Debt Under Vehicle Programs and Borrowing Arrangements

9 Months Ended

Sep. 30, 2015

Debt Under Vehicle Programs and Borrowing Arrangements

Debt under vehicle programs including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:



	As of		As of
	September 30,		December 31,
	2015		2014
Americas - Debt due to Avis Budget Rental Car Funding ^(a)	$	7,239	$	6,340
Americas - Debt borrowings	766		746
International - Debt borrowings ^{(a) (b)}	1,689		685
International - Capital leases	296		314
Other	6		31
Total	$	9,996	$	8,116

__________


^(a)	The increase reflects additional borrowings principally to fund increases in the Company’s car rental fleet.


^(b)	The increase also includes additional borrowings related to the acquisition of Maggiore.

DEBT MATURITIES

The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding at September 30, 2015.



	Debt Under Vehicle Programs
Within 1 year	$	1,489
Between 1 and 2 years	3,477
Between 2 and 3 years	1,705
Between 3 and 4 years	1,432
Between 4 and 5 years	1,513
Thereafter	380
Total	$	9,996

COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS

As of September 30, 2015, available funding under the Company’s vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of:



	Total Capacity ^(a)		Outstanding Borrowings		Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding ^(b)	$	9,489	$	7,239	$	2,250
Americas - Debt borrowings ^(c)	1,014		766		248
International - Debt borrowings ^(d)	2,166		1,689		477
International - Capital leases ^(e)	329		296		33
Other	6		6		—
Total	$	13,004	$	9,996	$	3,008

__________


^(a)	Capacity is subject to maintaining sufficient assets to collateralize debt.


^(b)	The outstanding debt is collateralized by approximately $8.8 billion of underlying vehicles and related assets.


^(c)	The outstanding debt is collateralized by approximately $1.1 billion of underlying vehicles and related assets.


^(d)	The outstanding debt is collateralized by approximately $2.2 billion of underlying vehicles and related assets.


^(e)	The outstanding debt is collateralized by approximately $0.3 billion of underlying vehicles and related assets.

DEBT COVENANTS

The agreements under the Company’s vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries and restrictions on indebtedness, mergers, liens, liquidations and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of September 30, 2015, the Company is not aware of any instances of non-compliance with any of the financial covenants contained in the debt agreements under its vehicle-backed funding programs.