Document:

Supplemental Indenture, dated as of June 30, 2011

 Exhibit 4.8(b) 
 Supplemental Indenture 
 SUPPLEMENTAL INDENTURE, dated as of
June 30, 2011 (this “Supplemental Indenture”), among Budget Rent A Car Licensor, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (the “Subsidiary
Guarantor”), Avis Budget Car Rental, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware, and Avis Budget Finance, Inc., a corporation duly organized and existing under the laws of the State
of Delaware (together, the “Company,” which term includes their successors and assigns), each other then existing Guarantor under the Indenture referred to below (the “Existing Guarantors”), and The Bank of
Nova Scotia Trust Company of New York, as trustee (“the Trustee”) under the Indenture referred to below. 

WITNESSETH: 
 WHEREAS, the Company, the Existing Guarantors and the Trustee have heretofore become parties to an Indenture, dated as of October 15, 2010 (as amended, supplemented, waived or otherwise modified, the
“Indenture”), providing for the issuance of 8.25% Senior Notes due 2019 of the Company (the “Notes”); 
 WHEREAS, Section 1308 of the Indenture provides that the Company is required to cause the Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the
Subsidiary Guarantor shall guarantee the Company’s Subsidiary Guaranteed Obligations under the Notes pursuant to a Subsidiary Guarantee on the terms and conditions set forth herein and in Article XIII of the Indenture; 

WHEREAS, the Subsidiary Guarantor desires to enter into such supplemental indenture for good and valuable consideration, including
substantial economic benefit in that the financial performance and condition of such Subsidiary Guarantor is dependent on the financial performance and condition of the Company, the obligations hereunder of which such Subsidiary Guarantor has
guaranteed, and on such Subsidiary Guarantor’s access to working capital through the Company’s access to revolving credit borrowings under the Senior Credit Agreement; and 

WHEREAS, pursuant to Section 901 of the Indenture, the parties hereto are authorized to execute and deliver this Supplemental
Indenture to amend the Indenture, without the consent of any Holder; 
 NOW, THEREFORE, in consideration of the foregoing and
for other good and valuable consideration, the receipt of which is hereby acknowledged, the Subsidiary Guarantor, the Company, the Existing Guarantors and the Trustee mutually covenant and agree for the benefit of the Holders of the Notes as
follows: 
 1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble
or recital hereto are used herein as therein defined. The words “herein,” “hereof’ and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and
not to any particular Section hereof. 

 2. Agreement to Guarantee. The Subsidiary Guarantor hereby agrees, jointly and
severally with any other Subsidiary Guarantors and irrevocably, fully and unconditionally, to guarantee the Subsidiary Guaranteed Obligations under the Indenture and the Notes on the terms and subject to the conditions set forth in Article XIII of
the Indenture and to be bound by (and shall be entitled to the benefits of) all other applicable provisions of the Indenture as a Subsidiary Guarantor. 
 3. Termination, Release and Discharge. The Subsidiary Guarantor’s Subsidiary Guarantee shall terminate and be of no further force or effect, and the Subsidiary Guarantor shall be released and
discharged from all obligations in respect of such Subsidiary Guarantee, as and when provided in Section 1303 of the Indenture. 
 4. Parties. 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 the Subsidiary Guarantor’s Subsidiary Guarantee or any provision contained herein or in Article XIII of the Indenture. 
 5. Governing Law. 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. 
 6. Ratification of Indenture; Supplemental Indentures Part of Indenture.
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. 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. 
 7. Counterparts. 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. 
 8.
Headings. 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. 

  
 2 

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

			
	 BUDGET RENT A CAR LICENSOR, LLC,
 as Subsidiary Guarantor

		
	By:	 	 /s/    David B. Wyshner

		 	Name:    David B. Wyshner
		 	 Title:      Executive Vice President,
                Chief Financial Officer and Treasurer

	
	AVIS BUDGET FINANCE, INC.
		
	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
	
	 THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK,
 as Trustee

		
	By:	 	 /s/    Warren A. Goshine

		 	Name:    Warren A. Goshine
		 	Title:      Vice President

 [Signature Page to Supplemental Indenture to Indenture, dated as of October 15, 2010]Amendment No.1 to the Avis Budget Group, Inc. Employee Stock Purchase Plan

 Exhibit 10.17(b) 

AMENDMENT NO. 1 
 AVIS BUDGET GROUP, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 

THIS AMENDMENT TO THE EMPLOYEE STOCK PURCHASE PLAN (this “Amendment”) is made as of July 29, 2011. 

WHEREAS, the Board of Directors (the “Board”) of Avis Budget Group, Inc. (the “Company”) wishes to amend the
Company’s Employee Stock Purchase Plan, as adopted by shareholders on June 12, 2009 (the “ESPP”) to, among other things, comply with regulations issued by the Internal Revenue Service; and 

WHEREAS, Section 6.4 permits the Board to amend the ESPP; 
 NOW, THEREFORE, the ESPP is hereby amended as follows: 
  

	 	1.	Section 2.2 of the ESPP is amended by deleting the phrase “upon written request of the Participant.” 

 

	 	2.	Section 3.3 of the ESPP is amended by adding the following sentence after the first paragraph: “The maximum number of shares of Stock that may be purchased by
each Participant in any Option Period shall be 10,000 shares.” 

  

	 	3.	Section 4.4 of the ESPP is amended by deleting the last sentence beginning with “Unless otherwise determined by the Committee”. 

 

	 	4.	The terms of this Amendment shall apply to all Option Periods (as defined in the ESPP) following the date hereof. 

 

	 	5.	This Amendment shall be governed by, interpreted under and construed in accordance with the laws of the State of Delaware without giving effect to the conflict of laws
principles thereof. 

  

	 	6.	Except as modified by this Amendment, the ESPP is hereby confirmed in all respects. 

IN WITNESS WHEREOF, this Amendment has been duly executed and delivered as of the date and the year first written above. 

 

			
	AVIS BUDGET GROUP, INC.
		
	By:	 	 /s/ Jean Marie Sera

		 	Jean Marie Sera
		 	Senior Vice President and SecretarySecond Global Amendment, dated as of August 22, 2011

 Exhibit 10.89 
 CONFORMED COPY 
 AVISCAR INC. 

- and - 

BUDGETCAR INC. 
 - and - 
 WTH CAR RENTAL ULC 

as Rental ULC 
 - and - 
 WTH FUNDING LIMITED PARTNERSHIP 

as Funding LP 
 - and - 
 BNY TRUST COMPANY OF CANADA 

as Indenture Trustee 
 - and - 
 BAY STREET FUNDING TRUST 

as Series 2010-1 Note Purchaser 
 - and - 
 CANADIAN MASTER TRUST 

as Series 2010-2 Note Purchaser 
  

 
 AVIS BUDGET SECURITIZATION

 SECOND GLOBAL AMENDMENT 
  

 
 August 22, 2011

 CONFORMED COPY 
 SECOND GLOBAL AMENDMENT 
 THIS SECOND GLOBAL AMENDMENT is made as of
August 22, 2011. 
 AMONG: 
  

			
		 	AVISCAR INC.
		
		 	– and –
		
		 	BUDGETCAR INC.
		
		 	– and –
		
		 	WTH FUNDING LIMITED PARTNERSHIP, a limited partnership formed under the laws of the Province of Ontario (“Funding LP”)
		
		 	– and –
		
		 	WTH CAR RENTAL ULC, an unlimited liability company formed under the laws of the Province of Alberta (“Rental ULC”)
		
		 	– and –
		
		 	BNY TRUST COMPANY OF CANADA, a trust company incorporated under the laws of Canada, in its capacity as Indenture Trustee under the Indenture (the “Indenture
Trustee”)
		
		 	– and –
		
		 	MONTREAL TRUST COMPANY OF CANADA, a trust company incorporated under the laws of Canada, in its capacity as trustee of BAY STREET FUNDING TRUST, a trust established
under the laws of the Province of Ontario, in its capacity as a Noteholder (the “Series 2010-1 Noteholder”)
		
		 	– and –
		
		 	BNY TRUST COMPANY OF CANADA, a trust company incorporated under the laws of Canada, in its capacity as trustee of CANADIAN MASTER TRUST, a trust established under the
laws of the Province of Ontario, in its capacity as a Noteholder (the “Series 2010-2 Noteholder”)

 WHEREAS Rental ULC and the Indenture Trustee are parties to a Trust Indenture dated
as of August 26, 2010 (the “Indenture”); 
 WHEREAS Rental ULC, Funding LP, as administrator, and
the Indenture Trustee are parties to a Supplement to the Indenture in respect of Series 2010-1 dated as of August 26, 2010 (the “Series 2010-1 Indenture Supplement”); 

WHEREAS Rental ULC, Funding LP, as administrator, and the Indenture Trustee are parties to a Supplement to the Indenture in
respect of Series 2010-2 dated as of August 26, 2010 (the “Series 2010-2 Indenture Supplement”); 

WHEREAS Rental ULC, Aviscar Inc., Budgetcar Inc., Funding LP and Bay Street Funding Trust are parties to a Note Purchase Agreement
dated as of August 26, 2010 (the “Series 2010-1 Note Purchase Agreement”); 
 WHEREAS Rental ULC,
Aviscar Inc., Budgetcar Inc., Funding LP and Canadian Master Trust are parties to a Note Purchase Agreement dated as of August 26, 2010 (the “Series 2010-2 Note Purchase Agreement”); 

WHEREAS the parties hereto (together with certain other parties) made certain amendments to the Series 2010-1 Indenture Supplement
and the Series 2010-2 Indenture Supplement (as well as certain other Transaction Documents) pursuant to a Global Amendment made as of February 17, 2011; 
 WHEREAS the parties hereto wish to make certain additional amendments to the Series 2010-1 Indenture Supplement, the Series 2010-2 Indenture Supplement, the Series 2010-1 Note Purchase Agreement
and the Series 2010-2 Note Purchase Agreement in accordance with, and pursuant to, Section 13.2 of the Indenture and Section 5.6(e) of each of the Supplements on the terms as set forth herein; and 

WHEREAS the applicable Rating Agencies have been provided with prior written notice of the amendments herein provided in
accordance with Section 13.2 of the Indenture and Section 5.6(e) of each of the Supplements. 
 NOW THEREFORE
in consideration of the foregoing and of the mutual covenants and agreements contained in this Amendment and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereto hereby agree as
follows: 
 ARTICLE 1 
 INTERPRETATION 
  

	1.1	Definitions 

 Terms used
herein which are defined in the Indenture, either directly or by reference therein, have the meanings assigned to them in the Indenture unless otherwise defined herein. In this Amendment: 
 “Amendment” means this Second Global Amendment; 
 “Noteholders”
means the Series 2010-1 Noteholder and the Series 2010-2 Noteholder; 
 “Note Purchase Agreements” means the Series 2010-1 Note
Purchase Agreement and the Series 2010-2 Note Purchase Agreement; and 

  
 - 2 -

 “Supplements” means the Series 2010-1 Indenture Supplement and the Series 2010-2 Indenture
Supplement. 
  

	1.2	Headings 

 The inclusion
of headings in this Amendment is for convenience of reference only and shall not affect the construction or interpretation hereof. 
  

	1.3	References to Articles and Sections 

 Whenever in this Amendment a particular Article, section or other portion thereof is referred to, unless otherwise indicated, such reference pertains to the particular Article, section or portion thereof
contained herein. 
  

	1.4	Governing Law 

 This
Amendment is governed by and shall be construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. Each party hereto irrevocably submits to the jurisdiction of the courts of competent jurisdiction in
the Province of Ontario in respect of any action or proceeding relating in any way to this Amendment. The parties hereto shall not raise any objection to the venue of any proceedings in any such court, including the objection that the proceedings
have been brought in an inconvenient forum. 
 ARTICLE 2 

AMENDMENTS 
  

	2.1	Amendments to the Note Purchase Agreements 

 The Note Purchase Agreements are hereby amended as set forth in this Section 2.1: 
  

	 	(a)	The definition of “Commitment Termination Date” in Section 1.1 of each of the Note Purchase Agreements is hereby amended by: (x) replacing the date
reference of “October 31, 2011” contained therein with a date reference of “October 31, 2013”; and (y) deleting the proviso contained at the end of such definition and replacing it with the following: “provided
that a notice may only be delivered under clause (b) of this definition after October 30, 2012;”. 

  

	2.2	Amendments to the Supplements 

 The Supplements are hereby amended as set forth in this Section 2.2: 
  

	 	(a)	Part (a) of the definition of “Moody’s Total Required Vehicle Collateral Amount” in Section 1.1 of each of the Supplements is hereby amended by
deleting “(z) 1.65” and replacing it with “(z) 1.52”. 

 ARTICLE 3 

GENERAL 
  

	3.1	Effective Date 

 The
amendments set forth in this Amendment shall be effective as of the date hereof. 

  
 - 3 -

	3.2	Further Assurances 

 Each
of the parties hereto shall promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as any other party hereto may reasonably require from time to time for the purpose of
giving effect to this Amendment and shall use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Amendment. 

 

	3.3	Enurement 

 This Amendment
shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. 
  

	3.4	Counterparts 

 This
Amendment may be executed in counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same document. 
 [signature pages follow] 

  
 - 4 -

 IN WITNESS WHEREOF the undersigned have executed this Amendment. 

 

					
	AVISCAR INC.
		
	By:	 	 /s/ David Calabria

			
		 	 Name:
 Title:
	 	 David Calabria
 Vice President
and Assistant Treasurer

	
	BUDGETCAR INC.
		
	By:	 	 /s/ David B. Wyshner

			
		 	 Name:
 Title:
	 	 David B. Wyshner
 President,
Executive Vice President, and Treasurer

	
	WTH CAR RENTAL ULC
		
	By:	 	 /s/ David Calabria

			
		 	 Name:
 Title:
	 	 David Calabria
 Vice President
and Assistant Treasurer

	
	WTH FUNDING LIMITED PARTNERSHIP, in its own capacity and in its capacity as Administrator, by its General Partner, AVISCAR INC.
		
	By:	 	 /s/ David Calabria

			
		 	 Name:
 Title:
	 	 David Calabria
 Vice President
and Assistant Treasurer

	
	BNY TRUST COMPANY OF CANADA, as Indenture Trustee and not in its individual capacity
		
	By:	 	 /s/ Patricia Benjamin

			
		 	 Name:
 Title:
	 	 Patricia Benjamin
 Authorized
Officer

  

					
		  	S1	  	GLOBAL AMENDMENT

 
					
	BNY TRUST COMPANY OF CANADA, as trustee of CANADIAN MASTER TRUST, by its Securitization Agent, BMO NESBITT BURNS INC.
		
	By:	 	 /s/ Terry J. Ritchie

			
		 	 Name:
 Title:
	 	 Terry J. Ritchie
 Managing
Director

		
	By:	 	  

		 	 Name:
 Title:
	 	
	
	MONTREAL TRUST COMPANY OF CANADA, as trustee of BAY STREET FUNDING TRUST, by its Securitization Agent, SCOTIA CAPITAL INC.
		
	By:	 	 /s/ Douglas Noe

			
		 	 Name:
 Title:
	 	 Douglas Noe
 Director,
Structured Finance

  

					
		  	S2	  	GLOBAL AMENDMENT

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