Material Agreement, Financial Obligation (Form 8-K)

On September 21, 2026 (the "Closing Date"), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary ("ABRCF") issued $650 million of asset-backed securities with a maturity of five years comprised of $474.5 million aggregate principal amount of Series 2026-5 5.69%, Class A notes, $61.75 million aggregate principal amount of Series 2026-5 5.95%, Class B notes, $47.125 million aggregate principal amount of Series 2026-5 6.44%, Class C notes and $66.625 million aggregate principal amount of Series 2026-5 8.14%, Class D notes. ABRCF also issued $35.75 million aggregate principal amount of Series 2026-5 9.598%, Class R notes, which are subordinated to the Class A notes, the Class B notes, the Class C notes and the Class D notes of the Series, and which 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 2026-5 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2026-5 Agent (the "Series 2026-5 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 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 2026-5 Supplement, a copy of which is attached hereto as Exhibit 10.1, which is incorporated by reference herein.

In connection with the foregoing, ABRCF entered into amendments to certain of the rental car fleet financing documents to make certain technical amendments to such documents. Such amendments are attached as Exhibits 10.2, 10.3, 10.4, 10.5, 10.6 and 10.7.

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.

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