Avis 2006 Annual Report Download - page 282

(
i) the audited consolidated financial statements consisting of a statement of financial position of the Finance Lease Guarantor
and its Consolidated Subsidiaries as of December 31, 2003, and the related statements of operations, stockholder’s equity and cash flows
of the Finance Lease Guarantor and its Consolidated Subsidiaries for the three-year period ended December 31, 2003; and
(ii) the unaudited condensed consolidated financial statements consisting of a statement of financial position of the Finance
Lease Guarantor and its Consolidated Subsidiaries as of March 31, 2004, and the related statements of operations, stockholder’s equity
and cash flows of the Finance Lease Guarantor and its Consolidated Subsidiaries for the three months ended March 31, 2004.
30.5. Litigation .
Except as set forth in Schedule 30.5
hereto and except for claims as to which the insurer has admitted coverage in writing and which
are fully covered by insurance, no claims, litigation (including, without limitation, derivative actions), arbitration, governmental investigation
or proceeding or inquiry is pending or, to the best of each of the Finance Lease Guarantor’s and any Lessee’
s knowledge, threatened against the
Finance Lease Guarantor or any Lessee which would, if adversely determined, have a Material Adverse Effect.
30.6. Liens .
The Vehicles and all other Collateral are free and clear of all Liens other than (i) Permitted Liens and (ii) Liens in favor of the
Lessor, the Lender or the Trustee. The Trustee has obtained, and will continue to obtain, for the benefit of the Secured Parties pursuant to the
Base Indenture, a first-priority perfected Lien on all Vehicles leased hereunder and all other Collateral. All Vehicle Perfection and
Documentation Requirements with respect to all Vehicles on or after the date hereof have and will continue to be satisfied.
30.7. Employee Benefit Plans .
(a) During the twelve-consecutive-
month period prior to the date hereof and prior to any Series Closing Date: (i) no steps have been
taken by the Finance Lease Guarantor, any Lessee or any member of the Controlled Group or, to the knowledge of any Lessee or the Finance
Lease Guarantor, by any Person, to terminate any Pension Plan; and (ii) no contribution failure has occurred with respect to any Pension Plan
maintained by the Finance Lease Guarantor, any Lessee or any member of the Controlled Group sufficient to give rise to a Lien under
Section 302(f)(1) of ERISA in connection with such Pension Plan; and (b) no condition exists or event or transaction has occurred with respect
to any Pension Plan which could reasonably be expected to result in the incurrence by the Finance Lease Guarantor, any Lessee or any member
of the Controlled Group of liabilities, fines or penalties in an amount that could have a Material Adverse Effect.
30.8. Investment Company Act .
Neither the Finance Lease Guarantor nor any Lessee is an “investment company” or a company “controlled” by an “investment
company”, within the meaning of the Investment
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