Avis 2010 Annual Report Download - page 454

25.4. Financial Information; Financial Condition . All balance sheets, all statements of operations, of shareholders’
equity and of cash
flow, and other financial data (other than projections) which have been or shall hereafter be furnished to the Lessor, the Trustee or any
Group I Noteholder for the purposes of or in connection with this Agreement or the Applicable Related Documents with respect to any
Group I Series of Notes have been and, except as noted therein, will be prepared in accordance with GAAP and do and will present fairly
the financial condition of the entities involved as of the dates thereof and the results of their operations for the periods covered thereby.
Such financial data include the following financial statements and reports which have been furnished to the Lessor, the Group I
Noteholders and the Trustee on or prior to the date hereof or such Series Closing Date:
(i) the audited consolidated financial statements consisting of a statement of financial position of the Guarantor and its
consolidated subsidiaries as of December 31, 2009, and the related statements of operations, stockholder’s equity and cash flows of
the Guarantor and its consolidated subsidiaries for the year ended December 31, 2009; and
(ii) the unaudited consolidated financial statements consisting of a statement of financial position of the Guarantor and its
consolidated subsidiaries as of December 31, 2009, and the related statements of operations, stockholder’s equity and cash flows of
the Guarantor and its consolidated subsidiaries for the three months ended December 31, 2009;
25.5. Litigation . Except as set forth in Schedule 25.5 hereto, as such Schedule may be amended in connection with each Series
Closing Date with respect to the Group I Series of Notes, and except for claims as to which an insurer has admitted coverage in writing and
which are fully covered by insurance provided by a Person who is not an Affiliate of BTR and for which adequate reserves have been set
aside in accordance with GAAP, no claims, litigation (including, without limitation, derivative actions), arbitration, governmental
investigation or proceeding or inquiry is pending or, to the best of the Guarantor’s or the Lessee’s knowledge, threatened against the
Guarantor or the Lessee which would, if adversely determined, have a Material Adverse Effect.
25.6. Liens . The Group I Trucks and other Group I Collateral are free and clear of all Liens other than (i) Permitted Liens and
(ii) Liens in favor of the Trustee. The Trustee has obtained, and shall continue to obtain, for the benefit of the Group I Secured Parties
pursuant to the Indenture, a first priority perfected Lien on all Group I Trucks leased hereunder. All Vehicle Perfection and Documentation
Requirements with respect to all Group I Trucks on or after the date hereof have and shall continue to be satisfied.
25.7. Employee Benefit Plans . (a) During the 12 consecutive month period prior to the date hereof and of such Series Closing Date:
(i) no steps have been taken by the Guarantor, the Lessee or any member of the
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