Avis 2014 Annual Report Download - page 96

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F-29
COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS
The following table presents available funding under the Company’s debt arrangements related to its vehicle
programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2014:
Total
Capacity (a) Outstanding
Borrowings
Available
Capacity
North America – Debt due to Avis Budget Rental Car Funding (b) $ 9,130 $ 6,340 $ 2,790
North America – Canadian borrowings (c) 796 489 307
International – Debt borrowings (d) 1,768 690 1,078
International – Capital leases (e) 472 314 158
Truck Rental – Debt borrowings (f) 271 252 19
Other 31 31 —
Total $ 12,468 $ 8,116 $ 4,352
__________
(a) Capacity is subject to maintaining sufficient assets to collateralize debt.
(b) The outstanding debt is collateralized by approximately $8.0 billion of underlying vehicles and related assets.
(c) The outstanding debt is collateralized by $659 million of underlying vehicles and related assets.
(d) The outstanding debt is collateralized by approximately $1.2 billion of underlying vehicles and related assets.
(e) The outstanding debt is collateralized by $298 million of underlying vehicles and related assets.
(f) The outstanding debt is collateralized by $339 million of underlying vehicles and related assets.
DEBT COVENANTS
The 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, 2014, 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.
14. 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 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, 2014, are as follows:
Amount
2015 $ 469
2016 350
2017 266
2018 203
2019 144
Thereafter 628
$ 2,060
The future minimum lease payments in the above table have been reduced by minimum future sublease
rental inflows in the aggregate of $4 million for all periods shown in the table.