Exhibit 10.2

 
FOURTH AMENDMENT
 
This Fourth Amendment, dated as of October 6, 2010 (this “Amendment”), to the
Credit Agreement dated as of April 19, 2006, as amended by the First Amendment
dated as of December 23, 2008, the Second Amendment dated as of March 10, 2010
and the Third Amendment dated as of July 21, 2010  (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., CREDIT AGRICOLE CORPORATE & INVESTMENT BANK NEW YORK BRANCH
(formerly known as CALYON) and CITICORP USA, INC. as documentation agents,
WACHOVIA BANK, NATIONAL ASSOCIATION as co-documentation agent, DEUTSCHE BANK
SECURITIES INC. as syndication agent, JPMORGAN CHASE BANK, N.A., as
administrative agent (in such capacity, the “Administrative Agent”; and together
with the other agents named therein, the “Agents”) and CITIGROUP GLOBAL MARKETS
INC., as arranger of this Amendment (in such capacity, the “Fourth Amendment
Arranger”).
 
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 as amended hereby.
 
2. Amendments to Section 1.1 (Defined Terms).  Section 1.1 of the Credit
Agreement is hereby amended as follows:
 
 (a)           by amending the definition of “Permitted Refinancing” by deleting
all the text preceding the proviso thereto and inserting the following in lieu
thereof:  “any Indebtedness or Capital Stock issued in exchange for, or for the
purpose of applying the net proceeds thereof to extend, refinance, renew,
replace, defease or refund other Indebtedness”; and
 
(b)           by adding the following new definitions in the appropriate
alphabetical order:
 
“Dollar Target”: Dollar Thrifty Automotive Group, Inc.
 
“DTA Acquisition”: the acquisition in accordance with the terms hereof (by
merger or otherwise) by the Borrower or a Subsidiary Guarantor of 100% of the
outstanding Capital Stock of Dollar Target.
 
 “Fourth Amendment”: the Fourth Amendment to this Agreement, dated as of October
6, 2010, among Holdings, Borrower, the Administrative Agent, the Fourth
Amendment Arranger and the Lenders party thereto.
 
 “Fourth Amendment Effective Date”: the date on which all of the conditions set
forth in Section 6 of the Fourth Amendment shall have been satisfied.
 
 
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3. Amendment to Section 7.2 (Indebtedness).   Section 7.2 of the Credit
Agreement is hereby amended by deleting the word “and” at the end of clause (x)
thereof, inserting the word “and” at the end of clause (y) thereof, and
inserting immediately following clause (y) thereof the following new clause (z):
 
“(z)           Indebtedness of the Borrower and its Subsidiaries (including any
Guarantee Obligations in respect thereof) incurred (i) to finance a portion of
the DTA Acquisition or (ii) to refinance any Term Loans (including any
Incremental Term Loans), and any Permitted Refinancing thereof;”
 
4. Amendment to Section 7.3 (Liens).  Section 7.3 of the Credit Agreement is
hereby amended by deleting the word “and” at the end of clause (r) thereof,
inserting the word “and” at the end of clause (s) thereof, and inserting
immediately following clause (s) thereof the following new clause (t):
 
“(t)           Liens on the proceeds of Indebtedness permitted to be incurred by
Section 7.2 in favor of escrow agents, account custodians or similar third party
intermediaries during the period which any such proceeds are held under escrow
or similar contingent release arrangements;”  
 
5. Representations and Warranties.  On and as of the date hereof, the Borrower
hereby confirms, reaffirms and restates 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, and except for any
representation and warranty that is qualified as to “materiality,” “Material
Adverse Effect,” or similar language, in which case the Borrower hereby
confirms, reaffirms and restates that such representations and warranties are
true and correct in all respects.
 
6. Conditions to Effectiveness.  This Amendment shall become effective (the
effective date of this Amendment, the “Fourth Amendment Effective Date”) upon
the receipt by Fourth Amendment Arranger of the following:
 
(i)  counterparts to this Amendment duly executed by Holdings, the Borrower, the
Administrative Agent and the Required Lenders; and
 
(ii)  counterparts to the Guarantee and Collateral Acknowledgement substantially
in the form attached hereto as Exhibit A duly executed by each Loan Party.

7. 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. Upon the effectiveness of the
amendments set forth herein, on and after the Fourth Amendment Effective Date,
each reference in the Credit Agreement to “this Agreement,” “the Agreement,”
“hereunder,” “hereof” or words of like import referring to the Credit Agreement,
and each reference in the other Loan Documents to “Credit Agreement,”
“thereunder,” “thereof” or words of like import referring to the Credit
Agreement, shall mean and be a reference to the Credit Agreement as amended
hereby.
 
8. Affect on Third Amendment.  The amendments contained in Section 2(b) of this
Amendment adding the defined terms “Dollar Target” and “DTA Acquisition” to
Section 1.1 of the Credit Agreement and the amendments contained in Section 3
this Amendment shall be in lieu of the
 
 
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corresponding amendments contained in the Third Amendment (the “Duplicative
Amendments”), which Duplicative Amendments shall be disregarded after the Fourth
Amendment Effective Date.  In the event the amendments to Section 7.3 in the
Third Amendment become effective, the amended subsection references contained
therein shall be modified to take into account the amended subsection references
set forth in Section 4 of this Amendment.
 
9. Expenses.  The Borrower agrees to pay and reimburse the Fourth Amendment
Arranger and 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 Fourth Amendment Arranger and the Administrative
Agent in accordance with the terms in the Credit Agreement (and in the case of
the Fourth Amendment Arranger, to the extent the Administrative Agent would be
paid and reimbursed under the Credit Agreement).
 
10. 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.
 
11. 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 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:
/s/ David B. Wyshner
   
Name:         David B. Wyshner
   
Title:           Executive Vice President and Treasurer
 

 

 

 
AVIS BUDGET CAR RENTAL, LLC
 
 
 
By:
/s/ David B. Wyshner
   
Name:         David B. Wyshner
   
Title:           Executive Vice President and Treasurer
 

 

 
 
 

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CITIGROUP GLOBAL MARKETS INC., as
Fourth Amendment Arranger
 
 
 
By:
/s/ Christopher M. Wood
   
Name:         Christopher M. Wood
   
Title:           Director
 

 

 

 
JPMORGAN CHASE BANK, N.A., as Administrative Agent
 
 
By:
/s/ Mary E. Gherty
   
Name:         Mary E. Gherty
   
Title:           Managing Director
 

 

 
 

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BANK OF AMERICA, N.A. as a Lender
 
 
 
By:
/s/ Brian Lukehart
   
Name:         Brian Lukehart
   
Title:           VP, Corporate Debt Products
 

 

 
 
 

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THE BANK OF NOVA SCOTIA, as a Lender
 
 
 
By:
/s/ Todd Meller
   
Name:         Todd Meller
   
Title:           Managing Director
 

 
 

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CITIBANK N.A., as a Lender
 
 
 
By:
/s/ Justin S. Tichauer
   
Name:         Justin S. Tichauer
   
Title:           Vice President
 

 
 
 

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Crédit Agricole Corporate & Investment Bank, as a Lender
 
 
 
By:
/s/ Michael Madnick
   
Name:         Michael Madnick
   
Title:           Managing Director
 

 
 

 
 
 
By:
/s/ Yuri Muzichenko
   
Name:         Yuri Muzichenko
   
Title:           Director
 

 
 

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DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
 
 
 
By:
/s/ Scottye Lindsey
   
Name:         Scottye Lindsey
   
Title:           Director
 

     
By:
/s/ Erin Morrissey
   
Name:         Erin Morrissey
   
Title:           Vice President
 

 

 
 

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JPMORGAN CHASE BANK, N.A., as a Lender
 
 
 
By:
/s/ Mary E. Gherty
   
Name:         Mary E. Gherty
   
Title:           Managing Director
 

 

 
 
 

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THE ROYAL BANK OF SCOTLAND PLC, as a Lender
 
 
By:
/s/ James Welch
   
Name:         James Welch
   
Title:           Senior Vice President
 

 
 
 

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Wells Fargo Bank, N.A., successor-by-merger to Wachovia Bank, National
Association, as a Lender
 
 
By:
/s/ Ronald F. Bentien, Jr.
   
Name:         Ronald F. Bentien, Jr.
   
Title:           Director