What is the date of the Seventh 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). | |
| 10.75 | Sixth Amendment, dated as of December 8, 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 Budget Group, Inc., the subsidiary borrowers 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 Current Report on Form 8-K, dated December 14, 2023). |
| 10.76 | Seventh Amendment, dated as of December 27, 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 Budget Group, Inc., the subsidiary borrowers from time to time and the lenders from time to time party thereto, the lenders from time to time party thereto, the company and the company's Current Report on Form 8-K, dated January 3, 2024), |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, the Seventh Amendment to the Sixth Amended and Restated Credit Agreement is dated December 27, 2023. This agreement involves several parties, including Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC (as the borrower), Avis Budget Group, Inc., subsidiary borrowers, and JPMorgan Chase Bank, N.A., acting as the Administrative Agent.
This amendment is part of a series of financial agreements that Budget enters into to manage its financial obligations and operations. These credit agreements are essential for securing funding and managing debt, which can impact the financial stability and growth of the company.
For a prospective franchisee, understanding these credit agreements is crucial because they reflect the financial health and management practices of Budget. While franchisees are not directly party to these agreements, the financial stability of the parent company can affect the support, resources, and overall brand strength available to them. Reviewing the incorporated references to the Company's Current Report on Form 8-K, dated January 3, 2024, may provide additional context.