Exhibit 10.1

 

 

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AVIS BUDGET CAR RENTAL, LLC
 
and
 
AVIS BUDGET FINANCE, INC.,
as Issuers,
 
 
The GUARANTORS from time to time parties hereto
 
and
 
THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK
as Trustee
 
 
______
 
 
SUPPLEMENTAL INDENTURE
DATED as of FEBRUARY 9, 2007
TO THE INDENTURE
DATED as of APRIL 19, 2006
 
 
______
 
 
FLOATING RATE SENIOR NOTES DUE 2014
 
7.625% SENIOR NOTES DUE 2014
 
7.75% SENIOR NOTES DUE 2016
 

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SUPPLEMENTAL INDENTURE, dated as of February 9, 2007 (this "Supplemental
Indenture"), by and among Avis Budget Group, Inc., a corporation organized under
the laws of the State of Delaware ("Avis Budget Group"), Avis Budget Car Rental,
LLC, a limited liability company organized under the laws of the State of
Delaware (the "Company"), and Avis Budget Finance, Inc., a corporation organized
under the laws of the State of Delaware (together with the Company, "the
Issuers"), the other guarantors parties hereto (the "Existing Guarantors") and
The Bank of Nova Scotia Trust Company of New York, as trustee (the "Trustee")
under the Indenture referred to below.
 
 
WHEREAS, the Issuers, the Existing Guarantors and the Trustee are parties to an
indenture, dated as of April 19, 2006 (the "Indenture"), providing for the
issuance of Floating Rate Senior Notes due 2014, 7.625% Senior Notes due 2014
and 7.75% Senior Notes due 2016 of the Issuers (collectively, the “Notes”); and
 
 
WHEREAS, Section 901(4) of the Indenture provides that the Company may enter
into a supplemental indenture to the Indenture with the Trustee to add
Guarantees (as such term is defined in the Indenture) with respect to the Notes,
without the consent of the Holders; and
 
 
WHEREAS, all conditions and requirements necessary to make this Supplemental
Indenture a valid and binding agreement have been duly performed and complied
with.
 
 
NOW, THEREFORE, for and in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, it is mutually covenanted and agreed, for the benefit of all
Holders of the Notes as follows:
 
 
ARTICLE I  
 
DEFINITIONS AND INCORPORATION BY REFERENCE
 
 
Section 1.1  Unless the context otherwise requires:
 
 
(a)  a term not defined herein that is defined in the Indenture has the same
meaning when used in this Supplemental Indenture;
 
 
(b)  a term defined anywhere in this Supplemental Indenture has the same meaning
throughout;
 
 
(c)  the singular includes the plural and vice versa;
 
 
(d)  unless otherwise specified, any reference to a Section or Article is to a
Section or Article of this Supplemental Indenture; and
 
 
(e)  headings are for convenience of reference only and do not affect
interpretation;
 
 

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Section 1.2  The definition of "Guarantor" contained in Section 101 of the
Indenture is hereby amended to read in its entirety as follows:
 
 
"Guarantor" means Avis Budget Group, Inc., a corporation organized under the
laws of the State of Delaware, Avis Budget Holdings, LLC, a limited liability
company organized under the laws of the State of Delaware, and each Subsidiary
Guarantor.
 
 
ARTICLE II 
 
REGISTRATION RIGHTS AGREEMENT
 
 
Section 2.1  Promptly following the execution and delivery of this Supplemental
Indenture, Avis Budget Group will execute a counterpart to the Registration
Rights Agreement, dated April 19, 2006, by and among the Issuers, the guarantors
party thereto and J.P. Morgan Securities Inc., on behalf of itself and the other
initial purchasers listed on schedule 2 thereto (the "Initial Purchasers"), in
the form attached thereto as Annex A, and will deliver such counterpart to the
Initial Purchasers no later than five Business Days following the execution
thereof.
 
 
ARTICLE III 
 
MISCELLANEOUS
 
 
Section 3.1  The Trustee accepts the trusts created by the Indenture, as amended
and supplemented by this Supplemental Indenture, and agrees to perform the same
upon the terms and conditions of the Indenture, as amended and supplemented by
this Supplemental Indenture. The Trustee makes no representation or warranty as
to the validity or sufficiency of this Supplemental Indenture or as to the
accuracy of the recitals to this Supplemental Indenture.
 
 
Section 3.2  All covenants and agreements in this Supplemental Indenture by the
Issuers, the Guarantors and the Trustee shall bind their respective successors
and assigns, whether so expressed or not.
 
 
Section 3.3  In case any provisions in this Supplemental Indenture shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.
 
 
Section 3.4  Nothing in this Supplemental Indenture is intended or shall be
construed to give any Person, other than the Holders and the Trustee, any legal
or equitable right, remedy or claim under or in respect of any Guarantee by Avis
Budget Group or any provision contained herein or in Article XIII of the
Indenture.
 
 
Section 3.5  The parties hereto may sign one or more copies of this Supplemental
Indenture in counterparts, all of which together shall constitute one and the
same agreement.
 

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Section 3.6  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE TRUSTEE, THE COMPANY, ANY
OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE
HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR
STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.
 
 
Section 3.7  Except as expressly amended hereby, the Indenture is in all
respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. This Supplemental Indenture shall
form a part of the Indenture for all purposes, and every Holder of Notes
heretofore or hereafter authenticated and delivered shall be bound hereby.
 
 
Section 3.8  The Section headings herein are for convenience of reference only
and shall not be deemed to alter or affect the meaning or interpretation of any
provisions hereof.
 
 
 

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture
to be duly executed as of the date first written above.
 

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

 
 
 

     
AVIS BUDGET GROUP, INC.
AVIS BUDGET HOLDINGS, LLC
 
   
By:
 /s/ David B. Wyshner      
Name: David B. Wyshner
Title: Executive Vice President,
Chief Financial Officer and
Treasurer

 
 
 

      AVIS ASIA AND PACIFIC, LIMITED
AVIS CAR RENTAL GROUP, LLC
AVIS CARIBBEAN, LIMITED
AVIS ENTERPRISES, INC.
AVIS GROUP HOLDINGS, LLC
AVIS INTERNATIONAL, LTD.
AVIS LEASING CORPORATION
AVIS RENT A CAR SYSTEM, LLC
PF CLAIMS MANAGEMENT, LTD.
WIZARD CO., INC.
 
   
By:
/s/ F. Robert Salerno      
Name: F. Robert Salerno
Title: President

 
 
 

     
 AB CAR RENTAL SERVICES, INC.
 
   
By:
/s/ David B. Wyshner      
Name: David B. Wyshner
Title: Treasurer

 

 

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      ARACS LLC
AVIS OPERATIONS, LLC
 
   
By:
/s/ F. Robert Salerno       
Name: F. Robert Salerno
Title: President

 
 
 

     
BGI LEASING, INC.
BUDGET RENT A CAR SYSTEM, INC.
 
   
By:
/s/ David B. Wyshner      
Name: David B. Wyshner
Title: Executive Vice President,
Chief Financial Officer and
Treasurer

 
 

     
 BUDGET TRUCK RENTAL LLC
 
   
By:
/s/ David B. Wyshner      
Name: David B. Wyshner
Title: Executive Vice President,
Chief Financial Officer and
Treasurer

 

Signature Page to Supplemental Indenture

 

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THE BANK OF NOVA SCOTIA TRUST
COMPANY OF NEW YORK, as Trustee
 
   
By:
 /s/ Warren Goshine      
Authorized Officer