EX-25.1 7 d831771dex251.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: Catherine Wang

Legal Department

60 Wall Street, 36th Floor

New York, New York 10005

(212) 250 – 7544

(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   22-3475741
Delaware   20-4542671

(State or other jurisdiction of

incorporation or Organization)

 

(IRS Employer

Identification No.)

6 Sylvan Way

Parsippany, New Jersey 07054

(973) 496 – 4700

(Address, including zip code, and telephone number, including area code, of obligor’s principal executive offices)

 

 

Copies To:

Joshua N. Korff, Esq.

Christopher A. Kitchen, Esq.

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

(212) 446 – 4800

 

 

5.50% Senior Notes due 2023

(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—Item 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 July 24, 2014 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 September 30, 2014. 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 19th day of December, 2014.

 

DEUTSCHE BANK TRUST COMPANY AMERICAS
   

/s/ Carol Ng

  By:           Name: Carol Ng
            Title:    Vice President


DEUTSCHE BANK TRUST COMPANY AMERICAS      FFIEC 031
Legal Title of Bank      Page 16 of 79
NEW YORK      RC-1
City     
NY                                                                     10005     
State                                                                   Zip Code     
FDIC Certificate Number: 00623     

Consolidated Report of Condition for Insured Banks and Savings Associations for September 30, 2014

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             
Assets              
1.  

Cash and balances due from depository institutions (from
Schedule RC-A):

             
 

a. Noninterest-bearing balances and currency and coin (1)

           0081         148,000      1.a
 

b. Interest-bearing balances (2)

           0071         25,772,000      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         0      2.b
3.  

Federal funds sold and securities purchased under agreements to resell:

           RCON        
 

a. Federal funds sold in domestic offices

           B987         110,000      3.a
             RCFD        
 

b. Securities purchased under agreements to resell (3)

           B989         12,653,000      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         15,928,000            4.b
 

c. LESS: Allowance for loan and lease losses

     3123         30,000            4.c
 

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

           B529         15,898,000      4.d
5.  

Trading assets (from Schedule RC-D)

           3545         80,000      5
6.  

Premises and fixed assets (including capitalized leases)

           2145         18,000      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         37,000      10.b
11.  

Other assets (from Schedule RC-F)

           2160         607,000      11
12.  

Total assets (sum of items 1 through 11)

           2170         55,325,000      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 79
FDIC Certificate Number: 00623      RC-1a

Schedule RC—Continued

 

Dollar Amounts in Thousands

     RCON              

Liabilities

              

13.

 

Deposits:

              
 

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

           2200         42,822,000       13.a
 

(1) Noninterest-bearing (4)

     6631         26,234,000             13.a.1
 

(2) Interest-bearing

     6636         16,588,000             13.a.2
 

b. In foreign offices, Edge and Agreement subsidiaries, and IBFs

           RCFN         
 

(from Schedule RC-E, part II)

           2200         1,000       13.b
 

(1) Noninterest-bearing

     6631         1,000             13.b.1
 

(2) Interest-bearing

     6636         0             13.b.2

14.

 

Federal funds purchased and securities sold under agreements to repurchase:

           RCON         
 

a. Federal funds purchased in domestic offices (5)

           B993         2,091,000       14.a
             RCFD         
 

b. Securities sold under agreements to repurchase (6)

           B995         0       14.b

15.

 

Trading liabilities (from Schedule RC-D)

           3548         22,000       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

FDIC Certificate Number: 00623

    

Page 17 of 79

RC-2

 

Dollar Amounts in Thousands

  RCFD                

Liabilities—Continued

       

19.

 

Subordinated notes and debentures (1)

    3200         0         19   

20.

 

Other liabilities (from Schedule RC-G)

    2930         1,628,000         20   

21.

 

Total liabilities (sum of item 13 through 20)

    2948         46,623,000         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         596,000         25   

26.

 

a. Retained earnings

    3632         5,896,000         26.a   
 

b. Accumulated other comprehensive income (2)

    B530         -31,000         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         8,588,000         27.a   
 

b. Noncontrolling (minority) interests in consolidated subsidiaries

    3000         114,000         27.b   

28.

 

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

    G105         8,702,000         28   

29.

 

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

    3300         55,325,000         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 describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during 2013

    RCFD         Number      
    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   

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)

  
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)    5 =    Directors’ examination of the bank performed by other external auditors (may be required by state chartering authority)   
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.    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   B678    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.