Avis Budget Rental Car Funding (AESOP) Issues $736.5M In Asset-Backed Securities Across Two Series With Maturities Of 3 And 5 Years

On May 28, 2025 (the "Closing Date"), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary ("ABRCF") issued $736.5 million of asset-backed securities with a maturity of three years and five years, respectively, comprised of $199.0 million aggregate principal amount of Series 2025-1 4.80%, Class A notes, $29.75 million aggregate principal amount of Series 2025-1 5.24%, Class B notes, $21.25 million aggregate principal amount of Series 2025-1 5.87%, Class C notes and $33.29 million aggregate principal amount of Series 2025-1 7.48%, Class D notes, as well as $318.4 million aggregate principal amount of Series 2025-2 5.12%, Class A notes, $47.6 million aggregate principal amount of Series 2025-2 5.51%, Class B notes, $34.0 million aggregate principal amount of Series 2025-2 6.24%, Class C notes and $53.26 million aggregate principal amount of Series 2025-2 7.84%, Class D notes. The Class D notes were retained by ABRCF and may be sold on a future date. ABRCF also issued $15.6 million aggregate principal amount of Series 2025-1 9.424%, Class R notes and $25.0 million aggregate principal amount of Series 2025-2 9.795%, Class R notes, each of which are subordinated to the Class A notes, the Class B notes, the Class C notes and the Class D notes of the respective 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 2025-1 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2025-1 Agent (the "Series 2025-1 Supplement"), to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (as amended, the "Base Indenture") and the Series 2025-2 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2025-2 Agent (the "Series 2025-2 Supplement"), to the Base Indenture, respectively.