Document:

EX-10.81

 Exhibit 10.81 

 
 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 
 - and - 
 AVIS BUDGET CAR RENTAL, LLC 

as Parent 
  

 
 AVIS BUDGET SECURITIZATION

 THIRD GLOBAL AMENDMENT 
  

 
 November 27, 2012

 THIRD GLOBAL AMENDMENT 

THIS THIRD GLOBAL AMENDMENT is made as of November 27, 2012. 
 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”) 

- and - 
 AVIS BUDGET CAR RENTAL, LLC

 (the “Parent”)

 

 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 Rental ULC, Funding LP, as administrator, and the Indenture Trustee are parties to a Supplement to the Indenture in
respect of Series 2011-1 dated as of March 17, 2011 (the “Series 2011-1 Indenture Supplement”); 

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 (together with certain other parties) made certain 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 pursuant to a Second Global Amendment made as of August 22, 2011; 
 WHEREAS the parties hereto wish to make certain additional amendments to the Indenture, the Series 2010-1 Indenture Supplement, the Series 2010-2 Indenture Supplement, the Series 2011-1 Indenture
Supplement, the Series 2010-1 Note Purchase Agreement and the Series 2010-2 Note Purchase Agreement in accordance with, and pursuant to, Sections 13.1(a)(i), 13.1(b) and 13.2 of the Indenture and Section 5.6(e) of each of the Series 2010-1
Indenture Supplement and the Series 2010-2 Indenture Supplement on the terms as set forth herein; 
 WHEREAS the
applicable Rating Agencies have been provided with prior written notice of the amendments herein provided in accordance with Sections 13.1(a)(i), 13.1(b) and 13.2 of the Indenture and Section 5.6(e) of each of the Series 2010-1 Indenture
Supplement and the Series 2010-2 Indenture Supplement; and 
 WHEREAS the Parent joins as a party hereto solely for the
purpose of providing its consent, confirmation and acknowledgement under Section 2.4 of this Agreement. 

  
 - 2 -

 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 Third Global Amendment; 
 “Note Purchase
Agreements” means the Series 2010-1 Note Purchase Agreement and the Series 2010-2 Note Purchase Agreement; 
 “Parent
Guarantees” means (i) the parent guarantee provided by the Parent in respect of Series 2010-1 dated as of August 26, 2010; (ii) the parent guarantee provided by the Parent in respect of Series 2010-2 dated as of
August 26, 2010; and (iii) the parent guarantee provided by the Parent in respect of Series 2011-1 dated as of March 17, 2011; and 
 “Supplements” means the Series 2010-1 Indenture Supplement, the Series 2010-2 Indenture Supplement and the Series 2011-1 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. 

  
 - 3 -

 ARTICLE 2 
 AMENDMENTS 
  

	2.1	Amendments to the Supplements 

 The Supplements are hereby amended as set forth in this Section 2.1: 
  

	 	(a)	Part (ii)(B) of Section 5.5(b) of each of the Series 2010-1 Indenture Supplement and the Series 2010-2 Indenture Supplement is hereby amended by deleting such part
(ii)(B) and replacing it with the following: 

 “(B) Avis or Budget System Members, Funding LP or Avis or
Budget, in each case pursuant to a Licensee Vehicle Assignment Agreement provided that for any purchase where the aggregate purchase price of the Vehicles subject to such purchase is $25,000,000 or more then each of the conditions precedent in
Schedule “C” shall be satisfied and for all other purchases 10 Business Days’ prior written notice of such purchase shall have been provided to each of the Rating Agencies and, in the case of Used Vehicles only,” 

 

	 	(b)	The definition of “Licensee Vehicle Assignment Agreement” in Section 1.1 of the Series 2010-1 Indenture Supplement is hereby amended by deleting the
definition and replacing it in its entirety with the following: 

 “Licensee Vehicle Assignment
Agreement” means an agreement or agreements to be entered into between Rental ULC and the applicable vendor, in each case in form and substance satisfactory to the Series 2010-1 Noteholders, acting reasonably, in connection with the
acquisition of Vehicles by Rental ULC (an executed copy of any such agreement to be delivered to the Series 2010-1 Noteholders by or on behalf of Rental ULC promptly following such execution). 

 

	 	(c)	The definition of “Licensee Vehicle Assignment Agreement” in Section 1.1 of the Series 2010-2 Indenture Supplement is hereby amended by deleting the
definition and replacing it in its entirety with the following: 

 “Licensee Vehicle Assignment
Agreement” means an agreement or agreements to be entered into between Rental ULC and the applicable vendor, in each case in form and substance satisfactory to the Series 2010-2 Noteholders, acting reasonably, in connection with the
acquisition of Vehicles by Rental ULC (an executed copy of any such agreement to be delivered to the Series 2010-2 Noteholders by or on behalf of Rental ULC promptly following such execution). 

 

	 	(d)	The definition of “Licensee Vehicle Assignment Agreement” in Section 1.1 of the Series 2011-1 Indenture Supplement is hereby amended by deleting the
definition and replacing it in its entirety with the following: 

 “Licensee Vehicle Assignment
Agreement” means, where the vendor is Avis or Budget, an agreement to be entered into between Rental ULC and Avis or Budget, as applicable, (or between Rental ULC and Funding LP if Funding LP has first entered into an agreement with Avis or
Budget as vendor and Funding LP as purchaser) and where the vendor is an Avis or Budget System Member, an agreement to be entered into between Rental ULC and such Avis or Budget System Member (or between Rental ULC and Funding LP if Funding LP has
first entered into an agreement with such Avis or Budget System Member as vendor and Funding LP as purchaser), each agreement in respect of which the Rating Agency Condition has been satisfied. 

  
 - 4 -

	 	(e)	The definition of “Series 2010-1 Transaction Documents” in Section 1.1 of the Series 2010-1 Indenture Supplement is hereby amended by deleting the
definition and replacing it in its entirety with the following: 

 “Series 2010-1 Transaction
Documents” means (a) the Indenture, the Master Vehicle Lease Agreement, the Administration Agreement, the Funding LP Partnership Agreement, the Funding LP Security Agreement, the Liquidation Agent Agreement, the Back-up Administration
Agreement, the Funding/Rental Purchase Agreement, and the Account Control Agreement, (b) this Indenture Supplement, the Note Purchase Agreement, the Fee Letter, the Parent Guarantee, each Licensee Vehicle Assignment Agreement, and each document
listed in clause (b) of this definition shall also constitute a “Transaction Document” for purposes of the Indenture.” 
  

	 	(f)	The definition of “Series 2010-2 Transaction Documents” in Section 1.1 of the Series 2010-2 Indenture Supplement is hereby amended by deleting the
definition and replacing it in its entirety with the following: 

 “Series 2010-2 Transaction
Documents” means (a) the Indenture, the Master Vehicle Lease Agreement, the Administration Agreement, the Funding LP Partnership Agreement, the Funding LP Security Agreement, the Liquidation Agent Agreement, the Back-up Administration
Agreement, the Funding/Rental Purchase Agreement, and the Account Control Agreement, (b) this Indenture Supplement, the Note Purchase Agreement, the Fee Letter, the Parent Guarantee, each Licensee Vehicle Assignment Agreement, and each document
listed in clause (b) of this definition shall also constitute a “Transaction Document” for purposes of the Indenture.” 
  

	 	(g)	The definition of “Series 2011-1 Transaction Documents” in Section 1.1 of the Series 2011-1 Indenture Supplement is hereby amended by deleting the
definition and replacing it in its entirety with the following: 

 “Series 2011-1 Transaction
Documents” means (a) the Indenture, the Master Vehicle Lease Agreement, the Administration Agreement, the Funding LP Partnership Agreement, the Funding LP Security Agreement, the Liquidation Agent Agreement, the Back-up Administration
Agreement, the Funding/Rental Purchase Agreement, and the Account Control Agreement, (b) this Indenture Supplement, the Underwriting Agreement, the Parent Guarantee, each Licensee Vehicle Assignment Agreement, and each document listed in clause
(b) of this definition shall also constitute a “Transaction Document” for purposes of the Indenture.” 
  

	 	(h)	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) 1.52” and replacing it with “(z) 1.47”. 

  

	 	(i)	The definition of “Moody’s Non-Program Vehicle Enhancement Percentage” in Section 1.1 of each of the Supplements is hereby amended by deleting the
reference to “52%” in the first line of such definition and replacing it with “47%”. 

  
 - 5 -

	 	(j)	Part (a) of the definition of “DBRS Non-Program Vehicle Enhancement Percentage” in Section 1.1 of each of the Supplements is hereby amended by
deleting the reference to “45.97%” in the first line of such part (a) and replacing it with “44.47%”. 

  

	2.2	Amendments to the Indenture 

 The Indenture is hereby amended as set forth in this Section 2.2: 

Section 1.1 of the Indenture is amended by: (a) deleting the proviso at the end of the definition of “Eligible
Investments” and replacing the comma immediately preceding such proviso with a period; and (b) by deleting subsection (b)(i) of the definition of “Qualified Institution” and replacing it with the following: “(i) has a
long-term unsecured debt rating of AA(low) or a certificate of deposit rating of R-1(middle) from DBRS; and”. 
  

	2.3	Amendments to the Note Purchase Agreements 

 The Note Purchase Agreements are hereby amended as set forth in this Section 2.3: 
 The definition of “Commitment Termination Date” in Section 1.1 of each of the Note Purchase Agreements is hereby amended by replacing the date references of “October 31, 2013” and
“October 30, 2012” contained therein with date references of “October 31, 2014” and “August 31, 2014”, respectively. 
  

	2.4	Parent Guarantees 

 The
Parent hereby consents to the amendments to the Supplements, the Indenture and the Note Purchase Agreements effected by this Amendment and confirms and acknowledges that its obligations under the Parent Guarantees remain in full force and effect,
notwithstanding such amendments. 
 ARTICLE 3 
 GENERAL 
  

	3.1	Effective Date 

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

	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. 

  
 - 6 -

	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] 

  
 - 7 -

 IN WITNESS WHEREOF the undersigned have executed this Amendment. 

 

					
	AVISCAR INC.
		
	By:	 	/s/ David Calabria
		 	 Name:

Title:
	 	 David Calabria
 VP &
Assistant Treasurer

  

					
	BUDGETCAR INC.
		
	By:	 	/s/ Tim Smith
		 	 Name:

Title:
	 	 Tim Smith
 Asst.
Treasurer

  

					
	WTH CAR RENTAL ULC
		
	By:	 	/s/ David Calabria
		 	 Name:

Title:
	 	 David Calabria
 VP &
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
 VP &
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 Ritchie
 Managing
Director

  

					
		
	By:	 	/s/ Chris Romano
		 	 Name:

Title:
	 	 Chris Romano
 Managing
Director

  

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

Title:
	 	 Doug Noe
 Managing
Director

  

					
	AVIS BUDGET CAR RENTAL, LLC 
		
	By:	 	/s/ David Calabria
		 	 Name:

Title:
	 	 David Calabria
 VP &
Assistant Treasurer

  

									
		  		  	S2	  		  	GLOBAL AMENDMENTEX-10.85(d)

 Exhibit 10.85(d) 

AMENDMENT NO. 4 
 TO SERIES 2012-1 SUPPLEMENT 
 This AMENDMENT NO. 4 TO SERIES 2012-1
SUPPLEMENT, dated as of October 31, 2012 (this “Amendment”), is between Centre Point Funding, LLC (“CPF”), as Issuer, Budget Truck Rental LLC, as Administrator, Deutsche Bank Securities Inc., as
Administrative Agent, Deutsche Bank Trust Company Americas, as a Non-Conduit Purchaser, Windmill Funding Corporation, as a CP Conduit Purchaser, The Royal Bank of Scotland plc, as a Funding Agent and an APA Bank, and the Bank of New York Mellon
Trust Company, N.A. (“BNYMTC”), in its capacities as Trustee (in such capacity, the “Trustee”), Series 2012-1 Agent and Securities Intermediary. 

RECITALS: 

WHEREAS, CPF and the Trustee entered into that certain Amended and Restated Base Indenture, dated as of March 9, 2010
(as the same may be amended, modified, supplemented or amended and restated in accordance with its terms, the “Base Indenture”); 
 WHEREAS, the parties hereto entered into that certain Series 2012-1 Supplement to the Base Indenture, dated as of March 14, 2012, (the “Series Supplement”); 

WHEREAS, pursuant to Section 12.11 of the Series Supplement, the Series Supplement may be modified or amended in accordance
with the requirements of Section 12.1 of the Base Indenture subject to the consent of the Series 2012-1 Required Noteholders; 
 WHEREAS, pursuant to Section 12.1 of the Base Indenture, the provisions of the Series Supplement may be amended, modified or waived, if such amendment, modification or waiver is in
writing and consented to by CPF, the Trustee and, in respect of any amendment, modification or waiver to the Series Supplement which affects only the Series 2012-1 Notes and does not affect the Noteholders of any other Series of Notes, as
substantiated by an Officer’s Certificate, the Series 2012-1 Required Noteholders; 
 WHEREAS, the Series
2012-1 Noteholders party hereto constitute the Series 2012-1 Required Noteholders; and 
 WHEREAS, this Amendment
has been duly authorized by all necessary limited liability company action on the part of CPF. 

 NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I. 

Definitions 
 Section 1.1. Terms Defined in Series Supplement or Base Indenture. Capitalized terms used in this Amendment not herein defined shall have the meaning contained in the Series Supplement
and, if not defined therein, in the Definitions List attached to the Base Indenture as Annex 1 or as otherwise set forth in the Base Indenture. 
 ARTICLE II. 
 Amendments 

Section 2.1. Amendment to Section 5.12(a). Section 5.12(a) of the Series Supplement is hereby amended by
deleting the text “October 31, 2012” in clause (i) of the second sentence thereof and replacing such text with “November 30, 2012.” 
 Section 2.2. Amendment to Definition of “Fee Letter”. The definition of “Fee Letter” in the Series Supplement is hereby amended by deleting the text “means the
second amended and restated letter dated as of September 28, 2012” and replacing such text with “means the third amended and restated letter dated as of October 31, 2012.” 

ARTICLE III. 
 Miscellaneous 
 Section 3.1. Effectiveness of
Amendment. This Amendment shall become effective on the first date that the Trustee has received an Officer’s Certificate of CPF stating that this Amendment affects only the Series 2012-1 Notes and does not affect the Noteholders of any
other Series of Notes. 
 Section 3.2. Effect of Amendment. Except as expressly set forth herein, this
Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any of the parties hereto under the Series Supplement, nor alter, modify, amend or in any way affect any of the
terms, conditions, obligations, covenants or agreements contained in the Series Supplement, all of which are hereby ratified and affirmed in all respects by each of the parties hereto and shall continue in full force and effect. This Amendment shall
apply and be effective only with respect to the provisions of the Series Supplement specifically referred to herein, and any references in the Base Indenture to the provisions of the Series Supplement specifically referred to herein shall be to such
provisions as amended by this Amendment. 
 Section 3.3. Waiver of Notice. Each of the parties hereto waives
any prior notice and any notice period that may be required by any other agreement or document in connection with the execution of this Amendment. 
 Section 3.4. Binding Effect. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

  
 2 

 Section 3.5. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE PROVISIONS THEREOF REGARDING CONFLICTS OF LAWS), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 Section 3.6. Counterparts. This Amendment may be executed in any number of counterparts and by different
parties herein in separate counterparts, each of which when executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 

Section 3.7. Direction to BNYMTC. By their respective signatures hereto, the Series 2012-1 Noteholders signatory
hereto hereby authorize, instruct and direct BNYMTC in its various capacities hereunder to executive and deliver this Amendment. 

[SIGNATURE PAGES FOLLOW] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
by their respective officers thereunto duly authorized as of the day and year first above written. 
  

					
	CENTRE POINT FUNDING, LLC, as Issuer
		
	By:	 	/s/ David B. Wyshner
		 	 Name:
 Title:
	 	 David B. Wyshner
 Senior
Executive Vice President,
 Chief Financial Officer and Treasurer

  

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

  
 [Signature
Page to Amendment No. 4 to Series 2012-1 Supplement] 

 
					
	DEUTSCHE BANK SECURITIES INC., as Administrative Agent
		
	By:	 	/s/ Robert Sheldon
		 	 Name:

Title:
	 	 Robert Sheldon
 Managing
Director

  

					
		
	By:	 	/s/ Billy Strobel
		 	 Name:

Title:
	 	 Billy Strobel
 Vice
President

  

					
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Non-Conduit Purchaser
		
	By:	 	/s/ Robert Sheldon
		 	 Name:

Title:
	 	 Robert Sheldon
 Managing
Director

  

					
		
	By:	 	/s/ Billy Strobel
		 	 Name:

Title:
	 	 Billy Strobel
 Vice
President

  
 [Signature
Page to Amendment No. 4 to Series 2012-1 Supplement] 

 
					
	WINDMILL FUNDING CORPORATION, as a CP Conduit Purchaser
		
	By:	 	/s/ Bernard J. Angelo
		 	 Name:

Title:
	 	 Bernard J. Angelo
 Vice
President

  

			
	THE ROYAL BANK OF SCOTLAND PLC, as a Funding Agent
		
	By:	 	RBS Securities Inc., as agent

 
					
		
	By:	 	/s/ David J. Donofrio
		 	 Name:

Title:
	 	 David J. Donofrio

Director

  

			
	THE ROYAL BANK OF SCOTLAND PLC, as an APA Bank
		
	By:	 	RBS Securities Inc., as agent

 
					
		
	By:	 	/s/ David J. Donofrio
		 	 Name:

Title:
	 	 David J. Donofrio

Director

  
 [Signature
Page to Amendment No. 4 to Series 2012-1 Supplement] 

 
					
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., not in its individual capacity, but solely as Trustee, as Series 2012-1 Agent and as Securities
Intermediary
		
	By:	 	/s/ David H. Hill
		 	 Name:

Title:
	 	 David H. Hill
 Vice
President

  
 [Signature
Page to Amendment No. 4 to Series 2012-1 Supplement] 

					
	 ACKNOWLEDGED BY:

 

	AVIS BUDGET CAR RENTAL, LLC, in its individual capacity
		
	By:	 	/s/ David B. Wyshner
		 	 Name:
 Title:
	 	 David B. Wyshner
 Senior
Executive Vice President
 and Chief Financial Officer

  
 [Signature
Page to Amendment No. 4 to Series 2012-1 Supplement]

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