Does the Budget FDD outline any obligations for the borrower in the Second Amendment?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
| Second Amendment, dated as of May 9, 2007, among AESOP Leasing L.P., as Borrower, PV Holding Corp., as a Permitted Nominee, Quartx Fleet Management, Inc., as a Permitted Nominee, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007). |
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Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, the Second Amendment, dated May 9, 2007, involves AESOP Leasing L.P. as the borrower, PV Holding Corp. and Quartx Fleet Management, Inc. as Permitted Nominees, and Avis Budget Rental Car Funding (AESOP) LLC as the lender. This amendment is related to the Second Amended and Restated Loan Agreement dated June 3, 2004.
However, the document excerpt does not specify the obligations of the borrower (AESOP Leasing L.P.) under this Second Amendment. The excerpt only identifies the parties involved and references the related loan agreement and its amendments.
To fully understand the obligations of the borrower, a prospective Budget franchisee should review the referenced exhibits (Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007) and the Second Amended and Restated Loan Agreement. It would be prudent to consult with Budget and legal counsel to clarify the borrower's responsibilities and potential liabilities within the context of this amendment.