Item 1.01 Entry into a Material Definitive Agreement.

On November 3, 2020, CarFin Finance International DAC and certain subsidiaries of Avis Budget Group, Inc. (the "Company") entered into an Eleventh Master Amendment and Restatement Deed in order to amend the terms of its European rental fleet securitization program. Under the program, CarFin Finance International DAC may issue registered variable funding notes with a term of up to the expected maturity date. The Company's rental vehicle fleets in Italy, Germany, Spain, France and the Netherlands serve as underlying security for the notes. Proceeds from the issuance of the notes are made available, on a revolving basis, to special-purpose companies to purchase vehicles for the Company's rental vehicle fleets in Italy, Germany, Spain, France and the Netherlands. The Eleventh Master Amendment and Restatement Deed amends the securitization program to, among other things, change the total senior noteholder commitments, expected maturity date, and certain concentration limits and eligibility criteria in respect of the composition of the fleet. The Eleventh Master Amendment and Restatement Deed also includes provisions relating to the European Securitisation Regulation and EURIBOR fall back language.

Certain holders of the notes issued in the securitization, and their respective affiliates, have performed, and may in the future perform, various commercial banking, investment banking and other financial advisory services for the Company and its subsidiaries for which they have received, and will receive, customary fees and expenses.

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the complete terms of the Eleventh Master Amendment and Restatement Deed, which is filed as Exhibit 10.1 hereto and which is incorporated by reference herein.

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.

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Item 9.01 Exhibits.


(d) Exhibits.

The following exhibit is filed as part of this report:





Exhibit
  No.                                    Description

10.1          Eleventh Master Amendment and Restatement Deed, by and among CarFin
            Finance International DAC, Credit Agricole Corporate And Investment
            Bank, Deutsche Trustee Company Limited, Credit Agricole Corporate And
            Investment Bank, the Opcos, Servicers, Lessees and FleetCos listed
            therein, Avis Budget Car Rental, LLC, Avis Finance Company Limited,
            Avis Budget EMEA Limited, the Account Banks listed therein, Deutsche
            Bank Ag, London Branch, the Senior Noteholders and certain other
            entities named therein, dated November 3, 2020.*†

104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document).




*   The Company has omitted certain schedules and other similar attachments to
    such agreement pursuant to Item 601(a)(5) of Regulation S-K. The Company will
    furnish a copy of such omitted documents to the SEC upon request.

† Certain provisions of this exhibit have been omitted pursuant to Item

601(b)(10)(iv) of Regulation S-K.

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