Is the Second Amendment dependent on any other agreements or conditions outlined in the Budget FDD?
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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| 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). |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, the term "Second Amendment" appears to refer to a series of financial agreements related to AESOP Leasing L.P. rather than the constitutional right to bear arms. Specifically, the document mentions a "Second Amendment, dated as of May 9, 2007," which is part of a series of loan agreements and amendments involving various entities such as AESOP Leasing L.P., PV Holding Corp., Quartx Fleet Management, Inc., and Avis Budget Rental Car Funding (AESOP) LLC. These agreements are related to loan arrangements and are referenced within the company's financial reporting documents, such as Form 10-Q and Form 10-K.
These amendments and agreements are incorporated by reference to exhibits within Budget's financial reports. For instance, the Second Amendment is linked to Exhibit 10.8 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007. Similarly, other amendments like the Third Amendment and Fourth Amendment are referenced to exhibits in the Company's Annual Report on Form 10-K. These references indicate that the financial health and obligations of Budget are tied to these loan agreements and any modifications made through subsequent amendments.
For a prospective Budget franchisee, this information is relevant because it provides insight into the financial structure and obligations of the parent company. Understanding these financial agreements can help a franchisee assess the stability and financial health of Budget, which can impact the support and resources available to franchisees. It is important to note that these financial instruments are common in large corporate structures and are part of the overall financial management of the company. A potential franchisee should review these referenced exhibits and reports to fully understand the implications of these agreements on Budget's financial standing.