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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>WASHINGTON,
        DC 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>_________________</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>_________________</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
        REPORT</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
        to Section 13 or 15(d) of the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Securities
        Exchange Act of 1934</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Date
        of
        Report (Date of Earliest Event Reported):&#160;&#160;<strong><u>December 23,
        2008 (December 23, 2008)</u></strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>_________________</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman;"><strong>Avis
        Budget Group, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Exact
        Name of Registrant as Specified in its Charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>_________________</strong></font></div>
      <div><br></div>
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              </td>
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              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 4px double">
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              </td>
            </tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>(State
                  or Other Jurisdiction</em></font></div>
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                  Incorporation)</em></font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>(Commission
                  File</em></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Number)</em></font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>(IRS
                  Employer</em></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Identification
                  No.)</em></font></div>
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      <div><br></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
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              <td valign="top" width="24%" style="BORDER-BOTTOM: black 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>6
                  Sylvan Way</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Parsippany,
                  NJ</strong></font></div>
              </td>
              <td align="left" valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="24%" style="BORDER-BOTTOM: black 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>07054</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>(Address
                  of Principal Executive Offices)</em></font></div>
              </td>
              <td align="left" valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>(Zip
                  Code)</em></font></div>
              </td>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>&#160;(973)
        496-4700</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>(Registrant's
        telephone number, including area code)</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>N/A</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>(Former
        name or former address if changed since last report)</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
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              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">[&#160;&#160;]</font></div>
              </td>
              <td align="left" valign="top" width="66%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">[&#160;&#160;]</font></div>
              </td>
              <td align="left" valign="top" width="66%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Soliciting
                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">[&#160;&#160;]</font></div>
              </td>
              <td align="left" valign="top" width="66%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                  CFR
                  240.14d-2(b))</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">[&#160;&#160;]</font></div>
              </td>
              <td align="left" valign="top" width="66%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                  CFR
                  240.13e-4(c))</font></div>
              </td>
            </tr>
  
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><strong>Item
                  1.01</strong></div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="75%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 75%; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt solid">
                <div style="MARGIN: 0in 0in 0pt"><strong>Entry into a Material Definitive
                  Agreement.</strong></div>
                <div>&#160;</div>
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        <div style="MARGIN: 0in 0in 0pt">&#160;</div>
        <div style="MARGIN: 0in 0in 0pt"><strong>Asset-Backed Conduit
          Financing</strong></div>
        <div>&#160;</div>
        <div style="MARGIN: 0in 0in 0pt">On December 23, 2008, our Avis Budget Rental
          Car Funding (AESOP) LLC subsidiary completed the renewal of our principal
          asset-backed conduit facility (known as the Series 2002-2 Notes) and our
          seasonal conduit facility (known as the Series 2008-1 Notes). </div>
        <div>&#160;</div>
        <div style="MARGIN: 0in 0in 0pt">In connection with such renewal, $100 million
          was reallocated from the principal conduit facility to the seasonal conduit
          facility, resulting in a $1.35 billion principal facility and a $1.1 billion
          seasonal facility. &#160;The principal conduit facility has been extended for
          one year from the date of closing, and the seasonal conduit facility will
          have a
          final maturity in November 2009 following 25% reductions in borrowing capacity
          in each of September and October 2009.&#160; We will be required to apply 75% of
          the proceeds from the issuance of rental car asset-backed term notes of up
          to $1
          billion in aggregate principal amount toward the reduction of the
          facilities.&#160; </div>
        <div>&#160;</div>
        <div style="MARGIN: 0in 0in 0pt">The initial borrowing spreads for these
          facilities are unchanged from the levels established in connection with the
          extension of the principal conduit facility in October 2008, however, such
          spreads are subject to an increase of (1) 1% for the period of May 31, 2009
          through maturity, (2) an additional 1% for the period of August 31, 2009
          through
          maturity and (3) an additional 1% for the period of September 30, 2009 through
          maturity, in each case if we fail to reduce commitments and borrowings under
          the
          facilities by an aggregate amount of approximately $187.5 million on a pro
          rata
          basis during each such period.</div>
        <div style="MARGIN: 0in 0in 0pt">&#160;</div>
        <div style="MARGIN: 0in 0in 0pt">Certain of the conduit purchasers of the
          Series
          2002-2 Notes and the Series 2008-1 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.</div>
        <div>&#160;</div>
        <div style="MARGIN: 0in 0in 0pt">&#160;</div>
        <div>&#160;</div>
        <div style="MARGIN: 0in 0in 0pt"><strong>Amendment to Credit
          Facilities</strong></div>
        <div>&#160;</div>
        <div style="MARGIN: 0in 0in 0pt">On December 23, 2008, we completed an amendment
          to our senior credit facilities to replace the leverage and interest coverage
          ratios with a minimum EBITDA covenant. The amendment also reduces the revolving
          credit facility from $1.5 billion to $1.15 billion and increases the cost
          of
          borrowings and letters of credit by 2.5%.&#160; In connection with such
          amendment, we also entered into an Amended and Restated Guarantee and Collateral
          Agreement.</div>
        <div>&#160;</div>
        <div style="MARGIN: 0in 0in 0pt">Attached hereto is a copy of (i) the First
          Amendment to our senior credit facilities, as Exhibit 10.1, (ii) the Amended
          and
          Restated Guarantee and Collateral Agreement, as Exhibit 10.2, (iii) the Twelfth
          Amendment to the Amended and Restated Series 2002-2 Supplement, as Exhibit
          10.3,
          (iv) the Second Amendment to the Series 2008-1 Supplement, as Exhibit 10.4,
          and
          (v) the press release announcing the completion of renewal of the conduit
          facilities and the amendment to the senior credit facilities, as Exhibit
          99.1,
          and are incorporated by reference herein.</div>
        <div>&#160;</div>
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        <div style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in">&#160;</div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="WIDTH: 100%; mso-padding-alt: 0in 0in 0in 0in; mso-cellspacing: 0in">
  
            <tr style="MSO-YFTI-FIRSTROW: yes; MSO-YFTI-LASTROW: yes; MSO-YFTI-IROW: 0;">
              <td valign="top" width="10%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 10%; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt solid">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><strong>Item
                  9.01</strong></div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="75%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 75%; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt solid">
                <div style="MARGIN: 0in 0in 0pt"><strong>Financial Statements and
                  Exhibits.</strong></div>
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        <div style="MARGIN: 0in 0in 0pt">&#160;</div>
        <div>&#160;</div>
        <div style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt">(d) Exhibits.</div>
        <div>&#160;</div>
        <div style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 1in">The following exhibits
          are
          filed as part of this report:</div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="WIDTH: 100%; mso-padding-alt: 0in 0in 0in 0in; mso-cellspacing: 0in">
  
            <tr style="MSO-YFTI-FIRSTROW: yes; MSO-YFTI-IROW: 0;">
              <td valign="bottom" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt solid">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">Exhibit
                  No.</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="bottom" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt solid">
                <div style="MARGIN: 0in 0in 0pt">Description</div>
              </td>
            </tr>
            <tr style="MSO-YFTI-IROW: 2;">
              <td valign="top" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">10.1</div>
                <div>&#160;</div>
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">First Amendment Dated December 23,
                  2008
                  to the Credit Agreement dated as of April 19, 2006 among Avis Budget
                  Holdings, LLC, Avis Budget Car Rental, LLC, the subsidiary borrowers
                  from
                  time to time parties thereto, the several lenders from time to time
                  parties thereto, Bank of America, N.A., Calyon New York Branch and
                  Citicorp USA, Inc., as documentation agents, Wachovia Bank, National
                  Association, as co-documentation agent, Deutsche Bank Securities
                  Inc. as
                  syndication agent and JPMorgan Chase Bank, N.A., as administrative
                  agent.</div>
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="MSO-YFTI-IROW: 3;">
              <td valign="top" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">10.2</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">Amended and Restated Guarantee and
                  Collateral Agreement, dated as of December 23, 2008, made by each
                  of the
                  signatories thereto in favor of JPMorgan Chase Bank, N.A., as
                  administrative agent.</div>
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="MSO-YFTI-IROW: 4;">
              <td valign="top" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">10.3</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">Twelfth Amendment to the Amended
                  and
                  Restated Series 2002-2 Supplement, dated as of December 23,
                  2008.</div>
              </td>
            </tr>
            <tr style="MSO-YFTI-IROW: 5;">
              <td valign="top" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">10.4</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">Second Amendment to the Series 2008-1
                  Supplement, dated as of December 23, 2008.</div>
              </td>
            </tr>
            <tr style="MSO-YFTI-LASTROW: yes; MSO-YFTI-IROW: 6;">
              <td valign="top" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;99.1</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;Press Release Dated December 23,
                  2008.</div>
              </td>
            </tr>
  
        </table>
        <div style="MARGIN: 0in 0in 0pt">&#160;</div>
        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="25%" style="BORDER-BOTTOM: black 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman;"><strong>AVIS
                  BUDGET GROUP, INC.</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/
                  Jean M. Sera</font></div>
              </td>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="right" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:</font></div>
              </td>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Jean
                  M. Sera</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Senior
                  Vice President and Secretary</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
  
        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">Date:&#160;&#160;December
        23, 2008</font></div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-outline-level: 1" align="center"><strong>EXHIBIT
          INDEX</strong></div>
        <div>&#160;</div>
        <div style="MARGIN: 0in 0in 0pt">&#160;</div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="WIDTH: 100%; mso-padding-alt: 0in 0in 0in 0in; mso-cellspacing: 0in">
  
            <tr style="MSO-YFTI-FIRSTROW: yes; MSO-YFTI-IROW: 0;">
              <td valign="bottom" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt solid">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">Exhibit
                  No.</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="bottom" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: black 1.5pt solid">
                <div style="MARGIN: 0in 0in 0pt">Description</div>
              </td>
            </tr>
            <tr style="MSO-YFTI-IROW: 2;">
              <td valign="top" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">10.1</div>
                <div>&#160;</div>
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">First Amendment Dated December 23,
                  2008
                  to the Credit Agreement dated as of April 19, 2006 among Avis Budget
                  Holdings, LLC, Avis Budget Car Rental, LLC, the subsidiary borrowers
                  from
                  time to time parties thereto, the several lenders from time to time
                  parties thereto, Bank of America, N.A., Calyon New York Branch and
                  Citicorp USA, Inc., as documentation agents, Wachovia Bank, National
                  Association, as co-documentation agent, Deutsche Bank Securities
                  Inc. as
                  syndication agent and JPMorgan Chase Bank, N.A., as administrative
                  agent.</div>
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="MSO-YFTI-IROW: 3;">
              <td valign="top" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">10.2</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">Amended and Restated Guarantee and
                  Collateral Agreement, dated as of December 23, 2008, made by each
                  of the
                  signatories thereto in favor of JPMorgan Chase Bank, N.A., as
                  administrative agent.</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr style="MSO-YFTI-IROW: 4;">
              <td valign="top" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">10.3</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">Twelfth Amendment to the Amended
                  and
                  Restated Series 2002-2 Supplement, dated as of December 23, 2008.</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr style="MSO-YFTI-IROW: 5;">
              <td valign="top" width="11%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.12%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">10.4</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="5%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.54%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
                <div>&#160;</div>
              </td>
              <td valign="top" width="83%" bgcolor="transparent" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 83.34%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8">
                <div style="MARGIN: 0in 0in 0pt">Second Amendment to the Series 2008-1
                  Supplement, dated as of December 23, 2008.</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr style="MSO-YFTI-LASTROW: yes; MSO-YFTI-IROW: 6;">
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                <div style="MARGIN: 0in 0in 0pt">&#160;99.1</div>
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                <div style="MARGIN: 0in 0in 0pt">&#160;Press Release Dated December 23,
                  2008.</div>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "form8k.htm", "description": "FORM 8-K DATED 12/23/2008", "secsgml_size_bytes": 46665}]
metadata_filer: {"company-data": {"conformed-name": "AVIS BUDGET GROUP, INC.", "cik": "0000723612", "assigned-sic": "7510", "irs-number": "060918165", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10308", "film-number": "081268720"}, "business-address": {"street1": "6 SYLVAN WAY", "city": "PARSIPPANY", "state": "X1", "zip": "07054", "phone": "973-496-2579"}, "mail-address": {"street1": "6 SYLVAN WAY", "city": "PARSIPPANY", "state": "X1", "zip": "07054"}, "former-company": [{"former-conformed-name": "CENDANT CORP", "date-changed": "19971218"}, {"former-conformed-name": "CUC INTERNATIONAL INC /DE/", "date-changed": "19920703"}, {"former-conformed-name": "COMP U CARD INTERNATIONAL INC", "date-changed": "19870914"}]}
text: form8k.htm
  UNITED
        STATES
  SECURITIES
        AND EXCHANGE COMMISSION
  WASHINGTON,
        DC 20549
  _________________
  FORM
        8-K
  _________________
  CURRENT
        REPORT
  Pursuant
        to Section 13 or 15(d) of the
  Securities
        Exchange Act of 1934
  Date
        of
        Report (Date of Earliest Event Reported):
  December 23,
        2008 (December 23, 2008)
  _________________
  Avis
        Budget Group, Inc.
  (Exact
        Name of Registrant as Specified in its Charter)
  _________________
  Delaware
  1-10308
  06-0918165
  (State
                  or Other Jurisdiction
  of
                  Incorporation)
  (Commission
                  File
  Number)
  (IRS
                  Employer
  Identification
                  No.)
  6
                  Sylvan Way
  Parsippany,
                  NJ
  07054
  (Address
                  of Principal Executive Offices)
  (Zip
                  Code)
  (973)
        496-4700
  (Registrant's
        telephone number, including area code)
  N/A
  (Former
        name or former address if changed since last report)
  Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:
  [  ]
  Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)
  [  ]
  Soliciting
                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)
  [  ]
  Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                  CFR
                  240.14d-2(b))
  [  ]
  Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                  CFR
                  240.13e-4(c))
  Item
                  1.01
  Entry into a Material Definitive
                  Agreement.
  Asset-Backed Conduit
          Financing
  On December 23, 2008, our Avis Budget Rental
          Car Funding (AESOP) LLC subsidiary completed the renewal of our principal
          asset-backed conduit facility (known as the Series 2002-2 Notes) and our
          seasonal conduit facility (known as the Series 2008-1 Notes).
  In connection with such renewal, $100 million
          was reallocated from the principal conduit facility to the seasonal conduit
          facility, resulting in a $1.35 billion principal facility and a $1.1 billion
          seasonal facility.  The principal conduit facility has been extended for
          one year from the date of closing, and the seasonal conduit facility will
          have a
          final maturity in November 2009 following 25% reductions in borrowing capacity
          in each of September and October 2009.  We will be required to apply 75% of
          the proceeds from the issuance of rental car asset-backed term notes of up
          to $1
          billion in aggregate principal amount toward the reduction of the
          facilities.
  The initial borrowing spreads for these
          facilities are unchanged from the levels established in connection with the
          extension of the principal conduit facility in October 2008, however, such
          spreads are subject to an increase of (1) 1% for the period of May 31, 2009
          through maturity, (2) an additional 1% for the period of August 31, 2009
          through
          maturity and (3) an additional 1% for the period of September 30, 2009 through
          maturity, in each case if we fail to reduce commitments and borrowings under
          the
          facilities by an aggregate amount of approximately $187.5 million on a pro
          rata
          basis during each such period.
  Certain of the conduit purchasers of the
          Series
          2002-2 Notes and the Series 2008-1 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.
  Amendment to Credit
          Facilities
  On December 23, 2008, we completed an amendment
          to our senior credit facilities to replace the leverage and interest coverage
          ratios with a minimum EBITDA covenant. The amendment also reduces the revolving
          credit facility from $1.5 billion to $1.15 billion and increases the cost
          of
          borrowings and letters of credit by 2.5%.  In connection with such
          amendment, we also entered into an Amended and Restated Guarantee and Collateral
          Agreement.
  Attached hereto is a copy of (i) the First
          Amendment to our senior credit facilities, as Exhibit 10.1, (ii) the Amended
          and
          Restated Guarantee and Collateral Agreement, as Exhibit 10.2, (iii) the Twelfth
          Amendment to the Amended and Restated Series 2002-2 Supplement, as Exhibit
          10.3,
          (iv) the Second Amendment to the Series 2008-1 Supplement, as Exhibit 10.4,
          and
          (v) the press release announcing the completion of renewal of the conduit
          facilities and the amendment to the senior credit facilities, as Exhibit
          99.1,
          and are incorporated by reference herein.
  Item
                  9.01
  Financial Statements and
                  Exhibits.
  (d) Exhibits.
  The following exhibits
          are
          filed as part of this report:
  Exhibit
                  No.
  Description
  10.1
  First Amendment Dated December 23,
                  2008
                  to the Credit Agreement dated as of April 19, 2006 among Avis Budget
                  Holdings, LLC, Avis Budget Car Rental, LLC, the subsidiary borrowers
                  from
                  time to time parties thereto, the several lenders from time to time
                  parties thereto, Bank of America, N.A., Calyon New York Branch and
                  Citicorp USA, Inc., as documentation agents, Wachovia Bank, National
                  Association, as co-documentation agent, Deutsche Bank Securities
                  Inc. as
                  syndication agent and JPMorgan Chase Bank, N.A., as administrative
                  agent.
  10.2
  Amended and Restated Guarantee and
                  Collateral Agreement, dated as of December 23, 2008, made by each
                  of the
                  signatories thereto in favor of JPMorgan Chase Bank, N.A., as
                  administrative agent.
  10.3
  Twelfth Amendment to the Amended
                  and
                  Restated Series 2002-2 Supplement, dated as of December 23,
                  2008.
  10.4
  Second Amendment to the Series 2008-1
                  Supplement, dated as of December 23, 2008.
  99.1
  Press Release Dated December 23,
                  2008.
  SIGNATURE
  Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
  AVIS
                  BUDGET GROUP, INC.
  /s/
                  Jean M. Sera
  By:
  Jean
                  M. Sera
  Senior
                  Vice President and Secretary
  Date:  December
        23, 2008
  EXHIBIT
          INDEX
  Exhibit
                  No.
  Description
  10.1
  First Amendment Dated December 23,
                  2008
                  to the Credit Agreement dated as of April 19, 2006 among Avis Budget
                  Holdings, LLC, Avis Budget Car Rental, LLC, the subsidiary borrowers
                  from
                  time to time parties thereto, the several lenders from time to time
                  parties thereto, Bank of America, N.A., Calyon New York Branch and
                  Citicorp USA, Inc., as documentation agents, Wachovia Bank, National
                  Association, as co-documentation agent, Deutsche Bank Securities
                  Inc. as
                  syndication agent and JPMorgan Chase Bank, N.A., as administrative
                  agent.
  10.2
  Amended and Restated Guarantee and
                  Collateral Agreement, dated as of December 23, 2008, made by each
                  of the
                  signatories thereto in favor of JPMorgan Chase Bank, N.A., as
                  administrative agent.
  10.3
  Twelfth Amendment to the Amended
                  and
                  Restated Series 2002-2 Supplement, dated as of December 23, 2008.
  10.4
  Second Amendment to the Series 2008-1
                  Supplement, dated as of December 23, 2008.
  99.1
  Press Release Dated December 23,
                  2008.