What is the relationship between Quartx Fleet Management, Inc. and the Budget loan agreement?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
Inc., as a Permitted Nominee, PV Holding Corp., as a Permitted Nominee, and Cendant Rental Car Funding (AESOP) LIC**, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, dated January 20, 2008). |
| 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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| Form 10-Q for the guarterly genod ended June 30, 2007, Gated August 5, 2007. Third Amendment, dated as of August 16, 2013, among AESOP Leasing L.P., as Borrower, PV Holding Corp., as a Permitted Nominee, Quarts Fleet Management, Inc., as a Permitted Nominee, and Avis Budget Third Amendment, dated as of June 3, 2004 (Incomporated by reference to Exhibit 10,36(c) to the Company's Annual Report on Rental Car Funding (AESOP) LLC, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incomporated by reference to Exhibit 10,36(c) to the Company's Annual Report on Port 10-K for the year ended December 31, 2013, dated February 20, 2014). |
| Form 10-K for the year ended December 31, 2013, dated regruanty 20, 2019, as Borrower, PV Holding Corp., as a Permitted Nominee, Quartx Fleet Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Amendment, dated as of July 28, 2022, 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 Fourth Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Management, Inc., as a Permitted Nominee, and Avis Budget Fourth Management, Inc. |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, Quartx Fleet Management, Inc. is listed as a Permitted Nominee in several amendments to the loan agreement. Specifically, Quartx Fleet Management, Inc. is named as a Permitted Nominee in the Second Amendment dated May 9, 2007, the Third Amendment dated August 16, 2013, and the Fourth Amendment dated July 28, 2022.
This indicates that Quartx Fleet Management, Inc. has a formal role in the loan agreement, potentially acting on behalf of the borrower or lender. As a Permitted Nominee, Quartx Fleet Management, Inc. likely has certain rights or responsibilities related to the loan, although the exact nature of these are not detailed in the excerpt. The loan agreement itself is between AESOP Leasing L.P., as Borrower, PV Holding Corp., as a Permitted Nominee, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender.
For a prospective Budget franchisee, this information highlights the complex financial structure underlying the Budget brand. While it may not directly impact day-to-day operations, understanding the entities involved in financing the fleet and operations can provide insight into the overall financial health and stability of the Budget franchise system. It would be prudent for a potential franchisee to seek clarification from Budget regarding the specific role and responsibilities of Quartx Fleet Management, Inc. and how the loan agreement may affect franchisees.