Avis 2011 Annual Report Download - page 83

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F-29
COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS
As of December 31, 2011, available funding under the Company’s vehicle programs (including related party debt due to
Avis Budget Rental Car Funding) consisted of:
Total Outstanding Available
Capacity
(a) Borrowings Capacity
Debt due to Avis Budget Rental Car Funding $ 7,199 $ 4,574 $ 2,625
Budget Truck Funding financing 188 188 -
Capital leases 542 348 194
Other 1,479 454 1,025
$ 9,408 $ 5,564 $ 3,844
__________
(a) Capacity is subject to maintaining sufficient assets to collateralize debt.
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, 2011, the Company is not aware of any instances of non-compliance with any of the
financial or restrictive covenants contained in the debt agreements under its vehicle-backed funding programs.
17. Commitments and Contingencies
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 options. These renewal options
vary, but the majority include clauses for renewal for various term lengths and prevailing market rate rents.
Future minimum lease payments required under noncancelable operating leases, including minimum concession fees
charged by airport authorities which, in many locations, are recoverable from vehicle rental customers, as of December
31, 2011, are as follows:
Year Amount
2012 $ 516
2013 377
2014 272
2015 205
2016 157
Thereafter 784
$ 2,311
The future minimum lease payments in the above table have been reduced by minimum future sublease rental inflows in
the aggregate of $6 million.
The Company maintains concession agreements with various airport authorities that allow the Company to conduct its
car rental operations onsite. In general, concession fees for airport locations are based on a percentage of total
commissionable revenue (as defined by each airport authority), subject to minimum annual guaranteed amounts. These
concession fees are included in the Company’s total rent expense and for the years ended December 31, 2011, 2010 and
2009, were as follows:
2011
2010 2009
Rent and minimum concession fees $ 535 $ 473 $ 493
Contingent concession expense 104 114 94
639 587 587
Less: sublease rental income (5) (5) (5)
Total $ 634 $ 582 $ 582