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
	March 31,			December 31,
	2018			2017
Americas - Debt due to Avis Budget Rental Car Funding ^(a)	$	7,787		$	6,516
Americas - Debt borrowings	646			660
International - Debt borrowings	1,798			1,942
International - Capital leases	186			146
Other	4			1
Deferred financing fees ^(b)	(39		)	(44		)
Total	$	10,382		$	9,221

__________


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


^(b)	Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2018 and December 31, 2017 were $33 million and $36 million, respectively.

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 March 31, 2018.



	Debt under Vehicle Programs
Within 1 year	$	1,903
Between 1 and 2 years	5,046
Between 2 and 3 years	1,415
Between 3 and 4 years	783
Between 4 and 5 years	1,160
Thereafter	114
Total	$	10,421

Committed Credit Facilities and Available Funding Arrangements

As of March 31, 2018, 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 ^(b)		Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding	$	8,887	$	7,787	$	1,100
Americas - Debt borrowings	901		646		255
International - Debt borrowings	3,043		1,798		1,245
International - Capital leases	215		186		29
Other	4		4		—
Total	$	13,050	$	10,421	$	2,629

__________


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


^(b)	The outstanding debt is collateralized by vehicles and related assets of $9.2 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $2.3 billion for International - Debt borrowings; and $0.2 billion for International - Capital leases.

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 March 31, 2018, 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.