On February 15, 2013, Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC ("ABCR," and collectively, the "Borrowers") entered into a Fifth Amendment (the "Fifth Amendment") to the Amended and Restated Credit Agreement, dated as of May 3, 2011, among the Borrowers, JPMorgan Chase Bank, N.A. ("JPMorgan") as administrative agent and the other lenders and parties thereto (as amended through the date hereof, the "Credit Agreement"), with JPMorgan, as administrative agent, the subsidiary borrowers from time to time parties thereto and the several lenders from time to time parties thereto, to increase the amount available to the Borrowers under the Credit Agreement by $400 million to $2.65 billion and to provide certain exceptions for the issuance of indebtedness by foreign subsidiaries of ABCR.

The foregoing description of the Fifth Amendment is a summary and is qualified in its entirety by the terms and provisions of the Fifth Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

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

(d) Exhibits.

The following exhibits are filed as part of this report:

Exhibit No.   Description
   10.1       Fifth Amendment, dated as of February 15, 2013, to
              the Amended and Restated Credit Agreement dated as of
              May 3, 2011, among Avis Budget Holdings, LLC, Avis
              Budget Car Rental, LLC, the subsidiary borrowers from
              time to time parties thereto, JPMorgan Chase Bank,
              N.A., as administrative agent, and the several
              lenders from time to time parties thereto.