLC did not exceed $50,000,000 (excluding any cash or Cash
Equivalents pledged as collateral for any AESOP Indebtedness) for all of
the seven consecutive Business Days preceding the date of
such Application.”
8. Amendments
to Section 6.2 (Certificates; Other
Information). Section 6.2 of the Credit Agreement is hereby
amended as follows:
(a) by
inserting “(which shall include the Fleet Financing Forecast for such fiscal
year)” after “for the following fiscal year” in clause (c) thereof;
(b) by
deleting “and” following clause (c);
(c) by
relettering existing clause (d) as new clause (f); and
(d) by
inserting the following new clauses (d) and (e):
“(d) as
soon as available, but in any event not later than five Business Days after
the
end of each calendar month, (i) a weekly forecast of the Borrower’s cash
position and cash-flows for the following 13-week period, (ii) a financial
report setting forth in comparative detail the Borrower’s weekly cash position
for such calendar month against the forecast delivered pursuant to subclause
(i)
above for such calendar month, in each case, substantially in the form set
forth
in Section 2 of Annex A, it being understood that (1) the financial forecasts
provided pursuant to this Section 6.2(d) will be subject to quarterly and
year-end adjustments and (2) any such financial forecast as it relates to future
events is not to be viewed as fact and that actual results during the period
or
periods covered by such financial forecast may differ from such information
by a
material amount;
(e) as
soon as available, but in any event not later than ten Business Days after
the
end of each calendar month, a financial report setting forth in comparative
detail the Borrower’s financial performance and liquidity for such calendar
month (including rental car financing activity) against the projected
performance and liquidity for such calendar month contained in the consolidated
budget for the fiscal year (including the Fleet Financing Forecast, it being
understood that the financial performance information provided pursuant to
this
Section 6.2(e) will be subject to quarterly and year-end adjustments),
substantially in the form set forth in Section 2 of Annex A; and”
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9. Amendments
to Section 6.9 (Additional Collateral, etc.). Section 6.9 of the
Credit Agreement is hereby amended by inserting the following new clause
(d):
“(d) With
respect to any fee interest or leasehold interest in any real property having
a
value (together with improvements thereof) of at least $400,000 acquired after
the Closing Date by any Group Member (other than (x) any such real property
subject to a Lien expressly permitted by Section 7.3(h) and (y) real property
acquired by any Excluded Subsidiary or Foreign Subsidiary), promptly (i) execute
and deliver a first priority Mortgage, in favor of the Administrative Agent,
for
the benefit of the Lenders, covering such real property; provided that
the obligation to deliver a Mortgage covering any leasehold property shall
be
limited to the use by the applicable Group Member of its commercially reasonable
efforts to obtain any necessary landlord consents or waivers and (ii) in the
case of any real property with a value of $5,000,000 or more, if requested
by
the Administrative Agent (x) provide the Lenders with title and extended
coverage insurance covering such real property in an amount at least equal
to
the purchase price of such real property (or such other amount as shall be
reasonably specified by the Administrative Agent) and (y) deliver to the
Administrative Agent legal opinions relating to the matters described above,
which opinions shall be in form and substance, and from counsel, reasonably
satisfactory to the Administrative Agent.”
10. New
Section 6.10 (Post-First Amendment Actions). Section 6 of the
Credit Agreement is hereby amended by inserting the following new Section
6.10:
“6.10 Post-First
Amendment Actions. Within the time period described on Schedule
6.10 with respect to each action listed on such Schedule, or such later date
as
the Administrative Agent shall agree in its discretion from time to time, the
actions listed on Schedule 6.10 shall be completed.”
11. Amendments
to Section 7.1 (Financial Condition Covenants). Section 7.1 of
the Credit Agreement is hereby amended by deleting it in its entirety and
inserting in lieu thereof the following new Section 7.1:
“7.1 Financial
Condition Covenants.
(a) Consolidated
Leverage Ratio. Permit the Consolidated Leverage Ratio as at the
last day of any period of four consecutive fiscal quarters of the Borrower
ending with any fiscal quarter set forth below (commencing with the fiscal
quarter ending June 30, 2010) to exceed the ratio set forth below opposite
such
fiscal quarter:
Fiscal
Quarter
|
Consolidated
Leverage
Ratio
|
June
30, 2010
|
5.25
to 1.00
|
June
30, 2011 and thereafter
|
4.75
to 1.00
|
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(b) Consolidated
EBITDA. Permit Consolidated EBITDA as at the last day of any
period of four consecutive fiscal quarters of the Borrower ending with any
fiscal quarter set forth below (commencing with the fiscal quarter ending
December 31, 2008), to be less than the amount set forth below opposite such
fiscal quarter:
Fiscal
Quarter
|
Consolidated
EBITDA
|
December
31, 2008
|
$160,000,000
|
March
31, 2009
|
$135,000,000
|
June
30, 2009
|
$95,000,000
|
September
30, 2009
|
$80,000,000
|
December
31, 2009
|
$155,000,000
|
March
31, 2010
|
$175,000,000
|
”
12. Amendments
to Section 7.2 (Indebtedness). Section 7.2 of the Credit Agreement is hereby
amended as follows:
(a) by
deleting “$100,000,000” in clause (g) thereof and inserting in lieu thereof
“$40,000,000”;
(b) by
inserting the following proviso at the end of clause (i) thereof:
“;
provided that each guarantor under the Senior Unsecured Notes or any
Permitted Refinancing thereof shall be a guarantor of the Obligations pursuant
to the Guarantee and Collateral Agreement or such other agreement as the
Administrative Agent may approve in its reasonable discretion”;
(c) by
deleting existing clause (l) thereof in its entirety and inserting in lieu
thereof the following new clause (l):
“(l) Recourse
Vehicle Indebtedness in an aggregate principal amount, together with any
principal amounts permitted under clause (m) of this Section 7.2, not to exceed
(i) $100,000,000 plus (ii) $200,000,000, in each case at any one time
outstanding; provided that any Indebtedness incurred or issued under
subclause (ii) of this Section 7.2(l) shall be (x) on terms and conditions
reasonably acceptable to the Administrative Agent and (y) accompanied by a
permanent reduction of the Indebtedness outstanding under the AESOP Variable
Funding Facilities (with any such reduction applied ratably between the AESOP
Variable Funding Facilities) equal to 50% of the amount of Recourse Vehicle
Indebtedness incurred or issued under such subclause (ii);”;
(d) by
deleting existing clause (m) thereof in its entirety and inserting in lieu
thereto the following new clause (m):
“(m) Indebtedness
incurred in connection with any acquisition by the Borrower or any of its
Subsidiaries of vehicles directly from a manufacturer pursuant to such
manufacturer’s repurchase program in an aggregate principal amount, together
with any principal amounts permitted under clause (l) of this Section 7.2,
not
to exceed (i) $100,000,000 plus (ii) $200,000,000, in each case at any
one time outstanding; provided that (x) such Indebtedness is not greater
than the net book value of such vehicles and (y) such vehicles could not be
financed under the AESOP Financing Program; providedfurther that
any Indebtedness incurred or issued under subclause (ii) of this Section 7.2(m)
shall be (1) on terms and conditions reasonably acceptable to the Administrative
Agent and (2) accompanied by a permanent reduction of the Indebtedness
outstanding under the AESOP Variable Funding Facilities (with any such reduction
applied ratably between the AESOP Variable Funding Facilities) equal to 50%
of
the amount of Indebtedness incurred or issued under such subclause
(ii);”;
(e) by
deleting existing clause (q) thereof in its entirety and inserting in lieu
thereof the following new clause (q):
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“(q) Indebtedness
of any Foreign Subsidiary, Excluded Subsidiary or Securitization Entity to
the
Borrower or any Subsidiary Guarantor in an aggregate principal amount, together
with any amounts permitted under clauses (t) and (w) of this Section 7.2, not
to
exceed (i) $50,000,000 at any one time outstanding;”;
(f) by
deleting existing clause (t) thereof in its entirety and inserting in lieu
thereof the following new clause (t):
“(t) Indebtedness
of any Foreign Subsidiary in an aggregate principal amount, together with any
amounts permitted under clauses (q) and (w) of this Section 7.2, not to exceed
(i) $50,000,000 at any one time outstanding;”; and
(g) by
deleting existing clause (w) thereof in its entirety and inserting in lieu
thereof the following new clause (w):
“(w) additional
Indebtedness of the Borrower or any of its Subsidiaries in an aggregate
principal amount, together with any amounts permitted under clauses (q) and
(t)
of this Section 7.2, not to exceed (i) $50,000,000 at any one time outstanding;
and”
13. Amendment
to Section 7.6 (Restricted Payments). Section 7.6 of the Credit
Agreement is hereby amended as follows:
(a) by
deleting “(i)” from clause (d) thereof;
(b) by
deleting “and” after “Tax Sharing Agreement”; and
(c) by
deleting subclause (ii) thereof in its entirety.
14. Amendments
to Section 7.7 (Investments). Section 7.7 of the Credit Agreement
is hereby amended as follows:
(a) by
inserting at the end of clause (d) thereof “in an aggregate amount not to exceed
$500,000 in any fiscal year”;
(b) by
deleting clause (g) thereof in its entirety and inserting in lieu thereof the
following new clause (g):
“(g)
intercompany Investments by the Borrower or any Subsidiary Guarantor in any
Securitization Entity made in the ordinary course of business or to satisfy
the
general financing needs of such Securitization Entity;”;
(c) by
deleting “Foreign Subsidiary, Excluded Subsidiary or Securitization Entity” and
inserting in lieu thereof “Foreign Subsidiary or Excluded Subsidiary” in clause
(h) thereof;
(d) by
deleting the text of clause (l) thereof in its entirety and inserting
“[reserved]” in lieu thereof; and
(e) by
deleting “$200,000,000” in clause (m) thereof and inserting in lieu thereof
“$25,000,000”.
15. Amendment
to Section 7.8 (Optional Payments and Modifications of Certain
Agreements). Section 7.8 of the Credit Agreement is hereby
amended by deleting “(i)”, deleting “or” after “Permitted Refinancing” and
deleting subclause (ii) in its entirety from the proviso to clause
(a).
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16. Amendment
to Section 8 (Events of Default). Section 8 of the Credit Agreement is
hereby amended by replacing “guarantee” with “guarantees” and by inserting “and Section 3” after “Section 2” in clause (j)
thereof.
17. New
Annex and Schedules to the Credit Agreement. The Credit Agreement
is hereby amended as follows:
(a) by
adding new Annex A (Form of Fleet Financing Forecast; Form of Monthly Reports)
attached hereto as Exhibit 1;
(b) by
adding new Exhibit H (Form of Mortgage) attached hereto as Exhibit
2;
(c) by
adding Schedule 1.1F (Mortgaged Properties) attached hereto as Exhibit 3 B;
and
(d) by
adding Schedule 6.10 (Post-First Amendment Actions) attached hereto as Exhibit
4.
18. Reduction
of the Revolving Commitments. As of the First Amendment Effective
Date, the aggregate amount of the Revolving Commitments (including any Revolving
Commitments designated to be made available for Revolving Extensions of Credit
under any New Local Facility) shall be reduced to $1,150,000,000 in accordance
with Section 2.9 of the Credit Agreement (it being understood than no further
notice, as required under Section 2.9 of the Credit Agreement, shall be required
to be delivered).
19. Representations
and Warranties. On and as of the date hereof, after giving effect
to this Amendment, the Borrower hereby confirms that the representations and
warranties set forth in Section 4 of the Credit Agreement are true and correct
in all material respects except to the extent that such representations and
warranties expressly relate solely to a specific earlier date.
20. Effectiveness
of Amendment. This Amendment shall become effective as upon the
receipt by the Administrative Agent of the following:
(a) counterparts
to this Amendment duly executed by Holdings, the Borrower and the Required
Lenders;
(b) counterparts
to the Amended and Restated Guarantee and Collateral Agreement, in form and
substance reasonably satisfactory to the Administrative Agent, duly executed
by
Holdings, the Borrower and each of the other Loan Parties;
(c) an
amendment fee for the account of each Lender consenting to this Amendment by
5:00 P.M. (New York City time) on December 30, 2008, in an amount equal to
1.00%
of the sum of each such Lender’s Revolving Commitment and outstanding Term
Loans;
(d) all
amounts required to be repaid as a result of the reduction of the Revolving
Commitments pursuant to Section 15 of this Amendment; and
(e) all
other fees required to be paid, and all expenses for which invoices have been
presented (including the reasonable fees and expenses of legal
counsel).
21. Continuing
Effect; No Other Amendments or Consents. Except as expressly
provided herein, all of the terms and provisions of the Credit Agreement are
and
shall remain in full force and effect. The amendments provided for
herein are limited to the specific subsections of the Credit Agreement specified
herein and shall not constitute a consent, waiver or amendment of, or an
indication of the Administrative Agent’s or the Lenders’ willingness to consent
to any action requiring consent under any other provisions of the Credit
Agreement or the same subsection for any other date or time period.
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22. Expenses. The
Borrower agrees to pay and reimburse the Administrative Agent for all its
reasonable costs and out-of-pocket expenses incurred in connection with the
preparation and delivery of this Amendment, including, without limitation,
the
reasonable fees and disbursements of counsel to the Administrative
Agent.
23. Counterparts. This
Amendment may be executed in any number of counterparts by the parties hereto
(including by facsimile and electronic (e.g. “.pdf”, or “.tif”) transmission),
each of which counterparts when so executed shall be an original, but all the
counterparts shall together constitute one and the same instrument.
24. GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
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IN
WITNESS WHEREOF, the parties have caused this First Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.
AVIS
BUDGET HOLDINGS, LLC
By:
Name:
Title:
AVIS
BUDGET CAR RENTAL, LLC
By:
Name:
Title:
JPMORGAN
CHASE BANK, N.A., as Administrative Agent and as a Lender
By:
Name:
Title:
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[INSERT
LENDER NAME], as a Lender
By:
Name:
Title:
12