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What are the implications of the Fourth Amended and Restated Cooperation Agreement on the Budget franchise system?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
| EXHIBIT NO. | DESCRIPTION Separation and Distribution Agreement by and among Cendant Corporation*, Realogy Corporation, Wyndham Worldwide Corporation and Travelport Inc., dated as of July 27, 2006 (Incorporated by reference to |
|---|---|
| 2.1 | Separation and Distribution Agreement by and among Cendant Corporation, Realogy Corporation, Wyndham Worldwide Corporation, Wyndham Worldwide Corporation and Travelport Inc. |
| 2,2 | Exhibit 2.1 to the Company's Current Report on Form 8-K, dated August 1, 2006). Letter Agreement dated August 17, 2006, related to the Separation and Distribution Agreement by and among Realogy Corporation, Cendant Corporation*, Wyndham Worldwide Corporation and Travelgort Inc. Letter Agreement dated August 17, 2006, related to the Separation and Distribution Agreement by and among Realogy Corporation. Cendant Corporation*, Wyndham Worldwide Corporation and Travelgort Inc. Letter Agreement dated August 17, 2006, related to the Separation and Distribution Agreement by and among Realogy Corporation. Cendant Corporation*, Wyndham Worldwide Corporation and Travelgort Inc. Letter Agreement dated August 17, 2006 (Incorporated by reference to Exhibit 2.2 to the Company's Quarterly Report on Form 10-0 for the period ended June 30, 2007, dated August 8, 2007), dated as of July 27, 2006 (Incorporated by reference to Exhibit 2.2 to the Company's Quarterly Report on Form 8-K dated September 5, 2006). |
| 3,1 | |
| 3.2 | Amended and Restated Certificate of Incorporation of Avis Budget Stroup, inc., incurrent and the street of the Company's Current Report on Form 8-K, dated August 13, 2020), Amended and Restated Bylaws of Avis Budget Group, Inc., dated August 10, 2020 (Incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, dated August 13, 2020), Amended and Restated Bylaws of Avis Budget Group, Inc., dated August 10, 2020 (Incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 80-V (Incorporated Bylaws), and Indenture dated as of July 3, 2019, among Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., as Issuers, the Guarantics from time to time parties thereto and Deutsche Bank Trust Company (Incorporated Bylaws), and Indenture dated as of July 3, 2019, among Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., as Issuers, the Guarantics Corporation (Incorporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporatio |
| 4.1 | Indenture dated as of July 3, 2019, among Avis Budget Car Rental, LLC and Avis Budget Finance. Inc., as issuers, the Guarantors from time to time parties mereto and Deutsche Jona 30, 2019, dated August 5, 2019, Trustee, governing the 5,75% Senior Notes due 2027 (Incorporated by reference to Exhibit 4,1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019, dated August 5, 2019, Incorporated by reference to Exhibit 4,1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, 2019, among LLC and August 5, |
| 4.2 | First Supplemental Indenture, dated as of August 6, 2020, to the indenture dated as of July 3, 2019 by an among AVIs budget Car Actual AVIs and Car Actual Car Actual Car Actual Car Actual Car Actual Car Actual Car Actual Car Actual Car Actual Car Actual Car Actual Car Actual Car Actual Car Actual Car Car Car Car Car Car Car Car Car Car |
| 4.3 | Indenture, dated as of March 1, 2021, by and among Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., as issuers, the quarantees budy the transfer of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of the property of |
| 4.4 | Indenture, dated as of March 23, 2021, by and among Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., as issuers, ne quantum training that you ment and product of the Company of Courset Report on Form 8-K, dated March 23, 2021). |
| 4.5 | Indenture, dated as of July 13, 2023, by and among Avis Budget Finance nic, as issuer, the gugarantors party thereto. Detroit Company America, 2023, by and among Avis Budget Finance nic, as issuer, the gugarantors party thereto. Detroit Company America, 2023, by and among Avis Budget Finance nic, as issuer, the gugarantors party thereto. Detroit Company America, 2023, by and among Avis Budget Finance nic, as issuer, the gugarantors party thereto. Detroit Company America, 2023, by and among Avis Budget Finance nic, as issuer, the gugarantors party thereto. Detroit Company America, 2023, by and among Avis Budget Finance nic, as issuer, the gugarantors party thereto. Detroit Company America, 2023, by and among Avis Budget Finance nic, as issuer, the gugarantors party thereto. Detroit Company America, 2023, by and among Avis Budget Finance nic, as issuer, the gugarantors party thereto. Detroit Company America, 2023, by and among Avis Budget Finance nic, as issuer, the gugarantors party thereto. |
| 4.6 | First Supplemental Indenture, dated as of May 21, 2024, to the indenture dated as of July 13, 2023 by and among Avis Budget maintain to the Company's Current Report on Form 8-K dated May 21, 2024). |
| 4.7 | lindenture, dated as of November 22, 2023, by and among Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., together as issuents, the guitanties and a second as a second as a second and a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a second as a sec |
| 4.8 | Indenture, dated as of February 28, 2024, by and among Avis Budget Finance pic, as issuer, the guarantors party mereto, U.S. Bank trust Company, sautoral Association February 29, 2024), |
| 4.9 | Indenture, dated as of September 13, 2024, by and among Avis Budget Car Rental, LLC and Avis Budget Phantes, Inc. Edgette 13, 2024 |
| 4.10 | Description of the Company's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by Ference to Extra 1934) |
| 10,1 | Agreement between Avis Budget Group, Inc. and Joseph Ferraro (Incorporated by reference to Exhibit 10.5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Company's Annual Report on Form 10-K for the year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December 5 to the Year Grade December |
| 10.2 | Agreement between Avis Budget Group, Inc. and Edward Linnen, dated April 20, 2015 (Incorporated by reference to exhibit 10, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, 10 to the Company of States 1, |
| 10.3 | |
| 10.4 | Offer Letter, dated May 17, 2022, between Ravi Simhambhatla and Avis Budget Group, Inc. (Incorporated by reference to Exhibit 10.73 to the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Sompating Formation (Inc.) of the Som |
| 10.5 | 31. 2022. dated February. 16. 2023).† Avis Budget Group. Inc. Executive Severance Pay Plan for Grade A and B Employees and Summary Plan Description (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated Description 11, 2020). † |
| 10.6 | Fourth Amended and Restated Cooperation Agreement, dated as of December 23, 2022, by and among Avis Budget Group, Inc., SRS Investment Management, LLC and certain of its affiliates (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated December 27, 2022). |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, Item 21 references the "Fourth Amended and Restated Cooperation Agreement, dated as of December 23, 2022, by and among Avis Budget Group, Inc., SRS Investment Management, LLC and certain of its affiliates". This agreement is listed as an exhibit to the company's Current Report on Form 8-K dated December 27, 2022.
While the FDD mentions the existence of this agreement, it does not provide specific details regarding its terms or implications for Budget franchisees. The agreement's purpose and potential impact on franchisees are not detailed in this section. Form 8-K is a current report companies must file with the SEC to announce major events that shareholders should know about.
Prospective Budget franchisees should request a copy of the Fourth Amended and Restated Cooperation Agreement from the franchisor and carefully review it with a legal and financial advisor. Understanding the details of this agreement is crucial, as it could affect various aspects of the franchise relationship, including operational procedures, financial obligations, and the overall business strategy of Budget.
Disclaimer: This information is extracted from the 2025 Franchise Disclosure Document and is provided for research purposes only.
It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.