Exhibit 10.2

EXECUTION VERSION

 

 

 

THIRD AMENDMENT

Dated as of May 25, 2012

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

BANK OF AMERICA MERRILL LYNCH

BARCLAYS BANK PLC

DEUTSCHE BANK SECURITIES

as Joint Lead Arrangers and Bookrunners

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THIRD AMENDMENT

This Third Amendment, dated as of May 25, 2012 (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, BANK OF AMERICA MERRILL LYNCH, BARCLAYS
BANK PLC, and DEUTSCHE BANK SECURITIES are acting as joint lead arrangers and
bookrunners 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:

“Incremental Term Loan Increase”: is defined in Section 2.23.

 

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

 

  “Third Amendment Effective Date”: the “Third Amendment Effective Date”, as
defined in the Third Amendment, which date is May 25, 2012.

 

  (b) amending the definition of “Loan Documents” by inserting “, the Third
Amendment” immediately after the words “the Second 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:

 

  (i) adding the phrase “(A)” after the phrase “may request the establishment of
(x) one or more” in the first sentence thereof;

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  (ii) adding the phrase “or (B) increases (an “Incremental Term Loan Increase”)
to an existing tranche of term loans” after the phrase “(A) additional tranches
of term loans” in the first sentence thereof;

 

  (b) Section 2.23(b)(viii) is hereby amended by:

 

  (i) replacing the word “Any” at the beginning of the last sentence thereof
with the word “any” and immediately prior to such word, adding the phrase
“Except for Incremental Term Loans made in connection with an Incremental Term
Loan Increase,”;

SECTION 4. Amendment to Section 4 (Representations and Warranties). Section 4.15
of the Credit Agreement is hereby amended by:

(a)        deleting the phrase “related to the Second Amendment” following the
end of the last sentence thereof and inserting the word “related” after the
phrase “to pay” such that the sentence reads as follows:

“The proceeds of Tranche C Term Loans shall be used only (i) to repay the
existing Indebtedness of the Borrower and its Subsidiaries and (ii) to pay
related costs and expenses.”

SECTION 5. Amendment to Section 7 (Clauses Restricting Subsidiary
Distributions). Section 7.12(c)(vi) of the Credit Agreement, is hereby amended
by:

(a)        deleting the phrase “the assets of such Foreign Subsidiary” and
replacing it with the phrase “such Foreign Subsidiary and its assets”.

SECTION 6. 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 7. 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 “Third 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)        All 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) on or prior to the Third
Amendment Effective Date shall have been paid.

 

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SECTION 8. 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 effectiveness of the amendments set forth herein, on and
after the Third 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 9. 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 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.

SECTION 11. 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.

 

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

 

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

 

Signature Page to Third Amendment

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

 

Signature Page to Third Amendment

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

 

Signature Page to Third Amendment

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BANK OF AMERICA, N.A., as a Lender By:   /s/ L. Dustin Vincent, III Name:   L.
Dustin Vincent, III Title:   Managing Director

 

FOR LENDERS REQUIRING

A SECOND SIGNATURE LINE:

By:     Name:   Title:  

 

Signature Page to Third Amendment

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

 

Signature Page to Third Amendment

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DEUTSCHE BANK AG NEW YORK BRANCH

as a Lender

By:   /s/ Omayra Lancella Name:   Omayra Lancella Title:   Director

 

DEUTSCHE BANK AG NEW YORK BRANCH By:   /s/ Evelyn Thierry Name:   Evelyn Thierry
Title:   Director

 

Signature Page to Third Amendment

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THE BANK OF NOVA SCOTIA,

as a Lender

By:   /s/ David Mahmood Name:   David Mahmood Title:   Managing Director

 

Signature Page to Third Amendment

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CITIBANK, N.A.,

as a Lender

By:   /s/ Christopher Wood Name:   Christopher Wood Title:   Vice President

 

FOR LENDERS REQUIRING A

SECOND SIGNATURE LINE:

By:     Name:   Title:  

 

Signature Page to Third Amendment

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Credit Agricole Corporate and Investment Bank,

as a Lender

By:   /s/ Michael Madnick Name:   Michael Madnick Title:   Managing Director

 

FOR LENDERS REQUIRING A

SECOND SIGNATURE LINE:

By:   /s/ Pamela Donnelly Name:   Pamela Donnelly Title:   Managing Director

 

Signature Page to Third Amendment

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Morgan Stanley Bank, N.A.,

as a Lender

By:   /s/ Christopher Winthrop Name:   Christopher Winthrop Title:   Executive
Director

 

FOR LENDERS REQUIRING A

SECOND SIGNATURE LINE:

By:     Name:   Title:  

 

Signature Page to Third Amendment

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Morgan Stanley Senior Funding, Inc.,

as a Lender

By:   /s/ Christopher Winthrop Name:   Christopher Winthrop Title:   Executive
Director

 

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

 

Signature Page to Third Amendment

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The Royal Bank of Scotland plc,

as a Lender

By:   /s/ James Welch Name:   James Welch Title:   Director

 

FOR LENDERS REQUIRING A

SECOND SIGNATURE LINE:

By:     Name:   Title:  

 

Signature Page to Third Amendment

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SCOTIABANC INC.

as a Lender

By:

  /s/ J.F. Todd Name:   J.F. Todd Title:   Managing Director

 

Signature Page to Third Amendment

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UniCredit Bank AG, New York Branch,

as a Lender

By:   /s/ Douglas Riahi Name:   Douglas Riahi Title:   Director – Senior
Relationship Manager

 

By:   /s/ Pranav Surendranath Name:   Pranav Surendranath Title:   Vice
President

 

Signature Page to Third Amendment

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BANK OF AMERICA, N.A., as a Lender By:   /s/ L. Dustin Vincent, III Name:   L.
Dustin Vincent, III Title:   Managing Director

 

FOR LENDERS REQUIRING A

SECOND SIGNATURE LINE:

By:     Name:   Title:  

 

Signature Page to Third Amendment

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BANK OF AMERICA, N.A., as a Lender By:   /s/ L. Dustin Vincent, III Name:   L.
Dustin Vincent, III Title:   Managing Director

 

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

 

Signature Page to Third Amendment

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BANK OF AMERICA, N.A.,

as a Lender

By:   /s/ L. Dustin Vincent, III Name:   L. Dustin Vincent, III Title:  
Managing Director

 

FOR LENDERS REQUIRING A

SECOND SIGNATURE LINE:

By:     Name:   Title:  

 

Signature Page to Third Amendment