CAR · Avis Budget Group, Inc.

Avis Budget Group's subsidiary ABRCF secured a significant amendment to its key asset-backed financing facilities on April 30, 2026, increasing total commitments by approximately $424 million across the Series 2010-6 ($401 million net increase) and Series 2015-3 ($23 million net increase) notes. These facilities finance a portion of the U.S. car rental fleet, with collateral primarily consisting of vehicles and related assets. The extensions provide two additional years for Class A notes (to April 30, 2028) and one year for Class B notes (to April 30, 2027), enhancing liquidity and refinancing flexibility amid fleet management needs. Scheduled reductions on November 1, 2026, temper the expansion, aligning with prior commitment schedules. Key revisions address post-expiry interest rate cap dynamics by adjusting multiple DBRS-rated enhancement rates downward (e.g., Series 2010-6 Class A Investment Grade Program from 14.00% to 12.00%), reflecting reduced hedging costs. Tesla-specific concentration limits were eliminated in favor of a broader 10% cap on Electric Vehicles (battery electric or plug-in hybrids), accommodating fleet diversification. This transaction, documented in Exhibits 10.1 and 10.2, underscores ongoing optimization of fleet financing terms with counterparties including JPMorgan Chase and BNY Mellon, who provide ongoing banking services.