Document:

ex102approvalletter20081.htm

Exhibit 10.2

 

Avis Budget Rental Car Funding (AESOP) LLC

48 Wall Street

New York, NY 10005

 

July 21, 2010

 

 

 

To the Persons Listed

On Schedule I Attached Hereto

 

 

Ladies and Gentlemen:

 

Reference is made to the Amended and Restated Series 2008-1 Supplement, dated as of October 29, 2009 (as amended to date, the “Series 2008-1 Supplement”), among Avis Budget Rental Car Funding (AESOP) LLC (“ABRCF”), as Issuer, Avis Budget Car Rental, LLC (“ABCR”), as Administrator, the CP Conduit Purchasers, the APA Banks and the Funding Agents named therein, JPMorgan Chase Bank, N.A., as Administrative Agent, and The Bank of New York Mellon Trust Company, N.A., as Trustee (in such capacity, the “Trustee”) and as Series 2008-1 Agent, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (as amended to date, the “Base Indenture”), between ABRCF and the Trustee.  Capitalized terms used herein, unless otherwise defined herein, shall have the respective meanings set forth in the Base Indenture or the Series 2008-1 Supplement, as applicable.

 

ABCR, Avis Budget Holdings, LLC, Citigroup Global Markets Inc., as Third Amendment Arranger, JPMorgan Chase Bank, N.A., as Administrative Agent, and the Lenders party thereto have entered into the Third Amendment, dated as of the date hereof and attached as Schedule II hereto, to the Credit Agreement (the “Credit Agreement Amendment”).

 

Pursuant to the definition of “Credit Agreement” in the Series 2008-1 Supplement, references to the Credit Agreement in the Series 2008-1 Supplement do not give effect to any amendment thereto (subsequent to the Second Amendment thereto dated as of March 10, 2010) unless such amendment has been approved in writing by the Requisite Noteholders.

 

Pursuant to this approval letter (this “Approval”), ABRCF is requesting the approval of each of the persons identified on Schedule I attached hereto of the Credit Agreement Amendment.

 

By executing the appropriate signature block below, each of the Purchaser Groups approves the Credit Agreement Amendment for purposes of the definition of “Credit Agreement” in the Series 2008-1 Supplement.  Upon the receipt by ABRCF (or its agent) of such approvals from the Purchaser Groups comprising the Requisite Noteholders, references to the Credit Agreement in the Series 2008-1 Supplement shall be deemed to be references to the Credit Agreement as further amended by the Credit Agreement Amendment.

 

  

-1-

  

If you agree to the foregoing, please sign and return a copy of this Approval by facsimile or email to Kate Barrington (fax no.: (212) 354-8113; email: kbarrington@whitecase.com).  Please also send ten (10) executed originals to Kate Barrington at White & Case LLP, 1155 Avenue of the Americas, New York, New York 10036.

 

This Approval may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when executed and delivered, shall be an original, but all of which shall together constitute one and the same instrument.  Execution and delivery of this Approval by delivery of facsimile signatures shall have the same force and effect as delivery of manual signatures hereon.

 

THIS APPROVAL AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

  

-2-

  

Very truly yours,

 

	  	  	
 

 

AVIS BUDGET RENTAL CAR FUNDING

(AESOP) LLC

 

 

	  
	  	
By:

	
/s/ Rochelle Tarlowe

	  
	  	  	
Name:  Rochelle Tarlowe

Title:   Vice President and Treasurer

	  

  

  

  

AGREED, ACKNOWLEDGED AND APPROVED:

 

 

	  	  	
SHEFFIELD RECEIVABLES CORPORATION,

as a CP Conduit Purchaser under the Series

2008-1 Supplement

 

 

	  
	  	
By:

	
Barclays Bank PLC

as Attorney-in-Fact

 

 

	  
	  	
By:

	
/s/ Janette Lieu

	  
	  	  	
Name:  Janette Lieu

Title:   Director

	  

 

 

	  	  	
BARCLAYS BANK PLC,

as a Funding Agent and an APA Bank under

the Series 2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Jeffery Goldberg

	  
	  	  	
Name:  Jeffery Goldberg

Title:   Director

	  

  

  

 

	  	  	
LIBERTY STREET FUNDING LLC,

as a CP Conduit Purchaser under the Series

2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Jill A. Russo

	  
	  	  	
Name:  Jill A. Russo

Title:   Vice President

	  

 

 

	  	  	
THE BANK OF NOVA SCOTIA,

as a Funding Agent and an APA Bank under

the Series 2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Darren Ward

	  
	  	  	
Name:  Darren Ward

Title:   Director

	  

 

 

  

  

 

	  	  	
YC SUSI TRUST,

as a CP Conduit Purchaser under the Series

2008-1 Supplement

 

 

	  
	  	
By:

	
Bank of America, National Association,

 as Administrative Trustee

 

 

	  
	  	
By:

	
/s/ Jeremy Grubb

	  
	  	  	
Name:  Jeremy Grubb

Title:   Vice President

	  

 

 

	  	  	
BANK OF AMERICA, NATIONAL ASSOCIATION,

as a Funding Agent and an APA Bank under

the Series 2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Jeremy Grubb

	  
	  	  	
Name:  Jeremy Grubb

Title:   Vice President

	  

  

  

  

	  	  	
CHARTA, LLC (as successor to Charta Corporation),

as a CP Conduit Purchaser under the Series 2008-1 Supplement

 

 

	  
	  	
By:

	
Citibank, N.A., as

Attorney-in-fact

 

 

	  
	  	
By:

	
/s/ Karrie L. Truglia

	  
	  	  	
Name:  Karrie L. Truglia

Title:

	  

	  	  	
CITIBANK, N.A., as

an APA Bank under the Series 2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Karrie L. Truglia

	  
	  	  	
Name:  Karrie L. Truglia

Title:

	  

 

 

	  	  	
CITICORP NORTH AMERICA, INC.,

as a Funding Agent under the Series 2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Karrie L. Truglia

	  
	  	  	
Name:  Karrie L. Truglia

Title:

	  

  

  

  

	  	  	
FALCON ASSET SECURITIZATION COMPANY LLC,

as a CP Conduit Purchaser under the Series

2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Catherine V. Frank

	  
	  	  	
Name:  Catherine V. Frank

Title:   Managing Director

	  

 

 

	  	  	
JPMORGAN CHASE BANK, N.A.

as a Funding Agent under the Series

2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Catherine V. Frank

	  
	  	  	
Name:  Catherine V. Frank

Title:   Managing Director

	  
	  	  	
 

 

 

JPMORGAN CHASE BANK, N.A.

as an APA Bank under the Series 2008-1

Supplement

 

 

	  
	  	
By:

	
/s/ Catherine V. Frank

	  
	  	  	
Name:  Catherine V. Frank

Title:   Managing Director

	  

 

  

  

 

	  	  	
MONTAGE FUNDING LLC,

     as a CP Conduit Purchaser under the Series

     2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Philip A. Martone

	  
	  	  	
Name:  Philip A. Martone

Title:   Vice President

	  

 

 

	  	  	
DEUTSCHE BANK AG, NEW YORK BRANCH,

     as a Funding Agent and an APA Bank under the

     Series 2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Daniel Gerber

	  
	  	  	
Name:  Daniel Gerber

Title:   Director

	  

	  	  	  	  
	  	
By:

	
/s/ Ozan Kaya

	  
	  	  	
Name:  Ozan Kaya

Title:

	  

  

  

 

	  	  	
ATLANTIC ASSET SECURITIZATION LLC,

     as a CP Conduit Purchaser under the Series

     2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Sam Pilcer

	  
	  	  	
Name:  Sam Pilcer

Title:   Managing Director

	  

	  	  	  	  
	  	
By:

	
/s/ Kostantina Kourmpetis

	  
	  	  	
Name:  Kostantina Kourmpetis

Title:  Managing Director

	  

 

 

	  	  	
CREDIT AGRICOLE CORPORATE & INVESTMENT BANK NEW YORK BRANCH,

     as a Funding Agent and an APA Bank under the

     Series 2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Sam Pilcer

	  
	  	  	
Name:  Sam Pilcer

Title:   Managing Director

	  

	  	  	  	  
	  	
By:

	
/s/ Kostantina Kourmpetis

	  
	  	  	
Name:  Kostantina Kourmpetis

Title:  Managing Director

	  

  

  

 

	  	  	
AMSTERDAM FUNDING CORPORATION,

     as a CP Conduit Purchaser under the Series 2008-1 Supplement

 

 

	  
	  	
By:

	
/s/ Jill A. Russo

	  
	  	  	
Name:  Jill A. Russo

Title:   Vice President

	  

	  	  	
THE ROYAL BANK OF SCOTLAND PLC,

as an APA Bank under the Series 2008-1 Supplement

by:  RBS Securities Inc., as agent

 

 

	  
	  	
By:

	
/s/ Michael Zappaterrini

	  
	  	  	
Name:  Michael Zappaterrini

Title:   Managing Director

	  

	  	  	
THE ROYAL BANK OF SCOTLAND PLC,

as a Funding Agent under the Series 2008-1 Supplement

by: RBS Securities Inc., as agent

 

 

	  
	  	
By:

	
/s/ Michael Zappaterrini

	  
	  	  	
Name:  Michael Zappaterrini

Title:   Managing Director

	  

  

  

  

ACKNOWLEDGED BY:

 

	  	  	
AVIS BUDGET CAR RENTAL, LLC,

     as Administrator

 

 

	  
	  	
By:

	
/s/ Rochelle Tarlowe

	  
	  	  	
Name:  Rochelle Tarlowe

Title:   Vice President and Treasurer

	  

  

  

  

	  	  	
JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

	  
	  	
By:

	
/s/ Catherine V. Frank

	  
	  	  	
Name:  Catherine V. Frank

Title:   Managing Director

	  

  

  

  

RECEIPT ACKNOWLEDGED BY:

 

	  	  	
THE BANK OF NEW YORK MELLON TRUST

COMPANY N.A., as Trustee

 

 

	  
	  	
By:

	
/s/ Sally R. Tokich

	  
	  	  	
Name:  Sally R. Tokich

Title:   Senior Associateex103approvalletter20093.htm

EXHIBIT 10.3

 

Avis Budget Rental Car Funding (AESOP) LLC

48 Wall Street

New York, NY 10005

 

July 21, 2010

 

 

To the Persons Listed

On Schedule I Attached Hereto

 

 

Ladies and Gentlemen:

 

Reference is made to the Series 2009-3 Supplement, dated as of November 5, 2009 (as amended to date, the “Series 2009-3 Supplement”), among Avis Budget Rental Car Funding (AESOP) LLC (“ABRCF”), as Issuer, Avis Budget Car Rental, LLC (“ABCR”), as Administrator, the CP Conduit Purchasers, the APA Banks and the Funding Agents named therein, Deutsche Bank AG, New York Branch, as Administrative Agent, and The Bank of New York Mellon Trust Company, N.A., as Trustee (in such capacity, the “Trustee”) and as Series 2009-3 Agent, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (as amended to date, the “Base Indenture”), between ABRCF and the Trustee.  Capitalized terms used herein, unless otherwise defined herein, shall have the respective meanings set forth in the Base Indenture or the Series 2009-3 Supplement, as applicable.

 

ABCR, Avis Budget Holdings, LLC, Citigroup Global Markets Inc., as Third Amendment Arranger, JPMorgan Chase Bank, N.A., as Administrative Agent, and the Lenders party thereto have entered into the Third Amendment, dated as of the date hereof and attached as Schedule II hereto, to the Credit Agreement (the “Credit Agreement Amendment”).

 

Pursuant to the definition of “Credit Agreement” in the Series 2009-3 Supplement, references to the Credit Agreement in the Series 2009-3 Supplement do not give effect to any amendment thereto (subsequent to the Second Amendment thereto dated as of March 10, 2010) unless such amendment has been approved in writing by the Requisite Noteholders.

 

Pursuant to this approval letter (this “Approval”), ABRCF is requesting the approval of each of the persons identified on Schedule I attached hereto of the Credit Agreement Amendment.

 

By executing the appropriate signature block below, each of the Purchaser Groups approves the Credit Agreement Amendment for purposes of the definition of “Credit Agreement” in the Series 2009-3 Supplement.  Upon the receipt by ABRCF (or its agent) of such approvals from the Purchaser Groups comprising the Requisite Noteholders, references to the Credit Agreement in the Series 2009-3 Supplement shall be deemed to be references to the Credit Agreement as further amended by the Credit Agreement Amendment.

 

  

-1-

  

If you agree to the foregoing, please sign and return a copy of this Approval by facsimile or email to Kate Barrington (fax no.: (212) 354-8113; email: kbarrington@whitecase.com).  Please also send four (4) executed originals to Kate Barrington at White & Case LLP, 1155 Avenue of the Americas, New York, New York 10036.

 

This Approval may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when executed and delivered, shall be an original, but all of which shall together constitute one and the same instrument.  Execution and delivery of this Approval by delivery of facsimile signatures shall have the same force and effect as delivery of manual signatures hereon.

 

THIS APPROVAL AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

  

-2-

  

Very truly yours,

 

	  	  	
 

 

AVIS BUDGET RENTAL CAR FUNDING

(AESOP) LLC

 

 

	  
	  	
By:

	
/s/ Rochelle Tarlowe

	  
	  	  	
Name:  Rochelle Tarlowe

Title:   Vice President and Treasurer

	  

 

  

  

  

AGREED, ACKNOWLEDGED AND APPROVED:

 

 

	  	  	
GEMINI SECURITIZATION CORP., LLC,

as a CP Conduit Purchaser under the Series

2009-3 Supplement

 

 

 

	  
	  	
By:

	
/s/ Frank B. Bilotta

	  
	  	  	
Name:  Frank B. Bilotta

Title:   President

	  
	  	  	
 

 

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Funding Agent and an APA Bank under

the Series 2009-3 Supplement

 

 

	  
	  	
By:

	
/s/ Ozan Kaya

	  
	  	  	
Name:  Ozan Kaya

Title:   Vice President

	  

	  	  	  	  
	  	
By:

	
/s/ Daniel Gerber

	  
	  	  	
Name:  Daniel Gerber

Title:  Director

	  

  

  

  

ACKNOWLEDGED BY:

 

	  	  	
AVIS BUDGET CAR RENTAL, LLC,

     as Administrator

 

 

	  
	  	
By:

	
/s/ Rochelle Tarlowe

	  
	  	  	
Name:  Rochelle Tarlowe

Title:   Vice President and Treasurer

	  

 

  

  

  

RECEIPT ACKNOWLEDGED BY:

 

 

	  	  	
THE BANK OF NEW YORK MELLON TRUST

COMPANY N.A., as Trustee

 

 

	  
	  	
By:

	
/s/ Sally R. Tokich

	  
	  	  	
Name:  Sally R. Tokich

Title:   Senior Associate

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