Avis 2009 Annual Report Download - page 96

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Table of Contents
Other . Borrowings under the Company’s other vehicle rental programs primarily represent amounts issued under financing facilities that
provide for borrowings to support the acquisition of vehicles used in the Company’
s International Car Rental operations and loans to support
the acquisition of certain vehicles for Domestic Car Rental operations. The debt issued is collateralized by $986 million of vehicles and
related assets and primarily represents floating rate bank loans and a commercial paper conduit facility for which the weighted average
interest rate as of December 31, 2009 and 2008 was 4% and 5%, respectively.
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 December 31, 2009:
COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS
As of December 31, 2009, available funding under the Company’
s vehicle programs (including related party debt due to Avis Budget Rental
Car Funding) consisted of:
DEBT COVENANTS
Debt 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 December 31, 2009, the Company is not
aware of any instances of non-compliance with any of its financial or restrictive covenants.
Lease Commitments
The Company is committed to making rental payments under noncancelable operating leases covering various facilities and equipment.
Many of the Company’s operating leases for facilities contain renewal
F
-
34
Vehicle
-
Backed
Debt
Capital
Leases
Total
2010
$
1,553
$
31
$
1,584
2011
748
-
748
2012
1,865
-
1,865
2013
150
-
150
2014
-
-
-
Thereafter
-
$
4,343
$
31
$
4,374
Total
Capacity
Outstanding
Borrowings
Available
Capacity
Debt due to Avis Budget Rental Car Funding
$
5,985
$
3,660
$
2,325
Budget Truck financing:
Budget Truck Funding program
220
220
-
Capital leases
31
31
-
Other
874
463
411
$
7,110
$
4,374
$
2,736
Capacity is subject to maintaining sufficient assets to collateralize debt.
19.
Commitments and Contingencies
(a)
(a)