Avis 2010 Annual Report Download - page 456

or such failure relates to returns which, in the aggregate, show taxes due in an amount of not more than $500,000), and has paid or
provided adequate reserves for the payment of all taxes shown due on such returns or required to be paid as a condition to such extension,
as well as all payroll taxes and federal and state withholding taxes, and all assessments payable by it that have become due, other than
those that are payable without penalty or are being contested in good faith by appropriate proceedings and with respect to which adequate
reserves have been established, and are being maintained, in accordance with GAAP. As of the date hereof and as of each Series Closing
Date, to the best of the Guarantor’s or the Lessee’s knowledge, there is no unresolved claim by a taxing authority concerning the
Guarantor’s or the Lessee’s tax liability for any period for which returns have been filed or were due other than those contested in good
faith by appropriate proceedings and with respect to which adequate reserves have been established and are being maintained in
accordance with GAAP.
25.12. Governmental Authorization . Each of the Guarantor and the Lessee has all licenses, franchises, permits and other
governmental authorizations necessary for all businesses presently carried on by it (including owning and leasing the real and personal
property owned and leased by it), except where failure to obtain such licenses, franchises, permits and other governmental authorizations
would not have a Material Adverse Effect.
25.13. Compliance with Laws . Each of the Guarantor and the Lessee: (i) is not in violation of any Requirement of Law, which
violation would have a Material Adverse Effect, and no such violation has been alleged, (ii) has filed in a timely manner all reports,
documents and other materials required to be filed by it with any Governmental Authority (and the information contained in each of such
filings is true, correct and complete in all material respects), except where failure to make such filings would not have a Material Adverse
Effect, and (iii) has retained all records and documents required to be retained by it pursuant to any Requirement of Law, except where
failure to retain such records would not have a Material Adverse Effect.
25.14. Eligible Trucks; Permitted Sublessee . Each Group I Truck is or will be, as the case may be, on the CPF Lease
Commencement Date with respect to such Group I Truck, an Eligible Truck. Each sublessee subleasing a Group I Truck from the Lessee
is, or will be as of the sublease commencement date for such Group I Truck, a Permitted Sublessee and each applicable sublease meets the
requirements set forth in Section 7 .
25.15. Supplemental Documents True and Correct . All information contained in any other Supplemental Document with respect to
Group I Trucks which has been submitted, or which may hereafter be submitted by the Lessee to the Lessor is, or will be, true, correct and
complete.
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