EXHIBIT 10.1

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FIFTH AMENDMENT

Dated as of February 15, 2013

to

 
AMENDED AND RESTATED CREDIT AGREEMENT
 
among
 
AVIS BUDGET HOLDINGS, LLC,
 
AVIS BUDGET CAR RENTAL, LLC,
as Borrower,
 
The Subsidiary Borrowers from Time to Time Parties Hereto,
 
The Several Lenders from Time to Time Parties Hereto,
 
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
 
DEUTSCHE BANK SECURITIES INC.,
as Syndication Agent,
 
BANK OF AMERICA, N.A.,
BARCLAYS BANK PLC,
CITICORP USA, INC,
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

and

THE ROYAL BANK OF SCOTLAND PLC,

as Co - Documentation Agents,

Dated as of May 3, 2011
 

J.P. MORGAN SECURITIES LLC

as Sole Lead Arranger and Bookrunner
 
 

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FIFTH AMENDMENT
 
This Fifth Amendment, dated as of February 15, 2013 (this “Amendment”), to the
Amended and Restated Credit Agreement dated as of May 3, 2011 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”),
among others, AVIS BUDGET HOLDINGS, LLC (“Holdings”), AVIS BUDGET CAR RENTAL,
LLC (the “Borrower”), the subsidiary borrowers from time to time parties
thereto, 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 the several lenders from time to time parties thereto (the
“Lenders”).  J.P. MORGAN SECURITIES LLC is acting as sole lead arranger and
bookrunner in connection with this Amendment.
 
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, and the Borrower has requested that the Credit Agreement be
amended as set forth herein;
 
WHEREAS, as permitted by Section 10.1 of the Credit Agreement, the Required
Lenders and the Administrative Agent are willing to agree to this Amendment upon
the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises contained herein, the parties
hereto agree as follows:
 
SECTION 1. Defined Terms.  Unless otherwise defined herein, capitalized terms
are used herein as defined in the Credit Agreement as amended hereby.
 
SECTION 2. Amendments to Section 1 (Defined Terms).  Section 1.1 of the Credit
Agreement is hereby amended by:
 
(a)  
adding the following new definitions in the appropriate alphabetical order:

 
“Fifth Amendment”:  the Fifth Amendment to this Agreement, dated as of the Fifth
Amendment Effective Date.

“Fifth Amendment Effective Date”:  the “Fifth Amendment Effective Date”, as
defined in the Fifth Amendment, which date is February 15, 2013.

“Zipcar Acquisition”: the acquisition by the Borrower or any of its Subsidiaries
by merger of Zipcar, Inc.

“Zipcar Foreign Subsidiary Amount”: an amount equal to the consideration paid in
respect of Foreign Subsidiaries acquired in connection with the Zipcar
Acquisition.

(b)  
amending the definition of “Loan Documents” by inserting “, the Fifth Amendment”
immediately after the words “the Fourth Amendment”.

 
SECTION 3. Amendments to Section 2 (Amount and Terms of Commitments).
 
(a) Section 2.23(a) of the Credit Agreement is hereby amended by deleting the
reference to “$2,250,000,000” and inserting in lieu thereof “$2,650,000,000”.
 
 
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SECTION 4. Amendments to Section 7 (Negative Covenants).
 
(a) Section 7.2(y) of the Credit Agreement is hereby amended by:
 
(i)  
inserting “or Foreign Subsidiary (including any Guarantee Obligations of the
Borrower or any Subsidiary Guarantor in respect thereof)” immediately following
the reference to “Subsidiary Guarantor”; and

 
(ii)  
inserting “; provided that the aggregate principal amount of Indebtedness
pursuant to this Section 7.2(y) of all Foreign Subsidiaries shall not exceed
$500,000,000 at any one time outstanding” immediately prior to the semicolon at
the end thereof.

 
(b) Section 7.7(l) is hereby amended by inserting “plus the Zipcar Foreign
Subsidiary Amount” immediately following the reference to “$50,000,000”.
 
SECTION 5. Representations and Warranties.  On and as of the date hereof, the
Borrower hereby confirms, reaffirms and restates that, after giving effect to
this Amendment (i) each of 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 and (ii) no Default or Event of Default shall have occurred or be
continuing.
 
SECTION 6. Conditions to Effectiveness.  This Amendment shall become effective
on the date on which the following conditions precedent have been satisfied or
waived (the date on which such conditions shall have been so satisfied or
waived, the “Fifth Amendment Effective Date”):
 
(a) The Administrative Agent shall have received a counterpart of this
Amendment, executed and delivered by (i) a duly authorized officer of Holdings
and the Borrower and (ii) the Required Lenders.

(b) The Administrative Agent shall have received counterparts executed and
delivered by each Loan Party of the Guarantee and Collateral Acknowledgement
substantially in the form attached hereto as Exhibit A.

(c) All fees required to be paid to the Administrative Agent and the Lenders in
connection herewith, accrued reasonable and documented out-of-pocket costs and
expenses (including, to the extent invoiced in advance, reasonable legal fees
and out-of-pocket expenses of one firm of counsel) and other compensation due
and payable to the Administrative Agent and the Lenders on or prior to the Fifth
Amendment Effective Date shall have been paid.

SECTION 7. Continuing Effect; No Other Amendments or Consents.
 
(a)  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
 
 
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effectiveness of the amendments set forth herein, on and after the Fifth
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.

(b) The Borrower and the other parties hereto acknowledge and agree that this
Amendment shall constitute a Loan Document.

SECTION 8. Expenses.  The Borrower agrees to pay and reimburse the
Administrative Agent for all its reasonable out-of-pocket costs and expenses
incurred in connection with the preparation and delivery of this Amendment, and
any other documents prepared in connection herewith and the transactions
contemplated hereby, including, without limitation, the reasonable fees and
disbursements of one firm of counsel to the Administrative Agent in accordance
with the terms in the Credit Agreement.
 
SECTION 9. 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.
 
SECTION 10. GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
 

 
[Remainder of page intentionally left blank.]

 
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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.
 

 
 
 
 
By:
AVIS BUDGET HOLDINGS, LLC
 
 
/s/ Rochelle Tarlowe
   
Name:
Title:
  Rochelle Tarlowe
  Vice President and Treasurer
 

 

 
 
 
 
By:
AVIS BUDGET CAR RENTAL, LLC
 
 
/s/ Rochelle Tarlowe
   
Name:
Title:
Rochelle Tarlowe
Vice President and Treasurer
 

 
 
 

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                                                                                                                                          -  -
 

 
 
 
 
 
By:
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
 
 
/s/ Richard W. Duker
   
Name:
Title:
  Richard W. Duker
  Managing Director
 

 
 
 

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                                                                                                                                          -  -
 
 

 
 
 
 
By:
JPMORGAN CHASE BANK, N.A.,
as a Lender
 
/s/ Richard W. Duker
   
Name:
Title:
  Richard W. Duker
  Managing Director
 

 

 
 
 
 
By:
FOR LENDERS REQUIRING A
SECOND SIGNATURE LINE:
 
   
Name:
Title:
   

 
 

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                                                                                                                                          -  -

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

 
 
 

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                                                                                                                                          -  -

 
 
 
 
By:
Barclays Bank PLC,
as a Lender
 
/s/ Gregory Fishbein
   
Name:
Title:
  Gregory Fishbein
  Assistant Vice President
 

 
 

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By:
THE BANK OF TOKYO-MITSUBISHI, LTD.,
as Lender
 
/s/ Lawrence Elkins
   
Name:
Title:
  Lawrence Elkins
  Vice President
 
 

 

 
 
 
 
By:
FOR LENDERS REQUIRING A
SECOND SIGNATURE LINE:
 
   
Name:
Title:
   

 
 

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                                                                                                                                          -  -

 
 
 
 
By:
CITIBANK, N.A.,
as Lender
 
/s/ Christopher Wood
   
Name:
Title:
  Christopher Wood
  Vice President
 

 

 
 
 
 
By:
FOR LENDERS REQUIRING A
SECOND SIGNATURE LINE:
 
   
Name:
Title:
   

 
 

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                                                                                                                                          -  -

 
 
 
 
 
 
By:
CREDIT AGRICOLE CORPORATE
& INVESTMENT BANK,
as a Lender
 
 
/s/ Michael Madnick
   
Name:
Title:
  Michael Madnick
  Managing Director
 

 

 
 
 
 
By:
FOR LENDERS REQUIRING A
SECOND SIGNATURE LINE:
 
/s/ Kevin Flood
   
Name:
Title:
  Kevin Flood
  Director
 

 

 
 

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By:
Morgan Stanley Senior Funding, Inc.,
as a Lender
 
 
 
/s/ Brendan MacBride
   
Name:
Title:
  Brendan MacBride
  Vice President
 

 
 

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By:
Morgan Stanley Bank, N.A.
as a Lender
 
/s/ Brendan MacBride
   
Name:
Title:
  Brendan MacBride
  Authorized Signatory
 

 
 

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By:
The Royal Bank of Scotland plc,
as a Lender
 
/s/ James Welch
   
Name:
Title:
  James Welch
  Director
 

 
 
 

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                                                                                                                                          -  -
 
 

 
 
 
 
By:
SCOTIABANC INC.,
as a Lender
 
/s/ J.F. Todd
   
Name:
Title:
  J.F. Todd
  Managing Director
 

 

 
 
 
 
By:
FOR LENDERS REQUIRING A
SECOND SIGNATURE LINE:
 
/s/ K. Zhou
   
Name:
Title:
  K. Zhou
  Director
 

 

 
 

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                                                                                                                                          -  -

 

 
 
 
 
By:
SunTrust Bank,
as a Lender
 
/s/ Chris Hursey
   
Name:
Title:
  Chris Hursey
  Vice President
 

 

 
 
 
 
By:
FOR LENDERS REQUIRING A
SECOND SIGNATURE LINE:
 
 
   
Name:
Title:
   

 
 
 

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                                                                                                                                          -  -
 

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

 
 
 
 
By:
FOR LENDERS REQUIRING A
SECOND SIGNATURE LINE:
 
/s/ Enrique Landaeta
   
Name:
Title:
  Enrique Landaeta
  Director
 

 

 
 

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                                                                                                                                          -  -
 

 
 
 
 
By:
Bank of America, N.A.,
as a Lender
 
/s/ Brian Lukehart
   
Name:
Title:
  Brian Lukehart
  Director
 

 
 
 

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                                                                                                                                          EXHIBIT
A

Form of Guarantee and Collateral Acknowledgement
 
February 15, 2013

Reference is made to the Amended and Restated Credit Agreement dated as of May
3, 2011 (as amended from time to time, the “Credit Agreement”) among others Avis
Budget Car Rental, LLC, the Lenders and other parties thereto and JPMorgan Chase
Bank, N.A., as administrative agent.  Capitalized terms used but not defined
herein are used with the meanings assigned to them in the Credit Agreement.

Each of the parties hereto hereby acknowledges and consents to Fifth Amendment,
dated as of February 15, 2013 (the “Amendment”) to the Credit Agreement and
agrees with respect to each Loan Document to which it is a party:
 
(a)           all of its obligations, liabilities and indebtedness under such
Loan Document shall remain in full force and effect on a continuous basis after
giving effect to the Amendment and its guarantee, if any, of the obligations,
liabilities and indebtedness of the other Loan Parties under the Credit
Agreement shall extend to and cover any additional Loans provided pursuant to
the Amendment and interest thereon and fees and expenses and other obligations
in respect thereof and in respect of commitments related thereto; and
 
(b)           all of the Liens and security interests created and arising under
such Loan Document remain in full force and effect on a continuous basis, and
the perfected status and priority of each such Lien and security interest
continues in full force and effect on a continuous basis, unimpaired,
uninterrupted and undischarged, after giving effect to the Amendment, as
collateral security for its obligations, liabilities and indebtedness under the
Credit Agreement and under its guarantees, if any, in the Loan Documents,
including, without limitation, the obligations under the Amendment.
 
IN WITNESS WHEREOF, the parties hereto have caused this Guarantee and Collateral
Acknowledgement to be duly executed and delivered by their respective proper and
duly authorized officers as of the day and year first above written.
 

 

 
 
 
 
By:
[                                           ]
   
Name:
Title:
   

 

 

 
 

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