According to the Budget franchise agreement, where can I find the 'Transfer Requirements'?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
Licensee agrees that this Agreement is personal to Licensee and Licensee hereby acknowledges the personal confidence Budget has in Licensee and/or the beneficial owners of Licensee as identified in Paragraph 12.5 and the Summary Pages (Section 6).
Neither this Agreement, the beneficial ownership of Licensee or the Rental Business (or any material assets relating to the Rental Business), or any licenses, concession agreements and/or permits which are required by, or related to, the Rental Business, may be voluntarily, involuntarily, directly or indirectly sold, assigned or otherwise transferred by Licensee (including by will, declaration of or transfer in trust or the laws of intestate succession or by operation of law through a divorce or other legal proceeding), without the prior written consent of Budget, which will not be unreasonably withheld in accordance with this Agreement and the transfer requirements prescribed by Budget from time to time, including payment of a transfer fee (see the "Transfer Requirements" contained in Exhibit F) and Licensee's execution of a general release of claims in a form satisfactory to Budget, except that such general release will exclude then- existing litigation between Licensee and Budget or the Related Entities and then-existing claims of Licensee against Budget or the Related Entities in the ordinary course of business under this Agreement or any other agreement between such parties, which litigation and claims will be identified in such release.
Source: Item 23 — RECEIPTS (FDD pages 80–426)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, the specific requirements for transferring a Budget franchise can be found in Exhibit F of the FDD. Item 23 discusses the receipts and also mentions that Exhibit F contains the transfer requirements.
Budget emphasizes the importance of maintaining the quality, uniformity, and integrity of its network of vehicle rental businesses. As such, Budget retains the right to ensure that any potential new licensee meets the company's standards. This is why Budget's consideration of a transfer involves a managerial judgment based on its assessment of the licensor-licensee relationship in connection with the long-range needs and continued success of the Network.
It is important to note that these requirements do not waive or limit any rights under the Budget License Agreement, nor do they amend or modify the terms of the transferring licensee's agreement. A 'transfer' is defined broadly as any agreement that results in a change in the beneficial ownership or control of the licensee, the rental business, or the Budget franchise.