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Debt Under Vehicle Programs and Borrowing Arrangements
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Under Vehicle Programs and Borrowing Arrangements 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 ofAs of
June 30,December 31,
20212020
Americas - Debt due to Avis Budget Rental Car Funding$8,216 $5,116 
Americas - Debt borrowings 622 509 
International - Debt borrowings 1,443 1,115 
International - Finance leases 175 162 
Other1 — 
Deferred financing fees (a)
(49)(45)
Total$10,408 $6,857 
__________
(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2021 and December 31, 2020 were $43 million and $36 million, respectively.

In May 2021, the Company’s Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $800 million of asset-backed notes with an expected final payment date of August 2026, with a weighted average interest rate of 1.73%.

In June 2021, the Company’s Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $96 million, $105 million and $103 million of asset-backed notes with expected final payment dates of March 2024, September 2024 and August 2025, respectively, with a weighted average interest rate of 3.14%.

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 June 30, 2021:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$2,026 
Between 1 and 2 years (c)
3,311 
Between 2 and 3 years (d)
1,564 
Between 3 and 4 years1,675 
Between 4 and 5 years1,531 
Thereafter350 
Total$10,457 
__________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.6 billion of bank and bank-sponsored facilities.
(c)    Includes $2.1 billion of bank and bank-sponsored facilities.
(d)    Includes $0.1 billion of bank and bank-sponsored facilities.
Committed Credit Facilities and Available Funding Arrangements

As of June 30, 2021, 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$10,346 $8,216 $2,130 
Americas - Debt borrowings746 622 124 
International - Debt borrowings2,607 1,443 1,164 
International - Finance leases196 175 21 
Other1 1 — 
Total$13,896 $10,457 $3,439 
(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; $0.8 billion for Americas - Debt borrowings; $1.7 billion for International - Debt borrowings; and $0.2 billion for International - Finance 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 June 30, 2021, 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.