EX-25.1 6 d694612dex251.htm EX-25.1 EX-25.1

 

 

Exhibit 25.1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM T-1

 

 

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939

OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

 

¨ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

(formerly BANKERS TRUST COMPANY)

(Exact name of trustee as specified in its charter)

 

 

 

NEW YORK   13-4941247

(Jurisdiction of Incorporation or

organization if not a U.S. national bank)

 

(I.R.S. Employer

Identification no.)

 

60 WALL STREET NEW YORK, NEW YORK   10005
(Address of principal executive offices)   (Zip Code)

Deutsche Bank Trust Company Americas

Attention: Lynne Malina

Legal Department

60 Wall Street, 37th Floor

New York, New York 10005

(212) 250 – 0677

(Name, address and telephone number of agent for service)

 

 

AVIS BUDGET CAR RENTAL, LLC

AVIS BUDGET FINANCE, INC.

(Exact name of obligor as specified in its charter)

 

 

6 Sylvan Way

Parsippany, New Jersey 07054

(973) 496-4700

 

Delaware   22-3475741
Delaware   20-4542671

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

Copies To:

Joshua N. Korff, Esq.

Christopher A. Kitchen, Esq.

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

(212) 446-4800

 

 

Floating Rate Senior Notes due 2017

(Title of the Indenture securities)

 

 

 


Item 1. General Information.

Furnish the following information as to the trustee.

 

  (a) Name and address of each examining or supervising authority to which it is subject.

 

Name

   Address

Federal Reserve Bank (2nd District)

   New York, NY

Federal Deposit Insurance Corporation

   Washington, D.C.

New York State Banking Department

   Albany, NY

 

  (b) Whether it is authorized to exercise corporate trust powers.

Yes.

 

Item 2. Affiliations with Obligor.

If the obligor is an affiliate of the Trustee, describe each such affiliation.

None.

Item 3. -15.   Not Applicable

 

Item 16. List of Exhibits.

 

Exhibit 1 -    Restated Organization Certificate of Bankers Trust Company dated August 6, 1998, Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 25, 1998, Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated December 16, 1998, and Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated February 27, 2002 - Incorporated herein by reference to Exhibit 1 filed with Form T-1 Statement, Registration No. 333-157637-01.
Exhibit 2 -    Certificate of Authority to commence business - Incorporated herein by reference to Exhibit 2 filed with Form T-1 Statement, Registration No. 333-157637-01.
Exhibit 3 -    Authorization of the Trustee to exercise corporate trust powers - Incorporated herein by reference to Exhibit 3 filed with Form T-1 Statement, Registration No. 333-157637-01.
Exhibit 4 -   

Existing By-Laws of Deutsche Bank Trust Company Americas, as amended on April 15, 2002 business - Incorporated herein by reference to Exhibit 4 filed with Form T-1 Statement, Registration

No. 333-157637-01.


Exhibit 5 -    Not applicable.
Exhibit 6 -    Consent of Bankers Trust Company required by Section 321(b) of the Act. - business - Incorporated herein by reference to Exhibit 6 filed with Form T-1 Statement, Registration No. 333-157637-01.
Exhibit 7 -    The latest report of condition of Deutsche Bank Trust Company Americas dated as of December 31 , 2013. Copy attached.
Exhibit 8 -    Not Applicable.
Exhibit 9 -    Not Applicable.


SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Deutsche Bank Trust Company Americas, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York, and State of New York, on this 26th day of March, 2014.

 

DEUTSCHE BANK TRUST COMPANY AMERICAS
By:  

/s/ Carol Ng

Name:   Carol Ng
Title:   Vice President


DEUTSCHE BANK TRUST COMPANY AMERICAS     

FFIEC 031

Page 16 of 74

 

RC-1

Legal Title of Bank       

 

NEW YORK

    
City       
NY   10005     
State   Zip Code     
FDIC Certificate Number: 00623       

Consolidated Report of Condition for Insured Banks and Savings Associations for December 31, 2013

All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the amount outstanding as of the last business day of the quarter.

Schedule RC—Balance Sheet

 

Dollar Amounts in Thousands

                 RCFD      Tril | Bil | Mil | Thou      
Assets              

1. 

 

Cash and balances due from depository institutions (from Schedule

RC-A):

             
  a.   Noninterest-bearing balances and currency and coin (1)            0081         134,000      1.a
  b.   Interest-bearing balances (2)            0071         18,845,000      1.b

2. 

  Securities:              
  a.   Held-to-maturity securities (from Schedule RC-B, column A)            1754         0      2.a
  b.   Available-for-sale securities (from Schedule RC-B, column D)            1773         14,000      2.b

3. 

  Federal funds sold and securities purchased under agreements to resell:            RCON        
  a.   Federal funds sold in domestic offices            B987         123,000      3.a
               RCFD        
  b.   Securities purchased under agreements to resell (3)            B989         15,200,000      3.b

4. 

  Loans and lease financing receivables (from Schedule RC-C):              
  a.   Loans and leases held for sale            5369         0      4.a
  b.   Loans and leases, net of unearned income      B528         19,907,000            4.b
  c.   LESS: Allowance for loan and lease losses      3123         69,000            4.c
  d.   Loans and leases, net of unearned income and allowance (item 4.b minus 4.c)            B529         19,838,000      4.d

5. 

  Trading assets (from Schedule RC-D)            3545         362,000      5

6. 

  Premises and fixed assets (including capitalized leases)            2145         43,000      6

7. 

  Other real estate owned (from Schedule RC-M)            2150         2,000      7

8. 

  Investments in unconsolidated subsidiaries and associated companies            2130         0      8

9. 

  Direct and indirect investments in real estate ventures            3656         0      9

10.

  Intangible assets:              
  a.   Goodwill            3163         0      10.a
  b.   Other intangible assets (from Schedule RC-M)            0426         44,000      10.b

11.

  Other assets (from Schedule RC-F)            2160         1,154,000      11

12.

  Total assets (sum of items 1 through 11)            2170         55,759,000      12

 

(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
(3) Includes all securities resale agreements in domestic and foreign offices, regardless of maturity.


DEUTSCHE BANK TRUST COMPANY AMERICAS      FFIEC 031

Legal Title of Bank

     Page 16a of 74

FDIC Certificate Number: 00623

     RC-1a

Schedule RC—Continued

 

Dollar Amounts in Thousands

                 RCON      Tril | Bil | Mil | Thou      
Liabilities              
13.    Deposits:              
   a.    In domestic offices (sum of totals of columns A and C from Schedule RC-E, part I)            2200         38,271,000      13.a
      (1)    Noninterest-bearing (4)      6631         26,730,000            13.a.1
      (2)    Interest-bearing      6636         11,541,000            13.a.2
   b.    In foreign offices, Edge and Agreement subsidiaries, and IBFs            RCFN        
      (from Schedule RC-E, part II)            2200         2,715,000      13.b
      (1)    Noninterest-bearing      6631         290,000            13.b.1
      (2)    Interest-bearing      6636         2,425,000            13.b.2
14.    Federal funds purchased and securities sold under agreements to repurchase:            RCON        
   a.    Federal funds purchased in domestic offices (5)            B993         3,940,000      14.a
                    RCFD        
   b.    Securities sold under agreements to repurchase (6)            B995         0      14.b
15.    Trading liabilities (from Schedule RC-D)            3548         11,000      15
16.    Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) (from Schedule RC-M)            3190         59,000      16
17.    and 18. Not applicable              

 

(4) Includes noninterest-bearing demand, time, and savings deposits.
(5) Report overnight Federal Home Loan Bank advances in Schedule RC, item 16, “Other borrowed money.”
(6) Includes all securities repurchase agreements in domestic and foreign offices, regardless of maturity.


DEUTSCHE BANK TRUST COMPANY AMERICAS      FFIEC 031

Legal Title of Bank

     Page 17 of 74

FDIC Certificate Number: 00623

     RC-2

 

Dollar Amounts in Thousands

             RCFD      Tril | Bil | Mil | Thou      
Liabilities—Continued              
19.    Subordinated notes and debentures (1)            3200         0      19
20.    Other liabilities (from Schedule RC-G)            2930         1,444,000      20
21.    Total liabilities (sum of items 13 through 20)            2948         46,440,000      21
22.    Not applicable              
Equity Capital              
   Bank Equity Capital              
23.    Perpetual preferred stock and related surplus            3838         0      23
24.    Common stock            3230         2,127,000      24
25.    Surplus (excludes all surplus related to preferred stock)            3839         594,000      25
26.    a. Retained earnings            3632         6,313,000      26.a
   b.    Accumulated other comprehensive income (2)            B530         82,000      26.b
   c.    Other equity capital components (3)            A130         0      26.c
27.    a. Total bank equity capital (sum of items 23 through 26.c)            3210         9,116,000      27.a
   b.    Noncontrolling (minority) interests in consolidated subsidiaries            3000         203,000      27.b
28.    Total equity capital (sum of items 27.a and 27.b)            G105         9,319,000      28
29.    Total liabilities and equity capital (sum of items 21 and 28)            3300         55,759,000      29
Memoranda              
To be reported with the March Report of Condition.              
1. Indicate in the box at the right the number of the statement below that best            RCFD         Number     

describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during 2012

           6724         N/A      M.1

 

1    =    Independent audit of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the bank
2    =    Independent audit of the bank’s parent holding company conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the consolidated holding company (but not on the bank separately)
3    =    Attestation on bank management’s assertion on the effectiveness of the bank’s internal control over financial reporting by a certified public accounting firm.
4    =    Directors’ examination of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm (may be required by state chartering authority)
5    =    Directors’ examination of the bank performed by other external auditors (may be required by state chartering authority)
6    =    Review of the bank’s financial statements by external auditors

7  =  Compilation of the bank’s financial statements by external auditors

8  =  Other audit procedures (excluding tax preparation work)

9  =  No external audit work

 

To be reported with the March Report of Condition.            RCON       MM / DD  

2. Bank’s fiscal year-end date

           8678       N/A   M.2

 

(1) Includes limited-life preferred stock and related surplus.
(2) Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other post retirement plan adjustments.
(3) Includes treasury stock and unearned Employee Stock Ownership Plan shares.