EX-25.1 16 d237908dex251.htm STATEMENT OF TRUSTEE ELIGIBILITY Statement of Trustee Eligibility

 

 

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)

 

 

THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK

(Exact name of trustee as specified in its charter)

 

 

 

New York   13-5691211
(Jurisdiction of incorporation
or organization if not a U.S. national bank)
  (I.R.S. employer
Identification number)

One Liberty Plaza

 

New York, N.Y.   10006
(Address of principal executive office)   (Zip code)

N/A

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)

 

 

Delaware

(State or other jurisdiction of incorporation or organization)

22-3475741

20-4542671

(I.R.S. employer identification no.)

 

6 Sylvan Way

Parsippany, NJ

  07054
(Address of principal executive offices)   (Postal Code)

 

 

9.75% Senior Notes due 2020

 

 

 


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.

State of New York Banking Department

One State Street

New York, NY 10004-1511

 

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

The Trustee is authorized to exercise corporate trust powers.

 

Item 2. Affiliation with the Obligor.

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

The obligor is not an affiliate of the Trustee.

 

Item 3 through Item 15. Not applicable.

 

Item 16. List of Exhibits.

 

   List below all exhibits filed as part of this statement of eligibility.
   Exhibit 1 - Copy of the Organization Certificate of the Trustee as now in effect. (Exhibit 1 to T-1 to Registration Statement No. 333-6688).
   Exhibit 2 - Copy of the Certificate of Authority of the Trustee to commence business. (Exhibit 2 - to T-1 to Registration Statement No. 333-6688).
   Exhibit 3 - None; authorization to exercise corporate trust powers is contained in the documents identified above as Exhibit 1 and 2.
   Exhibit 4 - Copy of the existing By-Laws of the Trustee. (Exhibit 4 to T-1 to Registration Statement No. 333-6688).
   Exhibit 5 - Not applicable.
   Exhibit 6 - The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939. (Exhibit 6 to T-1 to Registration Statement No. 333-27685).
   Exhibit 7 - Copy of the latest Report of Condition of the Trustee As of June 30, 2011.

 

2


SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, The Bank of Nova Scotia Trust Company of New York, 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 the 7th day of October, 2011.

 

THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK
By:   /S/ Warren A. Goshine
  Warren A. Goshine
  Vice President


Exhibit 7

The Bank of Nova Scotia Trust Company of New York

Legal Title of Bank

New York

City

New York            10006

State                     Zip Code

FDIC Certificate Number /_/_/_/_/_/

Consolidated Report of Condition for Insured Commercial

and State-Chartered Savings Banks for June 30, 2011

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         RCON      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               839         1. a. 

b.      Interest-bearing balances(2)

        0071            9         000         1. b. 

2.      Securities:

                 

a.      Held-to-maturity securities (from Schedule RC-B, column A)

        1754            7         264         2. a. 

b.      Available-for-sale securities (from Schedule RC-B, column D)

        1773               0         2. b. 

3.      Federal funds sold and securities purchased under agreement to resell

        1350               

a.      Federal Funds sold

        B987               0         3. a. 

b.      Securities purchased under agreements to resell(3)

        B989               0         3. b. 

4.      Loans and lease financing receivable (from Schedule RC-C):

                 

a.      Loans and leases held for sale

        5369               0         4. a. 

b.      Loans and leases, net of unearned income

        B528                  4. b. 

c.      LESS: Allowance for loan and lease losses

        3123                  4. c. 

d.      Loans and leases, net of unearned income and allowance (item 4.b minus 4.c)

        B529               0         4. d. 

5.      Trading assets (from Schedule RC-D)

        3545               0         5.   

6.      Premises and fixed assets (including capitalized leases)

        2145               0         6.   

7.      Other real estate owned (from Schedule RC-M)

        2150               0         7.   

8.      Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M)

        2130               0         8.   

9.      Direct and indirect investments in real estate ventures

        2155               0         9.   

10.    Intangible assets:

                 

a.      Goodwill

        3163               0         10. a. 

b.      Other intangible assets (from Schedule RC-M)

        0426               0         10. b. 

11.    Other assets (from Schedule RC-F)

        2160               260         11.   

12.    Total assets (sum of items 1 through 11)

        2170            17         363         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, regardless of maturity.


SCHEDULE RC-CONTINUED

 

Dollar Amounts in Thousands         RCON      Bil    Mil      Thou       

LIABILITIES

                 

13.    Deposits:

                 

a.      In domestic offices (sum of totals of columns A and C from Schedule RC-E)

        2200               0       13.a.

(1)    Noninterest-bearing(l)

        6631                13.a.(1)

(2)    Interest-bearing

        6636                13.a.(2)

b.      Not applicable

                 

14.    Federal funds purchased and securities sold under agreements to repurchase

        2800               0       14.

a.      Federal Funds purchased(2)

        B993               0       14.a.

b.      Securities sold under agreements to purchase(3)

        B995               0       14.b.

15.    Trading liabilities (from Schedule RC-D)

        3548               0       15.

16.    Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases)(from Schedule RC-M)

        3190               0       16.

17.    and 18. Not applicable

                 

19.    Subordinated notes and debentures(4)

        3200               0       19.

20.    Other liabilities (from Schedule RC-G)

        2930            1         894       20.

21.    Total liabilities (sum of items 13 through 20)

        2948            1         894       21.

22.    Not applicable

                 0      

EQUITY CAPITAL

                 

    Bank Equity Capital

                 

23.    Perpetual preferred stock and related surplus

        3838               0       23.

24.    Common stock

        3230            1         000       24.

25.    Surplus (exclude all surplus related to preferred stock)

        3839            10         030       25.

26.     a.      Retained earnings

        3632            4         439       26.a.

b.      Accumulated other comprehensive income(5)

        B530               0       26.b.

c.      Other equity capital components(6)

        A130               0       26.c

27.     a.      Total bank equity capital (sum of items 23 through 26.c)

        3210            15         469       27.a.

b.      Noncontrolling (minority) interests in consolidated subsidiaries

        3000               0       27.b.

28.    Total equity capital (sum of items 27.a through 27.b)

        3210            15         469       28.

29.    Total liabilities and equity capital (sum of items 21, and 28)

        3300            17         363       29.

Memorandum

To be reported with the March Report of Condition.

 

     RCON      Number  

1.      Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during 2010

     6724         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         

 

(1) Includes total demand deposits and noninterest-bearing time and savings deposits.
(2) Report overnight Federal Home Loan Bank advances in Schedule RC, item 16, “Other borrowed money.”
(3) Includes all securities repurchase agreements, regardless of maturity.
(4) Includes limited-life preferred stock and related surplus.
(5) Includes net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, and minimum pension liability adjustments.
(6) Includes treasury stock and unearned Employee Stock Ownership Plan shares.