Item 1.01 Entry into a Material Definitive Agreement.

On November 29, 2022 (the "Closing Date"), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary ("ABRCF") issued $500.5 million of asset-backed securities with a maturity of five years, comprised of $434.1 million aggregate principal amount of Series 2022-5 6.12%, Class A notes, and $66.4 million aggregate principal amount of Series 2022-5 7.09%, Class B notes. Additionally, ABRCF will retain $52.5 million aggregate principal amount of Series 2022-5 9.27%, Class C notes, which may be issued on a future date. The Class C notes are subordinated to the Class A notes and the Class B notes. ABRCF also issued $30.4 million aggregate principal amount of Series 2022-5 11.162%, Class R notes, which are subordinated to the Class A notes, the Class B notes and the Class C notes and were issued to comply with applicable U.S. risk retention rules. The Class R notes are held by our AESOP Leasing L.P. subsidiary. The notes were issued under the Series 2022-5 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2022-5 Agent (the "Series 2022-5 Supplement"), to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (as amended, the "Base Indenture").

The notes are secured under the Base Indenture primarily by vehicles in our domestic fleet and other related assets. The foregoing summary of the notes is qualified in its entirety by reference to the full text of the Series 2022-5 Supplement, a copy of which is attached hereto as Exhibit 10.1 and which is incorporated by reference herein.

Certain purchasers of the notes, the trustee and their respective affiliates have performed, and may in the future perform, various commercial banking, investment banking and other financial advisory services for us and our subsidiaries for which they have received, and will receive, customary fees and expenses.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an


           Off-Balance Sheet Arrangement of a Registrant.



The information described above under Item 1.01 of this report is incorporated into this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.

The following exhibits are filed as part of this report:





Exhibit No.    Description

10.1             Series 2022-5 Supplement, dated as of November 29, 2022, between
               Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York
               Mellon Trust Company, N.A., as trustee and as Series 2022-5 Agent.

104            The cover page from this Current Report on Form 8-K formatted in
               Inline XBRL (included as Exhibit 101).

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