What is the date of the Fifth Amendment to the Sixth Amended and Restated Credit Agreement for Budget?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
| 10.74 | Fifth Amendment, dated as of April 21, 2023, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, as borrower, Avis |
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| Sugget Group, Inc., in a subsidiary borrower from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto (Incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for equarterly period ended June 30, 2023, deed August 1, 2023). |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, the Fifth Amendment to the Sixth Amended and Restated Credit Agreement is dated April 21, 2023. The Sixth Amended and Restated Credit Agreement itself is dated July 9, 2021.
This agreement involves several parties, including Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC (as the borrower), Avis Budget Group, Inc., subsidiary borrowers, lenders, and JPMorgan Chase Bank, N.A., acting as the Administrative Agent. The Fifth Amendment is incorporated by reference to Exhibit 10.1 of Budget's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, which was dated August 1, 2023.
For a prospective Budget franchisee, understanding these credit agreements might not be directly relevant to day-to-day operations. However, it provides insight into the financial structure and obligations of the parent company. This can be useful for assessing the overall financial health and stability of Budget as a franchisor. Franchisees may want to inquire further about how these agreements could indirectly affect franchise operations or support.